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Artificial intelligence (AI) is demonstrating its ability to stimulate growth in both digital and nondigital native businesses. According to Deloitte, businesses across sectors are using AI to create business value. From streamlining data analytics to improving customer experiences, AI offers several benefits for businesses.
When AI is integrated into an organization’s core product or service and business processes, it’s at its most beneficial. Despite AI’s increasing popularity, many businesses still find it difficult to use AI and ML on a larger scale. In a panel discussion during VentureBeat’s Transform 2022 virtual conference, Chris D’Agostino, the global field CTO for Databricks, Patrick Baginski, senior director of Data Science and Data Analytics at McDonald’s, and Errol Koolmeister, AI and data advisor at The AI Framework, discussed how their companies use AI and ML to create smarter customer experiences.
Implementing AI and ML on a larger scale
There is a growing interest in AI, its subfields, and allied disciplines like machine learning (ML) and data science as a result of how AI is transforming every industry and business function. According to a recent McKinsey survey, 56% of organizations are using AI in at least one business function.
Whether as a digital or nondigital native business, Baginski said it is important to always think top line first about the value that can be delivered from AI and ML projects. According to Koolmeister, a 2019 MIT Sloan assessment showed how businesses were having difficulty as they persisted in trying to get their businesses off the ground, noting that the return on investment from AI was meager. Koolmeister also cited a recent study conducted by Thomas Davenport and NewVantage Partners that shows that the market has changed — 26% of the world’s largest companies had AI in wide-scale production while 92% of them are currently investing in the technology.
“I think most companies are making some sort of effort in actually implementing AI into their organizations,” said Koolmeister. “There are a few clear distinct things, one of them being …