Artificial Intelligence Is Now Everyone’s Business

The success of Artificial Intelligence adoption in bussinesses hinges on building AI capabilities, involving stakeholders, and focusing on converting data into actionable insights for real value.

AI is a tool to get things done. To use it properly and generate value, organizations need the right capabilities — including a good understanding of data.

Artificial intelligence is getting all the buzz in the business world. But people often talk about “doing” AI without realizing that it’s just a tool for getting things done — a costly and complex tool.

“Like any tool, it creates no value unless it’s used properly,” said Barbara H. Wixom, a principal research scientist at the MIT Center for Information Systems Research. “AI is advanced data science, and you need to have the right capabilities in order to work with it and manage it properly.”

In a new research briefing, Wixom and CISR research fellow Cynthia M. Beath outline three principles for implementing AI projects: Build the right capabilities, involve stakeholders from across the organization, and focus on realizing value.

An important theme linking the three principles is data monetization, which is also the topic of the recent book “Data Is Everybody’s Business,” by Wixom, Beath, and Leslie Owens.

AI requires “supercharged” data monetization

In simple terms, data monetization is converting data into financial returns. Datasets could be sold to third parties, studied to improve processes, or used to create new business opportunities.

Seeing a return on investment from AI requires a “supercharged” data monetization strategy, Wixom said. There’s significant cost associated with the infrastructure, capabilities, and talent needed to get AI initiatives off the ground. And any enterprise that builds AI into a product — even if it’s something relatively simple, such as a customer service chatbot — must bear the associated legal and ethical responsibilities. […]