The explosion in popularity of artificial intelligence (AI) is hard to ignore, as one of the biggest – if not the biggest–technology trends in 2024 and beyond. How will your business use this technology? Read on to learn about developing a strategy to harness AI’s power.
Growth in Popularity of AI
The popularity in and market for artificial intelligence only continues to grow. According to a CompTIA article on AI statistics, the global market is expected to grow to $407 billion by 2027, with a compound annual growth rate of 36.2%. The U.S. market is expected to surpass that, increasing to $594 billion by 2032, growing 19% year over year from 2023 on.
Businesses are at varying states of the adoption/implementation journey. According to the CompTIA report, 22% of firms are “aggressively” implementing artificial intelligence. Another third of firms are implementing AI in a more limited way, and the majority of firms (45%) are still exploring implementation. Even with its popularity, some hesitation exists because of challenges—including the cost of upgrading applications, building out infrastructure, along with the need to fully understand the data that goes into properly training artificial intelligence.
Formulate a Strategy for AI Implementation
As with other popular technology, your business needs to consider its goals and how artificial intelligence can help you reach them. Examples of such goals include automation and refinement of routine tasks; enhancement of the customer experience via personalization; analysis of data; and content creation.
You’ll also need to consider how to mitigate risks associated with artificial intelligence. Start with security to ensure your staff is trained to follow policy and your proprietary and sensitive data is protected. How will your company deal with hesitation on the part of workers to embrace AI, because of fear of it automating their jobs? What about the quality of data used to train AI’s large language models, data which may include bias? Also to consider is protecting privacy and complying with regulations. The financial cost can include updating applications and building needed infrastructure. These are just a few questions to consider when developing your strategy.
Artificial intelligence has shown itself to bring potential benefits to businesses across many industries. For help in developing or refining your strategy, contact your trusted technology advisor today.