The Artificial Intelligence implementation in companies is cross functional: Marketing, Finance, Operations… they all have benefited from the emergence of data driven across business processes in their organizations.
In a recent study published by Fujitsu and Pier Audoin Consultants, shows that the benefits companies have gained through Artificial Intelligence implementation are starting to pay off. This is not a matter of five years´ time. The AI´ s time has come. However, the figures are still low: only 11% of the surveyed companies are implementing AI strategies, 29% have AI projects in progress and 35% expect to do it in the next two years.
Under this classification, they would be defined as innovators, early adopters, followers. In other words, based on the company´s maturity and data adaptation, they will belong to one of the groups before mentioned.
Accordingly, 53% of the companies that have implemented AI or have in mind doing it believe improvement of automation processes depends on it, whereas almost 75% are creating business units for AI´s implementation take-off. The main areas this technology is implemented on is higher production efficiency, maintenance forecasting and above all, in customers´ behavior forecasting for appropriate business actions.
Nevertheless, a survey delivered by MIT Sloan Management Review and Boston Consulting Group a few weeks ago highlighted different data.
Although it claims AI´s rewards promise, these are not risk-free for example, a competitor taking the risk and going a step ahead. These are the innovators that use AI for the company´s across business processes alignment, investment and integration.
Many leading companies see AI not as an opportunity but as a risk strategy. And this perception has gone up from 37% to 45% from 2017 to 2019 respectively.
Concerning risk management, many AI based initiatives have failed. Seven out of ten of the surveyed companies claimed they have hardly benefited from this technology. And it´s not a trivial matter when almost 90% of companies have invested in AI.
Thus, even if some companies have found out success with AI, most struggle to add value based on it. As a result, many executives face challenges associated with AI: It´s a source of non- exploited opportunities, an inherent risk. But, above all, it´s an urgent issue to tackle. How can executives exploit the opportunities, manage risks and minimize AI associated problems?
Data translator: the hidden figure
Professionals training, not only in technical and scientific areas but also in communication and interpretation, becomes essential for the differential AI value generation. Deep understanding of the business needs and knowing how to convey that to the technical teams in charge of implementing AI is the Holy Grail of all the companies and providers of this service.
On the other hand, Mckinsey says that success results based on AI and data analytics do not depend only on data scientists, data engineers or data analytics teams. A transversal figure is required: a data translator.
Mckinsey believes this figure can ensure the organizations achieve real impact from their analytical initiatives as it can help to understand correctly the business needs and translate them into a scientific -technical language and vice versa.
Data translation experience allows this figure to get deep knowledge of the core business and its value chain in diverse areas: distribution, health, marketing, manufacturing or any other environment.
As the consulting company defines it, in their role, translators help to guarantee deep knowledge generated through sophisticated analytics is translated into impact at every level of the organization. By 2026, The Global McKinsey Institute estimates translators demand will reach two or four million only in the U.S.
Thus, translators take advantage of their insights in AI and analytics to convey these commercial objectives to data professionals who will create the models and the solutions. Finally, the translators ensure the solution produce the insights the company can interpret and execute and ultimately, communicates the benefits of these insights to the businessmen to boost adoption.
One way to reduce the risk strategy companies have taken when they decide to be ahead of their competitors in their sector, is without any doubt, the capacity to interpret the data and offer insights based on them.