95% of business applications of AI have failed. Here's why

According to the news article, the vast majority of business applications of artificial intelligence (AI) have failed, with only 5% being successful. The article delves into the reasons behind this high failure rate. One of the key factors contributing to the failures is the lack of understanding and preparation within organizations. Many businesses rush to implement AI without properly assessing their data quality, infrastructure, and overall readiness. This often leads to unrealistic expectations and a mismatch between the technology and the organization's needs. The article also highlights the importance of having a clear and well-defined use case for AI. Successful implementations involve identifying specific business problems that can be addressed through AI, rather than simply adopting the technology for the sake of it. Additionally, the article emphasizes the need for strong leadership, a well-trained workforce, and a company-wide commitment to the successful integration of AI. Effective change management and a willingness to adapt are crucial factors in ensuring the successful deployment of AI in business applications.