Understanding the Obstacles – Why Companies Are Not Ready for Full AI Integration into Their Businesses

adminFebruary 24, 2024

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AI (artificial intelligence) has been a hot topic that has been attracting attention not only from technology enthusiasts but also from the general public since last year.

Will AI Steal My Job? Can I fully automate what I’m doing? These and other questions lead some people to write columns. – really like you – And other people make it too Actually, I am worried about the future.

Yeah, it’s probably a very old story. – Technological changes affecting the lives of workers. But let me remind you that AI is not that new.

It has been on the market for decades, supporting industries such as mass manufacturing, healthcare, finance, logistics, agriculture, and more. AI is everywhere today.

PwC suggests that by 2030, AI could contribute $15.7 trillion to the global economy, resulting in up to a 26% improvement in local economies’ gross domestic product (GDP).

And earlier this year, more than 50 well-known technology companies and institutions, including NASA, IBM, and Meta, joined the AI Alliance to ‘support open innovation and open science in the field of AI.’

But what is the real reason behind all this AI hype? Is your business ready to join the trend of mass adoption of AI?

Let’s take a closer look at why AI is in the spotlight, the challenges companies face, and the trends we can expect in 2024.

What corporate AI adoption will actually look like in 2023

At the end of 2022, ChatGPT has accomplished something no other technology company has done before. The number of users exceeded 1 million within 5 days of launch, and the number of monthly active users exceeded 100 million within 2 months.

For comparison, it took TikTok’s Instagram nine months and two-and-a-half years to reach 100 million users.

Overall, the VC winter may have had a negative impact on the tech industry, but AI’s share of U.S. startup funding, for example, doubled in 2023.

It can be said that AI is a real FOMO (fear of missing out) for every VC at the moment, as institutions want to get involved and not miss out on the latest opportunities.

Google, Apple, and Amazon actively began developing AI solutions immediately after the launch of ChatGPT to catch up with their competitors in the ‘race to dominate the (AI) space.’

But in reality, these trends do not translate into real action and we experience the opposite. – Despite all the hype surrounding AI technology, only 4.4% of U.S. companies use AI for business purposes.

What is the reason behind the apparent gap between hype and actual results? Let’s take a look at the challenges businesses face while implementing this cutting-edge technology solution.

The highly centralized and misleading nature of generative AI

From a business perspective, mass adoption of generative AI solutions is hampered by several important factors.

Above all, it remains vulnerable due to its centralized nature.

In essence, AI today relies heavily on two or three companies with enormous influence. – allAnd any self-respecting business would be concerned about such centralization and oligopoly issues.

So now we can see numerous Web 3.0 projects actively exploring and working on decentralized AI solutions.

Personally, I fully support the convergence of AI and Web 3.0 and the potential it offers for both businesses and individuals.

Second, to refer to an analogy I enjoyed, generative AI is like a ‘proud and bold toddler’, which can be quite threatening and harmful without supervision.

Have you ever asked ChatGPT to generate written content based on factual support from relevant sources?

If not, I assure you that in just a few seconds you can come across bizarre and non-existent articles, books, and even people with other misleading or biased information.

AI uses large amounts of data to train models and make informed decisions. The lack of quality data is therefore a serious barrier to practical implementation in business.

Hypothetically, this problem could be solved by introducing artificial general intelligence (AGI).

In theory, AGI can perform intellectual tasks that humans can. – rainBut it’s only a matter of time before we find out when, how, and under whose control this could happen.

AI business trends to watch in 2024

So, what industry will lead the AI revolution this year, despite any barriers? I believe that fintech and the payments industry will be very active in integrating AI into their businesses.

Payment routing processes and various AI-based fraud prevention solutions can be mentioned here.

When it comes to routing, AI can be a great tool to help providers optimize the routes they use to process bank card data.

For example, on fraud, this year OpenAI and ChatGPT launched a partnership with fintech startup Stripe to combat fraud in the B2C sector.

In this way, AI can help scan inbound communications and identify the activities of fraudsters.

Additionally, as mentioned earlier, 2024 could be the year of synergy and collaboration between AI and Web 3.0, ushering in a new era of decentralized solutions.

This could challenge the currently dominant monopolies, and ordinary users are also concerned about this.

Lastly, I see this year as being a catalyst for human-AI or human-machine collaboration. We will never see jobs fully automated or humans replaced by machines. – Not yet, at least.

Instead, we see a growing emphasis on talent who can effectively combine their skills with knowledge of generative AI and LLM implementation and oversight.

A human AI manager, so to speak.

Ready or not, it’s coming

I think the past few years have taught business leaders to be more agile, flexible, and adaptable to market disruptions and other factors.

As we’ve seen, the hype surrounding AI often overshadows the real challenges businesses face when implementing AI, but we don’t want development to wait.

With fintech and the payments industry leading the way and potential for decentralized AI solutions, we can expect to see more exciting developments in AI in the coming years.

So, keep an eye on trends and prepare for the next wave of the AI revolution.

Bakhrom Saydulloev is the Chief Executive Officer and Head of Product at Mercuryo, a global payments infrastructure platform. Mercuryo provides fiat and cryptocurrency businesses with a wide range of financial services accessible through API integrations. Since joining the company, Bakhrom’s efforts have simplified the onboarding process and increased customer retention by more than 20%.

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