Adopting AI is Crucial in Today's Business Landscape

Today, organisations should be proactive in ensuring that they adopt and invest in AI solutions to unlock greater business value and alleviate the risk of falling behind other competitors.

FREMONT, CA:Artificial intelligence is highly effective in numerous fields, so almost every industry is using it to maximise their output and amplify the use of their resources. A recent study indicates that the rate of innovation and workforce productivity will double with AI’s help in the APAC region over the next three years. A majority of decision-makers in the business world today agree that artificial intelligence is important in ensuring business success and giving companies a competitive advantage over their competitors.

Despite its significance, only a few companies in the APAC region have adopted and implemented AI solutions and emerging technologies into their daily operations. The importance of adopting AI in organisations and the key drivers pushing companies to embark on implementing AI are improved productivity, boosted innovation, enhanced customer engagement, higher growth margins, and an increased competitive edge.

After exploring various metrics that are critical to ensuring artificial intelligence deployment success, research has concluded that more needs to be done to boost AI initiatives, strategies, capabilities, and infrastructure in APAC. To be successful in the AI race, organisations should significantly improve their readiness to embrace it and ensure that it is a core part of their learning agility culture.

Businesses should invest in transformative and emerging technologies as they will provide long-term benefits to companies. There is an immediate need for talents and tools to develop, deploy, and monitor AI models, along with the availability of a strong data estate with adequate governance.

Furthermore, most business leaders in this region observe AI in a positive light in terms of its potential impact in the future. A majority of business leaders believe that AI has the potential to enhance their current role and reduce any repetitive tasks. Moreover, a greater number of people hope that AI will produce new jobs when compared to those who believe that technology will replace existing jobs. Few business leaders believe in AI producing new jobs and feel that their jobs may be replaced by AI.

When comparing the same aspect to workers as opposed to business leaders, workers are more optimistic about the change. Moreover, only a few of the workers are expecting AI to replace jobs, while many of the workers anticipate that AI will create new jobs. Workers are likely to upskill and continue to learn emerging technologies to stay relevant and up-to-date in the current market landscape. Many executives believe that it is challenging to get their workers to upskill and experience relearning.

Studies suggest that six per cent of the APAC companies are AI leaders and have integrated artificial intelligence as part of the core business process. Therefore, increasing their business benefit by 100 per cent relative to their businesses in APAC. Today, artificial intelligence has shaped itself into a keystone technology. It demonstrates how other strategies are implemented within an organisation. Thus, firms should be proactive in ensuring that they pursue and invest in AI solutions to help unlock greater business value and mitigate the risk of falling behind others.