When it comes to artificial intelligence (AI) and machine learning (ML), the industry seems to be split between alarmists like Elon Musk and Stephen Hawking, who fear they mean the end of the human race, and others, like Bill Gates, who view them as an important technology that will only increase our productivity.
Recently, David Sweenor, global analytics marketing leader, and Shawn Rogers, senior director of analytics strategy at TIBCO, sat down to discuss the important question: where exactly do AI and ML fit into how companies are innovating and disrupting in their industries today?
Rogers, who is also an internationally recognized thought leader, speaker, and author on analytics, IoT, big data, and cloud, worked with the TIBCO team to conduct a global survey exploring how companies are using AI to ML to drive innovation, resulting in the TIBCO 2018 CXO Innovation Study.
Read on to learn how companies have been digitally transforming themselves with AI and ML and how you can, too.
The Technologies Disruptors are Using to Drive Innovation
According to the survey, there is a connection between a company’s analytical capabilities and its ability to be disruptive and innovative. Companies that are further along in their transformation journey and have invested heavily, are able to be more strategic in their approach around data transformation and innovate at a much quicker pace than others.
But who are the real disruptors and innovators? Not surprisingly, it’s the companies that are using the Internet of Things (IoT), AI and ML, and blockchain that are heading the race to innovation and disruption.
Challenges that Come with Innovating AI and ML
Innovation is not always a direct path. And it’s rarely simple or easy to execute with new technologies. The top challenges respondents faced when attempting to innovate were:
- Limited time and resources
- Limited or no budget
- Security concerns
- Lacking new skill sets
- User acceptance (adoption)
The silver lining is that all of these challenges are solvable. By investing in your people and culture, processes, and new technologies, your organization can overcome obstacles to digital innovation.
Key Success Factors and Practical Advice
At the end of the day, digital transformation is a journey that all companies will eventually embark on. Every company starts with the same building blocks and works at its own pace toward innovation.
But as you move along this journey, you’ll need advice on which tactics to use for innovation success. Watch the full on-demand webinar and learn how to get ahead with AI and ML and gain the power to innovate within your company.