Artificial intelligence (AI) has become one of the most exciting and innovative areas in technology. With the ability to transform businesses and change the way we interact with technology, AI has become a critical tool in many industries. So, why is AI becoming increasingly important?

Today, AI adoption is growing faster than ever before due to the proliferation of data and the maturity of other innovations in cloud processing and computing power. Companies now have access to an unprecedented amount of data, including dark data they didn’t even realize they had until now. This data is a goldmine for AI, providing a wealth of information that can be used to generate business value.

AI has long been considered a source of business innovation, and now that the enablers are in place, organizations are starting to see how AI can help them multiply their value. One of the most significant benefits of AI is automation, which reduces costs and brings new levels of consistency, speed, and scalability to business processes. Some Accenture clients have reported time savings of 70 percent through the use of automation. However, the ability of AI to drive growth is even more compelling. Companies that successfully scale AI see three times the return on their investment compared to those who are stuck in the pilot stage. It's no surprise that 84 percent of C-suite executives believe they must leverage AI to achieve their growth objectives.

Artificial intelligence is not just about efficiency and streamlining laborious tasks. Machine learning and deep learning have made it possible for AI applications to learn from data and results in near real-time. AI can analyze new information from many sources and adapt accordingly, with a level of accuracy that is invaluable to business. For example, product recommendations are an excellent example of the kind of innovation that AI can bring. The ability to self-learn and self-optimize means that AI continually compounds the business benefits it generates.

In this way, AI helps businesses adapt quickly, with a regular stream of insights to drive innovation and competitive advantage in a world of constant disruption. When scaled, AI can become a key enabler of strategic priorities, and even a lynchpin to survival. Three out of four C-suite executives believe that if they don’t scale AI in the next five years, they risk going out of business entirely. The stakes are high, and the pressure is on for businesses to scale AI.

To realize the benefits of AI, organizations need to be agile and adaptable. They must embrace AI as a key driver of business value, aligning AI initiatives to their strategic priorities. A clear operating model, governance structure, and infrastructure must be put in place, along with a plan for AI adoption across the entire organization.

Data is the foundation of any successful AI initiative. To become an organization that uses AI effectively, you need to start with the data. By leveraging valuable data and AI assets more broadly across an organization, AI scaling initiatives are likely to be successful. However, it’s important to be mindful of data noise. Over 90 percent of the data on earth has been created in the last ten years. Be careful what internal and external data you choose, and determine what is business-critical. As the saying goes, “garbage in, garbage out.”

AI should be viewed as a team sport. Companies that have successfully reached industrialized growth have leveraged cross-platform, multi-disciplinary teams. There are AI advocates everywhere, and the transformation happens across the entire organization. AI adoption is not the purview of a lone champion.

Finally, to build trust in AI and ensure successful adoption, organizations must prioritize the development of explainable AI. Explainable AI ensures that decisions come with clear explanations, ensuring we understand why every outcome was created. Identifying bias when developing AI is the first step to taking action and preventing unintended consequences.