Artificial Intelligence: Maximizing Investment And Delivering Outcomes
Feb 06, 2025 - forbes.com
The article discusses the challenges and strategies for successfully implementing AI in established companies. Despite the significant investment in AI, with over $1 trillion spent globally, more than 80% of AI projects fail. To create business value, companies need to focus on four key components: conducting a company-wide data assessment and strategy, acquiring the necessary technology and skills, aligning data maturity with IT spending and business priorities, and measuring the value of AI initiatives. A comprehensive data strategy is crucial for setting priorities and guiding investments, while the right technology and skills are needed to build and deploy AI models effectively.
Additionally, aligning AI initiatives with business priorities and ensuring all stakeholders are on the same page is essential. Starting with manageable use cases and gradually expanding can help in achieving desired outcomes. Measuring the value of AI investments is critical, and companies should work with finance teams to define metrics and track progress. The article emphasizes that while AI can drive significant business outcomes, it requires careful planning, investment, and collaboration across various teams to succeed.
Key takeaways:
Creating business value from AI projects requires the right tools, processes, and mindset.
A company-wide data assessment and strategy is crucial for successful AI implementation.
Alignment in data maturity, IT spending, and business priorities is essential for AI success.
Measuring the value of AI initiatives is important for understanding the return on investment.
