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The Pace of AI: The Next Phase in the Future of Innovation
- AI has been around for quite some time, however, the world is starting to wake up and realize how much untapped potential it still has.
- The pace of AI adoption and innovation is moving so fast – hitting around $1 trillion in expenditures – that many wonder if we can accurately anticipate the expansion of future models even two years from now.
- The use cases for AI are two-fold. The first is that it’s a technology enabler, improving existing solutions to make them more efficient, accurate, and impactful. The second is that AI has the potential to be a technology innovator by making unimaginable advancements or solutions tangible.
- AI adoption increased exponentially in the past year showing that business leaders are just waking up to the potential of AI to enhance their organization across all lines of business.
- Access to the right data is crucial for AI innovation within the enterprise otherwise life or death. Adoptions and growth challenges include challenges such as silos, poor data quality, inadequate risk controls, escalating costs or unclear business value, among others.
- AI can prove its value in addressing silos by efficiently connecting their technology so that their employees and suppliers can also be connected.
- AI has the potential to become a technology innovator. Enhancements for industries like supply chain management and procurement include autonomous sourcing – enabling businesses to automate the traditionally human-dependent tasks of sourcing and contracting.
- Fully autonomous sourcing offers unmatched cost savings by promoting efficiency, mitigating fraud and counterfeiting, reducing errors, ensuring compliance, and saving employee time.
- Businesses should focus on delivering a user experience (UX) that is intuitive, efficient, and easy to navigate for both procurement teams and suppliers before introducing autonomous sourcing.
- AI will become increasingly inexpensive while the value of its output will continue to rise. This gives us ample reasons to be optimistic about the future of AI and the balanced role it will play in our lives both business and personal.
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