AI Mistakes Businesses Should Avoid

Artificial intelligence is great, and more companies are adapting to this type of technology. It increases efficiency in the workplace in a lot of ways, but there are some mistakes that companies should avoid when artificial intelligence is implemented.

Don’t Forget the Importance Of Human Interaction

It is tempting to throw artificial intelligence in the mix and assume that this will solve all problems. So many business leaders assume that humans can be cut from the equation when machines are available to do certain tasks. This reduction in the workforce can certainly lead to efficiency and sometimes a higher ROI, but all human interaction cannot be cut out of the equation. Workers will be needed to work on quality control for businesses. Consumers also tend to trust a company that provides human interaction with their customer service.

There are times where the AI technology is not suited for the business infrastructure. This can cause a lot of problems. There will be a need for humans to work on meshing the AI technology with the tasks that need to be performed.

A Work in Progress

It is good to remember that AI is a work in progress. There are organizations that bring in artificial intelligence without understanding how it can truly help the organization. There will be a need to get teams in place that can truly analyze how the software is going to make the business better. Companies can avoid these mistakes of one-size-fits-all AI technology when teams are formed to address how AI can help the business before it is implemented.

The Growth of AI In The Business

The thing that tends to be a big mistake for many businesses is the lack of artificial intelligence updates. Technology is often implemented in business and people use it without updating it. There may not be money in the budget for it. The failure to update the AI technology and get the proper training on it will essentially make it unusable at some point.

This is a big mistake for companies because this initial investment becomes a waste of money. Outdated technology, in some instances, cannot be used at all. A business that plans to implement artificial intelligence has to be in the long haul. Business leaders have to be able to prepare budgets for updates for artificial intelligence.

Originally published on ChartWestcott.com

Chart Westcott is Co-Founder and COO at Ikarian Capital, LLC a long/short equity biotech focused investment adviser. Read more at http://chartwestcott.net.

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