Almost every business leader on the planet, 94%, believe AI will be critical to success over the next five years. Still, as Deloitte’s latest research on the state of AI finds, many companies still aren’t achieving the value they anticipated — there has been a 29% increase in the share of respondents who identify as AI “underachievers” this year as compared to the last year.
Issues diminishing the impact of AI include challenges improving its business value and a lack of full executive commitment, the Deloitte survey shows. Industry leaders and observers in the trenches agree that it is these organizational issues, rather than technical issues, that are holding back progress.
An important point is that AI needs to serve the customer, and help the business put the customer front and center.
Most AI projects fail to deliver value “because they don’t start from business realities, like the benefit of a correct prediction, the cost of an incorrect prediction, or constraints such as the size of the marketing budget,” says Arijit Sengupta, CEO and founder of Aible. “If your AI project looks and feels like a lab experiment, and your experts talk about things like log loss instead of revenue, profit and costs, your AI is almost guaranteed to fail to deliver results.”