A boss at leading global software firm Progress says companies which don’t go all-in on artificial intelligence face “a path of irreversible decline”.
Mark Armstrong is a VP and international MD at the Massachusetts –based firm which originally spun out of MIT in 1981.
Progress products and technology are used in 140 countries including a majority of Fortune 500 companies.
“Companies are drawn to the allure and potential of new technology, but are put off by the difficulties of implementation and getting tangible results from it,” Armstrong told BusinessCloud. “Recognising how great new technology is isn’t enough. It’s about adapting to get the tangible results from these new technologies.
“If organisations marvel at the wonders of AI, but don’t think about how to overcome the difficulties of implementing it, then they’re on a hiding to nothing.
“The world is connected, applications are far more intelligent. Put simply, if your organisation isn’t thinking about implementing new technologies now, you’re on the path to irreversible decline.”
In a recent survey, 72 per cent of Fortune 500 CEOs stated that their greatest challenge is in keeping up with the rapid pace of technological innovation.
There is widespread acceptance of the opportunities AI and deep learning can create across industries, including healthcare and manufacturing.
The event is being held at Entrepreneurial Spark, powered by NatWest, in conjunction with Pro-Manchester.
“The technology is here now. Experiences powered by machine learning technologies are all around us – sensors are in everything that we do and use,” Armstrong continued.
“There are pain points to widespread adoption of AI and machine learning technologies. Coping with the sheer volume of data, and multiplying with the advent of new technologies makes the ability to handle, integrate, model and construct data difficult, especially for organisations who would not classify themselves as technology giants.
“Taking control and managing the data can be a struggle – it has to be extracted properly.
“But businesses must take a holistic view of their organisation, identifying needs and where new technology can help.
“Organisations will then be able to employ machine learning technologies effectively because they’ll be using the right platforms to analyse the right data, building correct models based on what the data indicates, ensuring they do not remain in the dark when it comes to accessing valuable data insights.”