AI or artificial intelligence is the current buzzword as organizations accelerate their digital transformation. However, the full potential of AI has not been realized as knowledge of its more capabilities has not been explored yet. This is one of the findings of Senti AI, the pioneering artificial intelligence company in the Philippines, in its study.

Senti AI’s 2020 Philippine Enterprise AI Readiness Report found there is still a lack of comprehension on more complex aspects of AI which could impact how organizations will be moving forward in their digital transformation journey. Most of the respondents also come from companies involved in finance and insurance.

This contradicts another finding that 66% of the respondents identified their companies as digital-by-nature. However, the majority of the respondents admitted limited knowledge of AI even if they see their companies as digital in nature or not.

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AI initiatives

However, this lack of deeper understanding of AI should not deter organizations from trying out AI initiatives if they believe that the technology can improve operations or increase return on investment (ROI), according to Ralph Regalado, founder and CEO, Senti AI.

“AI can be applied in different industries. However, it still depends on how prepared they are for AI if they want to reap the maximum benefits of these solutions,” Regalado said.

Regalado, who is also a Google Developer Expert (Machine Learning) suggested that companies can try and test the different AI solutions to determine what best suits their business requirements. This will enable them to find the right fit, save on costs, and ensure the success of the technology adoption.

“Opting for a full-blown project from the start is risky. It might end up wasting the organization’s time and money especially if it’s their first time dealing with AI,” Regalado said. “That’s why small proofs of concept should always be done first. These only spans about one to two months, which should be enough for organizations to see the business value of the solution.”

Framework

Like many IT solutions now required to run businesses, Senti AI said that to have a successful AI initiative rollout, there should be all-out support from all the different stakeholders. Whether the initiators opt for a top-down or bottom-up approach, every department involved in the project should be onboarded properly to gain a better appreciation of the initiative and solution.

“Hopefully the framework will serve as a helpful guide for Philippine enterprises when navigating their way through these new technologies,” Regalado said. “If organizations miss a component in the framework, it will definitely have an impact on the success of their AI initiative.”

Senti AI’s 2020 Philippine Enterprise AI Readiness Report was conducted to understand the current AI landscape in the Philippines and provide an overview of the market’s overall needs and pain points. The project aims to describe cross-industry landscapes of AI adaptation in the country by conducting a survey across Philippine companies and to understand their journey in adapting and implementing AI technologies.