Emerging trends continue to arise year over year and as technologies change, we continue to find new and advanced ways to move the enterprise forward. Here’s a brief Q&A on two of today’s most discussed technologies: blockchain and artificial intelligence.
Q: How has AI evolved recently?
A: There’s been a large explosion in the amount of funding and the number of companies that are claiming to have AI capabilities; however, less than 5% of enterprises surveyed are using AI. This supports the notion that there is great science behind AI, but not any engineering. The challenge lies in the fact that AI compared to IT is not easy and is very expensive. This has resulted in companies waiting to see how other companies can succeed with the capabilities of AI.
Q: What’s one of the biggest mistake organizations make when it comes to AI?
A: IT leaders are making a different mistake than the CEO. IT is too focused on operational activities rather than developing a vision on how the business can achieve a significant impact with AI. CEOs are failing to push their senior IT leaders to develop a long-term strategy and vision for how AI can become a greater part of the digitalization strategy.
Q: What about blockchain?
A: There’s usually a disconnect within organizations between the alleged aspiration of blockchain and what is actually possible in reality. There’s also a lack of education on blockchain and the impact it can have on society. In most cases, what is being reported as blockchain, isn’t actually blockchain. Organizations tend to misunderstand or ignore what blockchain is all together. Business leaders need to educate themselves quickly and develop a better understanding of the problem they are trying to solve using blockchain.
Blockchain has introduced two fundamental ways of society working. The first is a decentralized market, which means to move from a one-to-many market to a many-to-many market. The second is a new economic model, which allows for multiple forms of values that are not centrally issued or controlled.
Q: How are IT leaders leveraging this topic to transform their organizations?
A: Not every industry is going to be amenable to transformation, but you shouldn’t avoid it. Also, you should look toward optimization and focus on how AI can affect the benefits and the cost side of the business.
Q: Finish this sentence: If organizations don’t get their artificial intelligence strategy right, they will …
A: … run the risk of being out outflanked. The laggards are going to be outperformed.
Q: Finish this sentence: If organizations don’t get blockchain right, they will …
A: … risk overestimating the extent to which the technology is working, but underestimating the extent of change that will happen in the future when the technologies are working as they should.