Most organizations are still struggling with how to successfully integrate artificial intelligence into their businesses, according to a new report from research and advisory firm Lux Research on the state of AI and how companies can improve decision-making around the technology.
The study, “Artificial Intelligence: A Framework to Identify Challenges and Guide Successful Outcomes,” noted that decision makers oftentimes do not fully understand the technology and have not thought through the true costs of implementing AI in their businesses.
Lux sees four major factors in making the right AI investments and decisions:
- Clearly understanding the outcomes implementing AI will provide for the organization.
- Focusing on an AI product's capabilities instead of marketing messages.
- Knowing when the technology is mature enough to mitigate risk.
- Identifying practical challenges to both implementation and maintenance of the technology once it is in place.
The report cautions against investing too early in applications that require more advanced AI capabilities, because it said they are often too immature and untested. Organizations that take a “sober approach” to AI investment that prioritizes company needs and avoids a “technology-first” approach will ultimately be better positioned for success, the report said.
