Laggards see this as “damning”, leaders see this as a learning opportunity
95% of organisations have received zero returns from using AI. This new research by the Massachusetts Institute of Technology (MIT) has been termed “damning” by some, but really it signals a growing pain in the AI revolution.
The reality is that new technological inventions rarely reap high rewards when they are first implemented, because few understand its shortcomings. “The MIT study is not saying that the projects are failing, but failing to deliver ROI, like any innovation during its absorptive era” says our founder, Jay van Zyl. Apparent failures occur at the precipice of almost every technological revolution.
“When something new is invented, the leaders of this world want to stay ahead, and so they enter this state of frenzied urgency,” says our founder Jay van Zyl. This leads to rapid implementation, all before testing, before receiving assurance that the new technology will be effective. On the other hand, the laggards wait for others to prove what is successful and copy them – taking a safer bet, but smothering any potential to be a leader in innovation.
In 2020, 70% of CFOs were employing a conservative AI strategy. Today, only 4% are going with this tentative approach, with aggressive strategies on the rise. With this has come increasing pressure for CFOs to accelerate Return on Investment (ROI) in tech. According to Salesforce, however, measuring success in the age of AI requires “moving beyond traditional metrics” (away from short-term gains, to long-term gains).
The only way to determine what will work and what won’t is through relentless experimentation. True leaders will meet this wave of uncertainty with an equally powerful and frenzied wave of education – risking loss for the sake of learning. Businesses who, through experimentation, figure out for themselves where the shortcomings of this new technology are, are best positioned to not be left behind.
This “intelligent failure” is a systematic approach to gain knowledge and drive innovation, and ultimately a new way of thinking. The ecosystem.Ai platform is built to assist businesses in experimenting what the shortcomings of AI are. By giving you access to an ecosystem of technology, businesses can find what works best for their specific use-cases, deploy various iterations with ease and choose the approach that reaps the highest reward.
