AI and Analytics

What Is Artificial Intelligence?

Comprising of much more than just Business Intelligence (BI) or even Machine Learning (ML), AI is a collection of technologies (including ML and Natural Language Processing) that allows machines to sense, comprehend, act and learn. 

A recent survey of over 1,000 global executives shows that companies know that AI is a critical piece of their competitive strategy moving forward. However, less than half say they have deployed fully sustainable AI programs that are delivering benefits as planned.

That leaves more than half of companies either in pilot mode or early stage adoption, not yet experiencing the benefits of AI within their organizations.  Further, we see a significant deployment gap.  Despite companies’ acknowledgement of AI’s strategic importance and its impact on their business, many are stalled in making it a key enabler for their strategy. 

Leaders & Laggards - many companies find themselves either stopped in their tracks or significantly delayed in their AI efforts due to several obstacles  ranging from data, to talent, to the technologies themselves. For instance, almost half of all companies cite data issues, while four out of 10 say they lack AI expertise. When addressed, each of these perceived stumbling blocks becomes a key enabler of AI benefits. The way in which companies handle these potential obstacles spells success or failure—rapid incremental progress versus corporate paralysis. Leaders and laggards seem to struggle in fairly equal measure, but leaders dive in and course-correct as they go. Laggards allow uncertainty to bring them to a halt.

Creating an AI Momentum Mindset - With AI—as with any new transformative technology—there really is no ideal ready state anymore. Most companies must begin to build AI capabilities into their business as they’re maturing, rather than taking a wait-and-see approach. Leaders do not get to competitive differentiation by refusing to take a risk or hesitating to transform. Our research shows that leaders who are deploying AI to their strategic advantage are doing a few common things right:

Leaders understand AI is more than just a tool or technology.

The majority of companies we surveyed recognize that AI will disrupt their industry. The true value of AI lies in building a foundation of capabilities that accelerate AI opportunities inside and outside the organization. The winning mindset sees AI as more than just a technology.

Leaders experiment and learn.

The more data companies feed AI over time, the smarter it gets. This fact eliminates some of the advantages fast followers have reaped with previous technologies. There is no better time to start than now. With fewer than half of companies having a sustainable AI program, the competitive window of opportunity is still open.

Leaders turn obstacles into opportunities.

Data quality and availability issues can stall AI, but they don’t have to. Leaders use these challenges to fuel an AI-driven insight capability. They do not shy away from a continuous, iterative approach.

Nexus can help you get there, and get there first.

Finding a more agile way of approaching AI—from making momentum a priority to flipping obstacles to opportunities—may be what is necessary to place your company among the leaders in unlocking new sources of growth from AI. A few organizations are already on their way, driven by their strategic business objectives. If you act now, Nexus can help your company meet—or even better, beat—them there.

Analytics Building Blocks

Many companies aren't ready to tackle Artificial Intelligence just yet. At Nexus, we understand the journey very well and can assist you with all your BI, ML, NLP, Data Integration, and Citizen Data Scientist needs as well. Call or email us to discuss how we can take your organization to the next level!

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