Artificial intelligence (AI) is transforming industries, driving efficiencies, and enabling new business models. Gartner forecasts global spending on AI software will increase from $124 billion in 2022 to $297 billion in 2027, a 19.1% CAGR. For enterprises, embracing AI is no longer a strategic option—it's necessary for survival. Just as a chef learns various techniques to create a full-course meal, enterprises must understand the various distinctive flavors of AI that best support their business strategies. This piece will outline ten considerations for organizations to consider throughout the planning and deployment phases of implementing AI in accordance with the pragmatic AI model.
AI encompasses a broad range of technologies and applications, each with their own uses and benefits. Generative AI and the use of large language models (LLMs) like ChatGPT can automate and simplify content creation and customer interactions. This includes drafting emails, generating reports, and providing customer support. Alternatively, predictive AI leverages complex data sets to make recommendations and support decision-making processes. An example of this is using predictive analytics to accurately forecast customer payments and optimize cashflow. The key to a successful AI strategy lies in the evaluation of pragmatic use cases and selective investments that will help to deliver business objectives.
