Artificial intelligence is a hot-button topic among businesses today with many turning to AI-as-a-Service for business applications. While AIaaS has been around for some time, its growth is just beginning.
Technology continues to rapidly evolve as humans get more creative in solving the world’s problems. Artificial intelligence is used in every industry and every business sector today. While the level of use varies, the growth of the AI industry is exploding exponentially. This is a good thing, anytime we can streamline a process to free up human workers, business efficiency rises. But with this growth and with the knowledge of business leaders expanding in this area also comes increased risks.
The COVID-19 pandemic forced businesses to adapt, ushering in the Digital Transformation Era. Now, AI is the next piece of technology that’s going to transform how we do business. AI has a nearly unlimited amount of applications ranging from talk-to-text to facial recognition to data analysis, business operations and so much more. But not every business has the budget or the know-how to employ AI, which is where AI-as-a-Service enters the scene. AIaaS allows enterprises to utilize premade ML, RPA, and NLP algorithms to apply for their own use.
Previously, we discussed that AIaaS is a good starting point for businesses just entering the world of artificial intelligence. And while this is still true, with all of the advancements and studies and new information being discovered around AI, it is important to note that not all providers are created equal. That does not mean that lesser-known providers should automatically be discounted as unreliable, but it does mean that business leaders should pay close attention to the practices and methods of the provider they choose.
There are very few regulations around artificial intelligence, which should cause leaders to make a concentrated effort to ensure their third-party provider is doing all of the right things. AI is known to have bias in its outcomes because it learns from humans and humans are biased, whether we think we are or not. And if the AI your business uses returns biased output, it could bring FTC action.
According to ReadWrite, “The global AI-as-a-Service market was valued at USD 1.35 Bn in 2016 and is estimated to reach USD 43.1 Bn by 2028, at a CAGR of 46.9% during the forecast period. The base year considered for the study is 2017, while the forecast period is between 2018 and 2028.”
That’s a huge amount of growth projected over a decade, and that’s just a projection. The actual growth of the AI industry could be even higher, which is a big indication that your business should be investing in this technology. Whether you’ve already started the process or are just learning about it, AI is already an integral part of business and its applications are only going to expand as we continue to innovate.
If your business has not yet begun the journey of implementing artificial intelligence, this is your call to action. If you don’t stay on pace with your competitors, they will leave you behind. Admittedly, AI can be overwhelming when you first learn about it, which is why it’s important to consult an expert. You can do all the research you want, but if you don’t have a working knowledge of the technology, you will need someone to ensure implementation is appropriate and efficient.