Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
Get in touch with us nowOpportunities for businesses
Businesses that embrace AI will be considerably rewarded for their diligence in innovation. The most desirable effect, or at least the one that directly affects most businesses, is a revenue increase as it underpins the whole of their business model. The most important benefit of AI usage in enterprises is in supply chain management and human resources.Major improvements to supply chains provide a major boost to revenue by using AI to map out idiosyncrasies and problematic stops. When it comes to human resources, the use of AI drastically reduces time in hiring cycles by enabling AI-driven algorithms to select those candidates whose resume most aligns with the job requirements. This adaptation of AI in businesses is an ongoing process but most sectors expect that AI adoption will grow within their business in the coming years, with AI being a critical factor in 49 percent of IT-related enterprises by 2025. Cost decreases are another strong incentive for businesses to adopt more AI programs into their product cycle. Product development and service operations are among the fields showing the highest possibility for cost reduction by eliminating waste time on development.
Challenges to AI in business
In 2022, the fundamental challenge to the increased use and capability of AI in enterprises is the shortage of skilled workers within the field. Across the whole spectrum of AI-related jobs, it is those working with data that are the most sought-after and the most difficult to find. Nearly 25-30 percent of businesses reported issues finding, and hiring enough skilled workers as data engineers, data scientists, and data architects. This difficulty in hiring educated and capable workers has been a growing issue since 2019, and the increasingly digitized global economy since 2020 has done nothing but exacerbate the issue.
