Artificial intelligence (AI) is rapidly becoming a technology staple across industries. According to Gartner, “AI adoption has tripled in the past year [2019-2020], and [it is] a top priority for CIOs.” Forward-looking business leaders have noticed that machine learning presents a significant streamlining advantage in areas such as finance, healthcare, and marketing.
The critical question: Who will adopt AI and remain competitive, and who will lose the race to modernization?
Why Is AI Special?
So, why is AI such a game-changing innovation? The answer stems from the fact that it isn’t just new technology; it’s also a scientific research field with unprecedented room for growth and refinement. Consider the healthcare industry, for example. Today, machine learning is growing ubiquitous in healthcare as it helps scientists and researchers to track the spread of COVID-19 and develop a vaccine.
Tomorrow, who knows? AI could become part of every operating room and doctor’s office, assisting “knowledge workers,” and adapting and expanding its roles as quickly as developers can meet demand.
How Should Business Leaders Respond?
These days any enterprise worth its salt knows that staying competitive means staying modern. Consumers don’t want typewriters; they want the next and best high-tech computer or iPad — and the same precept applies to AI. When attractive technologies become widely known and available, they garner demand on an equally vast scale. Of course, many powerful brands (including Facebook, Amazon, and UnitedHealth) already leverage machine learning to improve consumer experience and optimize business processes.
To remain competitive, other enterprises must follow suit — and it’s becoming increasingly affordable to do so.
For business leaders, there’s no time to lose. AI is still a relatively young technology, and it’s still in its early days, but the field is growing at an exponential rate to match demand. Innovators like JP Morgan Chase and Accenture have gotten a head-start on building research labs, shrinking the already over-fished talent pool of data scientists and AI software developers to fill their staff. Simply put, if you are a business leader looking to deploy AI for your business, it’s past time to get started.
Keeping Up with the Rising Tide
There are undeniable challenges to deploying AI for your business — cost being one of the biggest — but these are surmountable. For one, consulting firms are a useful workaround for the expertise required and expenses entailed by AI development, refinement, and maintenance. However, be warned: some existing firms masquerade as “AI specialists” with only tangential experience in that area.
In fact, there are very few AI-specific consultant firms like Synaptiq, which brings experienced experts to the table (such as our founder, Tim Oates, who has been working and researching in the field for decades) at a fraction of the cost of a data scientist’s salary.
At Synaptiq, we help businesses like yours to leverage AI and stay ahead of the competition. Rather than costing hundreds of thousands of dollars a year — as would an in-house development and data science team — we start our engagements in the low tens of thousands, depending on the scope and size of your vision. And we have a proven track record of success: our case study catalog shows our excellence with past clients.