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The World Economic Forum has shared valuable advice for companies working with Artificial Intelligence (AI): “Don’t be an AI tourist”. This post highlights a survey called The AI Readiness Report, which indicates that 81% of companies work with generative AI. The focus on models is changing, making it important for companies to understand how to integrate and optimize their AI investments for business success.
The 2023 AI Readiness Report: Key Results
The AI Readiness Report is a survey conducted with almost 3,000 North American ML practitioners as interviewees between December 22, 2022 and January 31, 2023. The survey reveals five key themes that companies can’t afford to ignore.
The Focus on AI Models
The survey indicates that the focus on models is shifting. Respondents mentioned that generative AI is one of the most commonly used models, followed by classic ML tools. Companies integrating AI in their business processes should understand these trends and recognize the importance of choosing the right models for their specific needs.
Quality Data Is Essential
The data companies use to train their AI models is crucial in developing successful AI applications. The survey found that data quality is a vital factor when using machine learning, emphasizing that organizations need to invest more in collecting and cleansing datasets to enhance AI prediction accuracy.
AI Security and Ethics are Critical
The survey highlights concerns focused on AI security and ethics. Companies need to develop policies and guidelines to ensure the ethical and secure use of AI while keeping up with industry changes and regulations.
AI Talent and Skills Gap
The survey indicates that the current talent and skill gap in AI should be addressed by organizations. Initiatives like training and development programs and partnering with education institutions can help companies ensure their workforce is equipped with relevant AI skills.
Challenges for AI Adoption and Implementation
Companies implementing AI face various challenges that employers and developers must manage, such as identifying relevant data sources, ensuring data privacy, and cybersecurity.
Twilio, Mayo Clinic and Priceline: Examples of Companies Using Generative AI
The efficient use of generative AI can be showcased by companies such as Twilio, Mayo Clinic, and Priceline. These companies use generative AI in various ways, ranging from client support to identifying better information and improving business processes.
How to Get the Most Out of Your Communications Team
Communications is an essential part of business operation, but often underutilized in developing an effective AI strategy. A special guest in the video discusses how your business can communicate better and get the most out of your communications team.
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Frequently Asked Questions (FAQs)
What is the AI Readiness Report?
The AI Readiness Report is a survey conducted with almost 3,000 North American ML practitioners as interviewees between December 22, 2022 and January 31, 2023. The report reveals five key themes that companies can’t afford to ignore when integrating AI in their business processes.
What are the five key themes revealed in the AI Readiness Report?
The five key themes revealed in the AI Readiness Report are the focus on AI models, quality data, AI security and ethics, the AI talent and skills gap, and challenges for AI adoption and implementation.
What are some examples of how companies use generative AI?
Companies like Twilio, Mayo Clinic, and Priceline use generative AI in various ways, ranging from client support to identifying better information and improving business processes.
Why is it important to get the most out of a communications team when developing an AI strategy?
Communications is an essential part of business operation that should not be underutilized in developing an effective AI strategy. A communications team can help develop messaging, content, and communication plans to ensure successful implementation and adoption of AI technology.
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