• Wednesday, July 17, 2024
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Strategic use of AI key to business success – Expert

Artificial intelligence(AI)

Artificial intelligence (AI) is often heralded as a solution to modern business challenges. Still, experts caution that its success hinges more on strategic use than on the number of tools available.

Enakirerhi Ejovwoke Truthful, an AI researcher at RealSearch and Partners Inc., emphasised that having numerous advanced AI tools does not guarantee success.

“Many businesses assume that having numerous advanced AI tools guarantees success, yet experience shows otherwise,” Ejovwoke Truthful stated.

“The critical factor is clearly identifying the problem to be solved and selecting the appropriate AI tool for the task.”

According to various sources, including the Forbes Advisor Survey, Analytics Insight, Gartner, O’Reilly, IBM, Juniper Research, and Gov.UK, over 80% of businesses have already adopted AI technology to some degree.

However, the plethora of AI tools available can be overwhelming, and not all are necessary for every business need. This realisation is vital in a landscape where AI is often seen as the inevitable future of business.

Despite AI’s capabilities, human intelligence and creativity remain indispensable. AI tools, no matter how advanced, are products of human ingenuity and require strategic application to be truly effective.

Ejovwoke Truthful noted that AI’s power is best harnessed through strategic thinking and careful selection tailored to specific business problems. Success involves leveraging AI to complement human expertise rather than relying solely on the technology.

“The allure of AI is undeniable. Artificial intelligence technologies can increase productivity by up to 1.5 times across industries. However, most of this projected growth depends on how strategically you use AI,” Ejovwoke Truthful added.

He warned against outsourcing critical thinking and AI strategy to AI technologies, as AI models tasked with developing their strategies often prioritise novelty over effectiveness. AI excels in analysis and execution but currently lacks the strategic foresight and problem-solving capabilities of the human mind.