The artificial intelligence world is taking a step, out of the stage of testing and prototyping and into the stage of scaling for profitability. We have established the immense power of artificial intelligence and the potential it has to transform industries, however, the way in which we use it practically on the ground and then scale up solutions is a whole new project.
Limits to scale
A recent report estimated that in the next 10 years AI-powered applications will add $13 trillion in value to the global economy [Source]. However, a survey of 1,000 companies showed that only 8 percent of firms “engaged in practices that allowed widespread adoption of AI,” [Source] and most companies are only piloting AI projects. In our experience with clients, we have come across the same phenomenon, with companies keen to try out prototypes, but struggling to take the next steps.
Building this bridge, connecting companies with the right technology, and helping them scale is a vital step to getting the most out of AI. But how can it be done?
We have identified three areas that we believe can help companies scale. They are scaling profitable solutions, internal AI upskilling, and speeding up processes.
Scaling profitable solutions
By scaling we mean finding something that works and repeating it and rolling it out to all branches and wings of the organization. It means breaking out of the proof of concept phase and growing. For example, our AutoDoc solution has been shown to make a 72% saving for our client. In a department of four, this is not a particularly large saving, however, when rolled out across a global organization this could be a substantial figure.
When creating AI solutions, we can often create a so-called “cookie-cutter” solution, that once built and proven it can be scaled across an entire organization.
Many get stuck in the proof of concept stage, however, a recent Accenture report suggests that businesses that are scaling achieved nearly triple the return from AI investments than companies in the Proof of Concept stage of their AI journey.
Overall, the scaling of AI solutions will not be exactly the same across different organizations but we are constantly learning and figuring out the best ways to scale. With a mixture of the right solution, the right company culture, and the right technology, it is possible for any organization to start scaling-up its journey.