Artificial intelligence (AI) seems to be everywhere. We experience it at home and on our phones. Before we know it—if entrepreneurs and business innovators are to be believed—AI will be in just about every product and service we buy and use. In addition, its application to business problem solving is growing in leaps and bounds. AI’s challenges and limitations are creating a “moving target” problem for leaders: It is hard to reach a leading edge that’s always advancing.
Executives need to understand not just where AI can boost innovation, insight, and decision making; lead to revenue growth; and capture of efficiencies—but also where AI can’t yet provide value. What’s more, they must appreciate the relationship and distinctions between technical constraints and organizational ones, such as cultural barriers.
Limitations for AI
Limitation 1: Data labeling
Limitation 2: Obtaining massive training data sets
Limitation 3: The explainability problem
Limitation 4: Generalizability of learning
Limitation 5: Bias in data and algorithms
Solutions to improve your AI strategy
Solution 1: Do your homework, get calibrated, and keep up.
Solution 2: Adopt a sophisticated data strategy.
Solution 3: Think laterally.
Solution 4: Be a trailblazer.
Read more about the limitations and solutions here.
