Companies Are Overlooking the Instant Impact of Mature AI Services, Says STX Next

Overhyped AI services are drawing attention away from ready-made solutions that have already proven their value

Generative AI (GenAI) solutions, such as ChatGPT, were the catalyst for the rise to prominence of Artificial Intelligence (AI), immediately grabbing the global attention of both business leaders and consumers.

Organisations recognised the potential of this technology to democratise the workforce, deliver rapid scalability and cut costs considerably. In fact, 98% of global executives believe AI foundation models will play an important role in their companies’ strategy in the next three to five years.

However, according to Bartek Roszak, Head of Artificial Intelligence at STX Next, while exploration into GenAI solutions is important, business performance will be severely impacted in the short-term if mature AI services that can deliver quick ROI – such as in risk management, fraud detection or automated customer interaction – are overlooked.

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Roszak said: “There’s no denying that GenAI is an exciting prospect with the potential to overhaul the way we live and work, but the reality is most organisations are far from ready to deploy this technology. GenAI remains in its experimental phase and the bulk of companies lack the data infrastructure and safety controls to deploy GenAI solutions at scale.

“Continued research into GenAI is vital, as it has a central role to play in the evolution of our business landscape. However, it should not come at the cost of other forms of AI that have emerged from the testing stage and are ready to be implemented.

“It’s time that we begin placing practicality over hype. For example, in the fintech space there are a swathe of solutions that are ready to be integrated and can deliver immediate ROI for the sector’s incumbents. Risk management, fraud detection and customer categorisation can all be enhanced through the use of AI, while AI algorithms can also provide trading insights that can increase returns.

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“Further, interactions with customers can be significantly improved without turning to GenAI solutions. Simple AI models are able to create and send out messages or emails that respond to a specific group of customer queries, relying purely on internal company data. This improves customer satisfaction, increases security and saves time, as employees no longer have to deal with each inbound request manually.”

Roszak concluded: “Businesses must be pragmatic when evaluating AI’s potential and avoid getting swept up in the furore surrounding the most advanced use cases of this technology. Focusing on how AI can help grow a business in the immediate term, while keeping an eye on how GenAI development is progressing, is the most effective strategy for maximising the impact of the technology.”

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[To share your insights with us, please write to sghosh@martechseries.com]