Data and Artificial Intelligence have the power to create a massive difference for e-commerce leaders. Most of the entrepreneurs have realized this and they are already working on it to get ahead in the competition. However, few companies are actually executing their AI plans effectively while others are stuck on how to start. To begin with e-commerce AI, there are common barriers that business owners need to overcome. Here we will discuss everything about the expertise gap to help you overcome it.
Lack of Strategy
A basic reason why companies fail to pilot projects for AI is they lack a clear vision. It is crucial to have a clear and well-defined strategy of how AI should be used to drive e-commerce. There is big data involved in companies and the management need to assess it to understand how their data provides differentiation. Once it is ascertained, AI can be used to better understand the relationships between the data sets. After that, it will help you predict what will happen next and you’ll be able to automate the processes.
Lack of Expertise
Some companies simply do not have the skill set to get started and it is completely okay. Not every person can have sufficient knowledge of AI. An Artificial Intelligence project requires data, machine learning, and technology experts to launch successfully. A data scientist can be very helpful in this regard who has enough knowledge to implement such projects. You may also suffer if you do not use the right expertise on a certain project. The number of data scientists is quite less which is why the demand is so high. Before implementing a project, it should be kept in mind that without the help of experts, the project may not offer the desired results.
Lack of Quality Data
You may have heard that a chain is as strong as its weakest link, the same applies to the data. Data can only be accurate if all the details are verified and give the complete information needed to finalize a marketing campaign. Lack of quality data is not only a hurdle but a major drawback. Statistics suggest that more than 80% data available today with companies is unstructured and only 1% is being analyzed resulting in a gigantic gap and the possibility of having meaningful information remains hidden in the unstructured data.
How to Close the Gap?
The expertise gap, if not closed, will bring only harm to the companies and serve as a hurdle in their growth and utilization of new technologies like AI. The best way to bridge this gap is to follow a systematic approach like the one listed below:
- Follow the pragmatic approach
- Identify narrow use cases backed by data
- Go for open-source AI algorithms
- SaaS products can also be used to monitor success on minor projects
- Try to learn more about AI
Following the above approach will help you big time in implementing AI in the best faith of your business. If you are still not able to do it yourself, we would suggest you to hire the services of a professional company offering AI services like ITspresso. We are experts in implementing AI using big data in your business to help you identify the opportunities. For more information, feel free to contact us via email: [email protected]