The State of AI for

Businesses: A 2023 Report

We put together this guide to help you understand artificial intelligence
and give your organization the necessary resources to harness the
power of AI and operate at your fullest potential.
Introduction
The concept of Artificial Intelligence (AI) has been
known since the early 1950’s and has since fueled
imaginative minds with idealistic futures full of
smart homes, life-like robots, and self-driving cars.
But what was once a staple of science fiction, AI is
now a tangible and powerful tool that is as
accessible as the text messages on your phone.

Not only is AI now a common household term, but

an integral business component responsible for
evolutionary developments across all sectors. From
healthcare to finance, retail to manufacturing, AI’s
technologies have allowed businesses to optimize
processes, increase efficiency, and enhance
customer experiences.

However, with these advancements come

challenges. AI presents inherent issues associated
with data privacy, ethics, and potential bias, and
often raises concerns regarding its impact on the
workforce and job market.

Regardless of these challenges, AI will continue to

advance outcomes for the organizations that can
harness these technologies and will be a crucial tool
for businesses who want to keep up with their
competition.

We put together this guide to help you understand

artificial intelligence and give your organization the
necessary resources to harness the power of AI and
operate at your fullest potential. We’ll explore the
current state of AI and a few common
challenges, review the influence of AI on various
industries, and paint a picture of the future with
AI based on potential trajectory.

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AI Quantitative Insights
It’s not a secret that the power and commonality of AI
technologies is growing quicker than ever before. In
fact, statistics show the global AI market is predicted to
exceed $190 Billion by 2025, a 280% increase from a
mere $50 Billion in 2020. This exponential increase in
THE GLOBAL AI
value can partially be accredited to its increased

$190B
MARKET WILL EXCEED
accessibility and rise across social media, but numbers
prove these results are largely due to the widespread
adoption of AI technologies by businesses.

IN 2025
A survey conducted by Deloitte found that in 2021, 68%
of executives stated their companies were using AI in
some form, compared to 47% in 2018. It’s clear more
and more organizations across all industries are VS $50B IN 2020
realizing the value AI can bring, and these numbers are
only expected to go up from here. AI models are
predicted to be as common of a business tool as
Microsoft 365 or Adobe Creative Cloud, and the
organizations who fail to adapt to these advancements
will fall behind those who do. These growing numbers EXECUTIVES SAYING THEIR

68%
prove the “AI revolution,” is happening and now is the COMPANIES USE AI:
time to understand and implement these technologies
if you don’t want the world to evolve without you.

IN 2021
VS 47% IN 2018

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Artificial Intelligence Across Industries
AI has proven to be a transformative and adaptive technology by driving
evolutionary change across multiple sectors. Let’s take a closer look at how various
industries have leveraged AI to enhance their operational efficiency, improve
customer experiences, and create innovative solutions.

Healthcare - The healthcare industry has made some of the most

prominent AI related developments by evolving process for diagnostics,
patient care, and research. We’ve seen AI impacts in predictive
analytics, medical imaging interpretation, disease detection, and patient
risk identification, each often with comparable or superior accuracy to
human physicians. In addition to the technological advancements, AI
shows potential for being a more cost-effective option. According to a
report by Accenture, clinical health AI applications can create $150
billion in annual savings for the U.S. healthcare economy by 2026.

Financial Services - In the financial sector, AI has played a crucial role

in advancing fraud detection, risk assessment, algorithmic trading, and
customer service. AI-based fraud detection systems have become
particularly critical, as they can identify fraudulent patterns and
transactions that the human eye may not recognize.

Retail- AI has been used in retail for personalizing shopping

experiences, managing inventory, predicting trends, and automating
customer service through chatbots. These advancements have allowed
retailers to create more personalized experiences for consumers,
promoting customer loyalty and increasing sales.

Manufacturing - The application of AI in manufacturing has significantly

optimized production processes in predictive maintenance, quality
control and demand forecasting. According to a study by McKinsey, AI
can reduce forecasting errors by 20-50%, reduce inventory by 20-50%,
and increase worker productivity by 20-30%.

Transportation & Logistics - With applications ranging from autonomous

vehicles to demand forecasting, AI has helped transportation and logistics
organizations optimize routes for delivery vehicles, predict maintenance of
fleets, manage inventory, and reduce costs.

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Generative VS. Predictive AI
In a nutshell, “Generative” refers to an AI that is designed to create
things, while “Predictive” refers to an AI designed to identify patterns and
trends in data to help anticipate future events and changes. Predictive AI
has been around for quite a while and is a big part of things like our
weather forecasts, economic models, and public health management.
Generative AI, on the other hand, has had an explosion of growth this
past year (2023) and is the main reason AI is so prevalent in the news.

Generative AI is like the artist of the AI world.

Its primary objective is to craft and generate
new data samples. Think of it as creating a
new artwork, piece of music, or an imaginative
story—something fresh and original that closely
resembles its training data but isn't a direct copy.
It's all about creation with coherence and context.

On the other hand, Predictive AI is the

fortune-teller. It's trained to look at data and
predict what comes next, based on its past
experiences. Whether it's anticipating stock
market trends or determining the next song
you'd like to hear on your playlist,
predictive AI aims to guess the likely
outcome based on provided input.

While both versions of AI have many

things in common, the strategies and
tactics required to leverage them are
dramatically different. They also have
very different applications in business.
Generative AI is most viable as an assistant,
or as a way to augment productivity.
Predictive AI, on the other hand, is a critical
tool for making business decisions that
optimize resources or anticipate market changes.
Any organization wanting to leverage AI needs to understand the
differences and value each kind of AI has to offer.

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The Challenges and Controversies
of Artificial Intelligence
Much like any rapidly growing business trend, as AI continues to evolve and
infiltrate industries, it brings with it a group of challenges and controversies
that businesses must learn to adapt to and conquer. Understanding these
issues is critical for companies as they use AI systems to ensure they are
growing with these technologies before they fall behind. The key is to
balance the considerable benefits that AI offers with a thoughtful, ethical,
and legally compliant approach to navigating the challenges that come
with its implementation and use. Let’s discuss a few of the most prominent
challenges and controversies we’ve seen with AI thus far.

Common Controversies of AI
Data Privacy and Security - The extent of AI's power is only as
strong as the data it relies on. If you’re not providing your AI
technologies with quality, secure data, this reliance can bring
considerable privacy and security concerns. The General Data
Protection Regulation (GDPR) defined and enforces privacy standards
to navigate these issues, so proper knowledge of data regulation and
privacy standard is crucial to avoiding the breach of private data.

Ethical Considerations and Bias - Much like the security of AI

applications is defined by the data it relies on, AI systems could
amplify human biases if the data used to train them is biased.
This can result in discriminatory decision making, such as unfair
lending practices or biased hiring decisions.

Ownership and Liability - When using decision-making

automation technologies identifying the owner of the product can
be complex, this can particularly raise problems when determining
who is responsible when things go wrong. For instance, in the case
of an autonomous vehicle accident, is the manufacturer, the
software developer, or the car owner at fault? As of now, this legal
landscape has not fully been defined, so businesses that employ AI
technologies must consider potential legal and liability risks.

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Common Controversies of AI (continued)
Workforce Impact - Many are familiar with the ongoing debate
about the impact of AI on employment. While AI will undoubtedly
automate some tasks, potentially leading to job displacement, it is
also likely to create new kinds of jobs and change the nature of
existing roles. Businesses, government entities, and educational
institutions need to be proactive in developing strategies to manage
these transitions, focusing on workforce reskilling and upskilling.

AI Transparency and Usability - AI models, particularly machine

learning models, are often criticized for their complex user
experience. Not being able to understand how these models
generate results makes it difficult for users to understand how they
need to make decisions. This lack of transparency and understanding
can be problematic, especially in high-stakes areas like healthcare or
finance, where understanding why an AI system made a particular
decision can be crucial.

Fundamental Flaws - Despite all the advances in AI, there

are still two fundamental flaws in AI that have yet to be
overcome. The first, and oldest, is known as “model drift.”
A simplistic explanation of this phenomenon is that the
algorithms that power AI tend to break down over time as
more and more data is incorporated. This is highly
technical and based on the math we use to build these
models, but it is a big focus on ongoing study to this day.

A similar problem that exists with Generative AI is the

phenomenon of “hallucinating.” This is where NLP (Natural
Language Processing) AI models, like ChatGPT, will make
up facts and ideas that are completely false. While not
exactly the same, model drift and hallucinations stem from
similar fundamental flaws in AI that we have yet to
overcome. Until we understand and correct these flaws, AI
should always be considered unreliable to some extent.

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Overcoming Technical and
Infrastructure Challenges for
AI Deployment
Some of the most common issues organizations face when attempting to
implement are due to the lack of a strong data infrastructure to serve as a
foundation for these technologies. Businesses must address several critical
aspects of their data to ensure they are prepared to deploy AI and derive its
maximum value. Let’s look at a few things that organizations need to consider
to successfully deploy AI technologies.

Data Quality – As we’ve learned, AI models are only as good as the data
they're trained on. Consequently, having data that is accurate, complete, and
up-to-date is critical to producing quality results.

Data Management - When data is isolated in different systems or

departments—the effectiveness of AI can be limited, as models may not have
access to all the relevant information they need. Businesses must develop a
comprehensive strategy for data management, ensuring that AI systems have
access to a complete and holistic view of the relevant data.

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Data Governance – The privacy of data is a common challenge for organizations
to face and raises even more controversies when you incorporate AI. Having a
comprehensive data governance strategy will specify who is responsible for what
data, ensure data security, and define data access permissions. Proper data
governance ensures that data is managed and used in a way that complies with
legal and ethical standards.

Data Bias - As mentioned, AI models can inadvertently perpetuate bias if the

data used to train them is biased. A thorough and regular process to audit data is
crucial to detect potential bias and take steps to mitigate it.

Infrastructure Readiness and Scalability - To train and deploy AI models,

organizations need to ensure that their infrastructure has the capacity to scale
and support these larger data volumes and more complex models. This may
include updating to high-performance computing resources, data storage
solutions, and potentially cloud services. Businesses should assess their current
infrastructure's readiness and identify the necessary upgrades or additions before
beginning the process of deployment.

Skills and Expertise - Developing, managing, and interpreting AI models

requires a significant level of technical skill. Whether this means hiring new
personnel, training existing staff, or partnering with external providers, having
experienced and educated users is crucial to effectively implementing AI models.

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Ensuring Responsible AI Deployment
It’s clear the advancements of AI are associated with their fair share of challenges
and controversies. To keep up with competitors and maintain integrity, organizations
need to establish in depth strategies to address the governance, security and ethics
of their AI models and AI supporting data. Taking these precautions will not only
mitigate risks associated with AI, but ultimately maximize the value you can derive
from its power. We’ve put together these pointers to help you better establish
comprehensive oversight and policy for your organization's use of AI.

Establish a Cross-Functional AI Ethics Committee - A dedicated

I team, comprising members from diverse backgrounds like data science,

legal, HR, operations, and strategy, should oversee the AI deployment
process. This committee can help in decision-making related to AI and
ensure a balanced perspective that will account for technical, ethical,
legal, and business considerations.

Enforce an AI Ethics Policy - Create a company-wide AI ethics policy

II that provides guidelines on AI use. This policy should articulate your

organization’s principles regarding transparency, accountability,
fairness, and privacy in AI systems.

Conduct Regular AI Audits - Implement a system of regular audits of

III AI systems to ensure proper functioning and detect and mitigate any
bias, privacy issues, or other ethical concerns. AI audits should ideally
involve both internal and external audits for maximum objectivity.

Plan for Workforce Impact - AI will continue to advance the way we work,

IV and businesses need to be proactive in managing how these changes will

impact their employees. Your organization should consider investing in
training and reskilling programs to help employees adapt to changes in
their roles, and taking steps to ensure a fair transition for workers whose
jobs may be significantly affected by AI.

Engage with External Stakeholders - External regulators, industry groups,

V and customers, should be fully informed of your AI governance practices.

This can help you stay informed about evolving best practices and
regulatory changes and ensure that your AI systems are meeting the needs
and expectations of your customers.

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The Competitive Reality of AI:
Opportunities and Risks
Artificial Intelligence (AI) is more than just another technological
development; it's a significant imperative with the potential to redefine
the way we work and use technology. As a result, businesses that fail to
embrace AI run the risk of being outpaced by competitors who harness
its potential effectively. At the same time, businesses that rush to
adopt AI without careful planning can face a range of technical, legal,
and ethical challenges. This section explores the competitive demands
of AI, outlining both the risks of ignoring AI and the potential pitfalls
of ill-considered AI deployment.

The Risks of Ignoring AI

“AI won't replace humans, but humans using AI will replace
humans that don't, this is the same for organizations.”

According to a survey conducted by Gartner, 79% of corporate

strategists accredit technologies like analytics, AI, and automation for
their forecasted success over the next few years. AI, as a critical tool in
data analytics and strategic decision-making, is increasingly seen as a
business necessity rather than an optional extra.

Organizations that ignore AI risk falling behind in several key areas:

Operational Efficiency - AI can significantly enhance productivity,

automate routine tasks, and optimize resource utilization. Businesses
that fail to capitalize on these efficiencies may find their costs rising
and their services lagging behind more tech-savvy competitors.

Customer Loyalty - AI can be used to personalize customer

experiences, respond quickly and accurately to customer inquiries, and
anticipate customer needs. Without AI, businesses may struggle to
meet evolving customer expectations.

Innovation - Businesses that ignore AI may miss out on opportunities

to discover new products, services, and business models.

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The Risks of Ill-Considered AI Adoption
As with many business changes, jumping too quickly into the
implementation of AI can result in a poorly planned strategy that won’t
produce desired results or won’t leverage the full potential of these
technologies.

Diving into AI without proper research and preparation can lead to:

Wasted investment - Developing and implementing AI systems can be

costly. Without a clear strategy and objectives, businesses risk wasting
money on systems that do not deliver value.

Data privacy and security issues - As discussed, AI requires large amounts

of data, which need to be managed securely and in compliance with privacy
regulations. Failing to do so can lead to legal penalties and reputational
damage.

Ethical controversies - Unchecked AI can lead to ethical controversies such

as the exposure of private information, biased decision-making, or intrusive
surveillance, potentially leading to backlash from consumers and regulatory
bodies.

The competitive demands of AI present both a risk and an opportunity for

businesses. It's clear that ignoring the value of AI could have significant
strategic repercussions, but diving in without careful planning can also lead
to irreversible debacles. The key is to approach AI thoughtfully and
strategically, recognizing it as a tool that, when used effectively, can deliver
significant competitive advantage.

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Imagining a Bright Future: The
Revolutionary Impact of AI by 2033
If the evolution of AI continues to advance as it has, we are sure to see
it serve a central role in shaping the future of business. When we imagine
the transformative potential of AI over the next decade, we can picture
not just minor changes in technology, but seismic shifts that could
fundamentally reshape our daily lives, much like the way the iPhone
revolutionized communication. This section will dream a little bigger,
think a little brighter and envision a future in which AI not only changes
our businesses but our world.

Hyper-Personalized Services - AI has already made

notable transformations in the retail sector and these
innovative technologies have promise to develop hyper-
personalized experiences that respond to individual
preferences in real-time. For example, retail could shift
entirely towards 'personal storefronts', where AI curates an
exclusive shopping experience based on your tastes,
previous purchases, and even your real-time emotional
response. This AI would adapt dynamically to changes
with lifestyle or preferences, offering a uniquely tailored
experience that evolves with each individual.

Autonomous Vehicles and Drones - Self- driving

cars are already making their way into the tech space
and by 2033, autonomous vehicles could be the
societal norm. With AI managing traffic flows we can
optimize transit times, reduce accidents, and use
drones for delivery services, to reach even remote
areas with ease. The transportation sector, from ride-
sharing to long-haul trucking, could undergo a
revolution comparable to the shift from horses to
motor vehicles in the early 20th century.

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Seamless Digital Assistants - Digital assistants will become
even more sophisticated that what we’ve seen thus far,
moving beyond setting reminders or playing your favorite
music to becoming an integral part of your life. They could
manage your schedule, proactively arrange transportation
based on your appointments, anticipate your needs based
on your behavior patterns, and even provide insightful
advice on personal or professional matters.

Immersive Entertainment - The metaverse and virtual reality

video games have already shown us how AI has renamed the
game of entertainment and education. In the next ten years,
AI is sure to continue to revolutionize these technologies,
creating immersive, interactive experiences. Movies and video
games could adapt in real-time to viewers' reactions, offering
personalized narratives and experiences, music or art could be
created on-demand, reflecting your mood or preferences in
the moment, and the metaverse will tap into all of our senses,
creating a more lifelike experience.

Sustainable Living- AI could

become a powerful tool in
managing our environment and
resources more sustainably. Smart
homes could optimize energy
usage, while AI-driven farming
could maximize yields and reduce
environmental impact. On a larger
scale, AI could optimize renewable
energy production, manage water
resources, and monitor
environmental health, playing a
crucial role in the global
sustainability effort.

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Conclusion
As AI continues to excel, businesses that are equipped
with the necessary knowledge and strategies to harness
its capabilities will be best positioned to thrive in this
increasingly competitive playing field. This whitepaper
was designed to serve as a roadmap to navigate this
future, offering valuable insights into the world of AI as
it exists today, and as it is poised to be tomorrow.

In time, AI will be more than a tool or a feature—it will

be an integral, transformative part of our lives. Like the
smartphone revolution, this AI revolution will offer new
conveniences, create new opportunities, and change
the way we live and work in ways we are just beginning
to imagine.

At Onebridge, our mission is to help you navigate this

complex landscape, ensuring that you have the
knowledge and resources to effectively leverage AI's
potential, now and over the next ten years. Our team of
seasoned experts brings a wealth of experience in all
aspects of AI deployment, from establishing robust data
strategies to fostering data literacy and ethics and
managing change within the organization.

Connect with us today to learn how we can empower

your AI journey.

Visit onebridge.tech or call 317.634.0211

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A Roadmap for Strategy, Execution, and Enablement

Onebridge has developed the Modern Analytics Platform (MAP), a data strategy
framework designed to enable enterprise organizations to fully leverage data-
driven decision intelligence. MAP is a proven and tested roadmap that offers
customized solutions and accelerators to help organizations assess, plan, guide, and
execute their data strategy at an enterprise level.

The framework is flexible and starts with COMPASS to provide a clear path for
organizations to embark on their unique journey. COMPASS conducts a
comprehensive assessment process that involves gathering input from all
stakeholders, performing a full inventory of the current data and technology stack,
and building a custom MAP.

This process takes between 6 weeks to 3 months, depending on the organization's

size, technology infrastructure, and business objectives. Onebridge has refined this
process through years of experience and hundreds of projects, eliminating
common mistakes and oversights that most companies make when starting from
scratch. If you’re starting a new data initiative, strategy, or just working to fix a
previously failed endeavor, we recommend you contact us today.

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