11/15/2021
Since in the final stretch of 2021, we thought it would be interesting to look at a few end-of-2020 prediction articles and see how they held up. After all, lot can happen in a year. Here's our take on what PWC stated would occur in 2021.
https://www.pwc.com/us/en/tech-effect/ai-analytics/ai-predictions.html
1) Companies will ramp up their AI investments.
Our View: Yes and No.
The uncertainty caused by the pandemic, economy and transitioning workforce is causing some to move less aggressively which we see as a mistake. Executing bold steps in uncertain times lead to market advantages.
2) Choosing AI projects with potential to show positive ROI quickly.
Our View: Yes!
Organizations are gaining a better understanding of where to apply AI. Automating routine processes is a great starting point. We'd add that aligning initial projects to longer term strategic objectives is also key. Internal messaging about how automation impacts current jobs yet opens new opportunities is also important.
3) Growing awareness of Responsible AI.
Our View: Talk is cheap.
The issues of bias in AI, explainability, transparency and governance all got major coverage in 2021. Unfortunately it doesn't mean organizations are doing much to effectively mitigate these issues. Firms will need to act by making Responsible AI a fundemental step in adoption - or suffer the consequences.
4) Be willing to go beyond upskilling.
Our View: Absolutely needed, easier said than done.
The tumult in the 2021 employment landscape has had an impact. From accommodating remote workers to the Great Resignation, skills development and hiring for a new wave of digital and data-driven technologies hasn't been easy. We see this unpredictability continuing well into 2022 with ramifications lasting much longer.
5) AI's influence on work culture
Our View: Expect larger than anticipated disruptions
The impact of AI on organizational culture as it gains traction within is more disruptive than most plan for. Yes, breaking down silos is good but a new organizational structure is needed. Effective AI adoption requires more horizontal and vertical collaboration. It requires a willingness to test, learn and embracing failure. Leadership needs to recognize a lateral or backwards step can lead to opportunities. In fact, entire organizational metrics may need updating to reflect the impact of AI shaping the new work environment.
The top five trends for artificial intelligence in the business world — and how to navigate them according to PwC’s new survey.