Artificial intelligence is creeping into almost all aspects of our lives. Everything from mobile banking apps and chatbots to voice-activated home assistants and self-service checkouts at supermarkets now have some form of AI embedded in them. Given the technology’s pervasiveness in the consumer space, it was only a matter of time before it started to permeate our business lives as well.
Most companies plan to invest in AI in the coming months, according to research by Accenture. However, more than 50% are still in pilot mode or the early phases of adoption while some have not even reached the starting blocks—an indication of the implementation challenges.
Scott Edington, CEO of Deep Labs, an AI start-up, says AI has a journey ahead. “You don’t just go from zero to 100 overnight,” he says. “You start introducing some of these technologies in a supervised mode.”
Even for companies that are wedded to legacy technologies like ERP and treasury management systems, Edington says it’s not a case of having to “rip and replace” these systems; AI plugs into existing technologies that companies already use.