Artificial intelligence (AI) adoption is on the rise. According to a recent McKinsey survey, 55 per cent of companies use artificial intelligence in at least one function, and 27 per cent attribute at least 5 per cent of earnings before interest and taxes to AI, much of that in the form of cost savings.
As AI will dramatically transform nearly every industry it touches, it’s no surprise that vendors and enterprises are looking for opportunities to deploy AI everywhere they can. But not every project can benefit from AI and attempting to apply AI inappropriately can not only cost time and money but also sour employees, customers, and corporate leaders on future AI projects.
The key factors for determining whether a project is suitable for AI are business value, availability of training data, and cultural readiness for change. Here’s a look at how to ensure those criteria are in line for your proposed AI project before your foray into artificial intelligence becomes a sunk cost.