New Globant Report Debunks Common AI Myths to Arm Decision Makers with Fresh Investment Perspectives
The 2018 Artificial Intelligence Technology Business Guide provides key insights to successfully integrate AI technology across business functions
Globant (NYSE :GLOB ), a digitally native technology services company, releases its 2018 Artificial Intelligence Technology Business Guide ‒ a playbook for organizations considering investing in AI, complementing its recently launched book, “Embracing the Power of AI.” The report found that the majority of decision makers (80 percent) believe AI can make an immediate impact on their business by doing things like enhancing routine tasks and sorting through massive sets of data. However, despite this excitement, many are still navigating what investing entails and how ready they are to implement the technology.
To better understand business perspectives about AI, Globant surveyed more than 650 U.S. senior-level decision makers in marketing, IT and operations about current AI beliefs and goals, and how ready they are to implement the technology.
“As a company assesses its readiness to engage in an AI project, it’s crucial for decision makers to build an AI-ready culture,” says Diego Tártara, CTO Latin America at Globant. “This means being as agile as the technology they’re implementing and having employees willing to experiment and embrace the experience. Companies must also think about their long term goals and invest in AI not because it’s trendy, but because it’s the best decision for end users’ ultimate business goals.”
The report debunks common AI myths among decision makers to offer a modern perspective for how the technology can be effective for businesses:
- Myth No.1: AI will replace humans. The true value of AI is to work alongside humans to complete simple tasks and processes, which allows employees to focus more on research, and the roles and responsibilities that matter most to them. In fact, of the decision makers who believe AI can make an immediate impact on business, 40 percent are interested in AI enhancing tasks humans already do, like automating routine responsibilities or interactions with customers.
- Myth No.2: AI can’t help my business. Twenty percent of businesses don’t believe AI can immediately improve their operations. However, many businesses stop their AI considerations at how it can boost sales. While this is important, they should also consider how and where the technology would offer their users easier engagement experiences and build loyalty.
- Myth No.3: AI’s sophistication leads to magical rewards. Only half of decision makers feel their organization has a clear definition of how employees and AI will most productively work together. This gap exists because businesses think of AI strictly as a tool. In reality, AI works best when organizations treat it like a true business partner whose capabilities learn and improve with time.
- Myth No.4: AI is just for tech experts. In order for new technology to be successful, it’s important for decision makers to get buy-in within the organization. Today, only half of CEOs (48 percent) and 16 percent of stakeholders are participating in conversations about AI at their business. It’s important for decision makers to broaden the types of perspectives for AI investments to create enthusiasm around the benefits across departments and a culture that’s ready for the technology.
“Getting started with AI may seem like a daunting task, but debunking common misconceptions about the technology proves that it shouldn’t be. Although AI is sophisticated, it has the potential to improve every organization,” says Juan José López Murphy, AI and Big Data Tech Director at Globant. “Investing in AI doesn’t have to be a massive overhaul. Once an organization has the culture and processes in place for AI, they can start small with investments and add in functionalities over time. The ROI will come with hard work and an agile, data-driven approach that evolves over time.”
The release of this data comes right as Globant prepares for its fourth edition of CONVERGE, its annual conference that explores the world of AI, taking place on October 25th, 2018. This year’s conference will take a look at implementing AI at scale and how AI can be used to further transform an organization.