Vidya Plainfield – Growth Officer at TechSpeed Inc.
We’re living in a moment of extreme volatility. Recent shifts in U.S. tariff policies have cast stock markets into disarray, triggered fears of inflation and impacted long-standing global trade alliances.
The result is a deeply uncertain economic climate, one in which businesses are increasingly hesitant to invest capital in new growth but simultaneously concerned about falling behind. Against this backdrop, artificial intelligence (AI) continues its mainstream proliferation. Businesses across sectors are finding ways to adopt AI into their operations, workflows and customer interactions.
Increasingly, businesses are turning to AI as a way of hedging in a chaotic time. But is AI really the answer to all our problems?
Using AI For Everything
The benefits of AI are undeniable. In many applications, this technology can improve our speed, efficiency, accuracy, insight and responsiveness. But beyond the benefits, many companies also feel serious pressure to keep up with the competition. Many business owners sense that they should be “doing more” with AI in order to avoid “missing out.”
But “doing more” is not a particularly well-defined objective. As a result, many companies invest in the wrong tech-based solutions. This can be a costly mistake.
It’s important for leaders to be aware of the risks of leveraging AI solutions without a comprehensive strategy and the importance of taking an integrated approach to adoption.
Some Common AI Mistakes
It’s tempting to take a reactive approach to this moment of global uncertainty. Many business owners are anxious. But a knee-jerk investment in AI could actually compound your risk. Here are a few mistakes to avoid:
1. Buying Into One-Off AI Solutions
Be selective about how you implement AI. The market is saturated with stand-alone AI applications—tools that offer precise solutions to specific business challenges.
While these solutions can typically provide short-term benefits, you may ultimately find yourself implementing a patchwork of different technologies. This can lead to fragmentation, data silos, inconsistent user experiences and difficulty scaling your operation.
2. Relying On AI Startups With Limited Expertise
The AI market is booming with ambitious startups making big promises. But many startups have limited real-world experience, particularly when it comes to deploying AI at scale.
Partnering with an inexperienced provider could make it harder to get the support, flexibility and customization you need to reap the full benefits of AI.
3. Taking The Humanity Out Of The Process
Integrating AI into business processes is about more than big data and machine learning algorithms. It’s also about how humans interact with these features. An AI solution is only as strong as the operators who use it, the inputs used to teach it and the steps taken to refine it.
Without human engagement, AI systems are vulnerable to misaligned objectives, hidden biases and stagnation. That’s why it’s important to prioritize finding the right AI solutions and incorporating human-in-the-loop (HITL) support to make these solutions work.
4. Falling Into An AI-First Mentality
A common mistake I see in this time of economic uncertainty is the adoption of an AI-first mentality. For many, the fear of falling behind creates the sense that some form of AI must be implemented somewhere in the business.
But this unfocused approach can lead to implementation failure. AI should only be implemented where it can add value, align with existing objectives, resolve real business problems, drive measurable improvements and complement human expertise.
The Importance Of An Integrated Approach
I’ve found the best way to avoid the mistakes highlighted above is to take an integrated approach to AI. What does this mean? An integrated approach minimizes the risk, cost and complexity of AI implementation.
With this approach, often the software vendor provides the AI integration. As IT strategy and architecture advisor Eric Roch says, “Embedded AI enables users to access AI-driven features and functionality within their familiar software environment, enhancing productivity, efficiency, and decision-making.”
I think the key to success is beginning your integration with low hanging fruit. Test vendor-provided AI integrations or enhancements with existing functions and in familiar software environments. For instance, you may integrate AI-powered technology into your email drafting process and evaluate your results before integrating with additional systems.
From there, you’ll want to think strategically about your workflows and platforms. Where can an investment in automation or advanced data analytics drive growth? Perhaps it’s a new way of approaching customer service, bill processing, document management or sales.
The bigger and more impactful the endeavor, the more important it is to be holistic about integration.
This is where the right partner can help, both through implementation and ongoing management and support. If you are considering a third-party AI provider, look for a few key features:
• Comprehensive and scalable solutions that can integrate with your existing technological infrastructure and grow as your needs grow
• Deep experience and expertise, as well as a proven track record for evolving alongside rapidly advancing technology
• Human-in-the-loop approach, ensuring that AI solutions are used to complement, optimize and enhance human talent rather than replace it
• Continuous improvement, including the application of solutions based on clearly defined needs and opportunities, as well as regular assessment, feedback and adjustment
• Hybrid support structure, combining the cost-savings opportunities of offshoring with the quality control, oversight and client support of local project leadership
Learning From Successes And Failures
The big takeaway? If you’re considering AI as an antidote to economic uncertainty, be sure to choose your next steps carefully.
AI can unlock opportunity and create competitive advantage. But investing in a narrowly focused solution, partnering with a fly-by-night provider or launching headlong into new technology without fully considering your actual business needs—these mistakes could magnify your risk in an already risky business environment.
Approach implementation with discernment. Understand the complexities of AI integration and choose partners who share this understanding. If you recognize the essential role that people play in the process, work with the right people and leverage the kind of technology that grows as you grow, AI could be your key to sustainable success in a challenging time.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
