Businesses are identifying ways to overcome the key data strategy challenges that must be addressed to achieve AI success.
IT decision makers from across multiple industries also said that the era of AI poses business culture, as well technology strategy, challenges in an event supported by EPAM and Microsoft.
The discussion also surfaced insights on how businesses can boost productivity, streamline processes, and transform user experiences by leveraging AI.
Furthermore, the roundtable provided a useful platform for IT leaders to share their experiences of practical implementations, associated challenges, and their strategies for maximizing business potential.
Grounding AI within the existing data estate
Participants from across a wide range of industries agreed that advanced automation is already reshaping their business operations.
Specific examples highlighted included the automation of repetitive tasks, real-time data analytics for decision-making, and predictive modelling.
Of course, these and other such benefits can only be optimized if the right data foundation is in place.
In this regard, participants stressed the need to integrate AI with their existing data infrastructure. However, many businesses are struggling to do just that, with data silos impeding seamless data integration and reducing the value of AI insights.
According to the roundtable participants, one way of overcoming this challenge is to invest in data governance frameworks and centralize data lakes.
Doing so breaks down data silos while ensuring data quality and accessibility. One success strategy reported at the event involved starting with small proof-of-concept AI projects before scaling, thereby ensuring early wins that align with business goals.
The importance of data to business success is backed up by Foundry’s 2023 AI Priorities Study, which found 76% of those surveyed were using AI powered analytics.1
Accelerating AI adoption and securing buy-in
Another key theme to emerge from the event is that AI adoption isn’t just a technology challenge; there are also important factors to bear in mind relating to the culture of the business.
In this respect, participants were quick to flag effective change management as an imperative, including clear communication around the value of AI to employees.
IT leaders also stressed the importance of ongoing training programs to foster comfort with AI tools and ensure that they are used to their greatest advantage.
Executive sponsorship and fostering a culture of innovation were also highlighted as essential to overcoming resistance and driving faster AI adoption.
Revolutionizing business processes with AI
Roundtable participants also discussed EPAM and Microsoft’s comprehensive AI solutions, focusing on how they can add value to organizations by simplifying complex workflows, automating routine tasks, and enabling more intuitive interfaces.
Participants also focused on how they intend to build on the initial successes they have achieved with AI by investing more in talent.
According to attendees, scaling AI solutions requires strong collaboration between IT and business units to ensure alignment with strategic goals.
Meanwhile, some of the key challenges to overcome on the AI acceleration path include the need for ongoing data quality improvements as well as managing ethical and regulatory considerations.
In summary, Intelligent Apps and AI have proven to be powerful tools in driving operational efficiency, enhancing customer experiences, and strengthening market position.
With proper planning, collaboration, and investment, and by working with the right technology and integration partners, organizations can unlock even greater potential as they accelerate their AI journey.
Learn more from EPAM on how to become an AI-first business.
1AI Priorities Study, https://foundryco.com/tools-for-marketers/research-ai-priorities/