3 Common Mistakes Companies Make with AI that are Hindering Their ROI

Artificial Intelligence (AI) has been a hot topic in the business world, with many leaders grappling with the decision of whether to invest in this technology. Despite the hype surrounding AI, there are still many misconceptions and challenges that companies face when trying to integrate it into their organizations.

One common mistake that companies make is underestimating and limiting AI’s potential. AI is not just a tool or software; it has the ability to interact in a human-like capacity, learn from its interactions, and refine its methods over time. Leaders who view AI as “smart people” rather than software are better positioned to harness its full potential and transform their operations.

Another mistake is trying to mimic another company’s AI use case. Each organization is unique, with its own structure, culture, and needs. In order to fully leverage AI’s potential, businesses must customize their approach to building an AI roadmap and avoid the use-case trap.

Lastly, many companies make the mistake of buying off-the-shelf AI products instead of tailoring solutions to their specific needs. While off-the-shelf products can solve specific problems, the true power of AI lies in its ability to fundamentally transform operations. Leaders must conduct a thorough assessment of their company’s processes and tailor AI solutions to their specific needs in order to achieve transformative value.

Overall, the key to successfully integrating AI into businesses lies in shifting perspective. When leaders view AI as the onboarding of smart people rather than just a technological upgrade, they can enhance performance, drive innovation, and transform their organizations for the better.