But as with any disruptive technology, with change comes challenge. As a new discipline that comprises a complex set of technologies, deployment of AI will be difficult.

Among the challenges are:

• Costly implementation

• Issues with data availability and quality
• Finding skilled talent
• Integration with existing IT and business systems

Among today’s leading-edge technologies, none packs the disruptive potential of artificial intelligence (AI) and blockchain to transform business models and redefine the future of work. These are powerful forces that innovative leaders are embracing to buttress innovation, growth, and analytics. 

While widespread deployment remains in the single digits, Gartner says that almost half (46%) of the organizations it surveyed have developed plans to use AI in the near future. Digital-first technology companies like Google, Amazon, and Facebook are leading the charge. Other industries embracing AI include retail, manufacturing, financial services, transportation, media and advertising, and the public sector.

For most, the overarching advantage of AI is its ability to enhance the customer experience. But use cases are broadening, including the ability to:

• Develop new products and services
• Fight fraud and enhance cybersecurity programs
• Improve healthcare diagnoses
• Save time and money by automating routine tasks

The uses and advantages of AI will expand with adoption. That’s because AI continues to “learn” as it ingests and analyzes more data, which improves its ability to uncover patterns that yield new insights.

And then there’s the problem of cultural resistance to change – employee mistrust of a new technology and concerns that AI will take the place of workers. Consequently, an effective AI implementation will require that organizations instill a culture of information in which decisions and outcomes are data-driven.

How blockchain can help improve efficiencies 

Although it’s a nascent technology, blockchain promises to help organizations achieve operational efficiencies, securely store and share data, and create or enhance data-driven services. 

Blockchain is best known as the technology underlying increasingly popular cryptocurrencies. But businesses are developing new tools based on blockchain technology to analyze data and reveal subtle patterns that help them improve, collaboration, planning and organizational efficiencies. 

In financial services, for example, blockchain can be used to make international payments, and trade stocks, bonds, and commodities. The technology can also be employed to manage assets like mobile minutes, energy credits, and frequent-flyer miles. And universities are planning to adopt blockchain to create a universal repository of student credentials.

Deployment won’t be easy, however, because blockchain brings a unique set of challenges. Many organizations will need help integrating blockchain with existing IT systems, upgrading to high-performance computational and storage capabilities, and adhering to regulatory requirements. 

Need help implementing new technologies? 

At CohnReznick, we understand the complexities – and value – of implementing technologies like AI and blockchain. Our goal is to help you understand these technologies, and design and implement solutions to solve your important business problems. 

Our specialists work with you to create individual use cases that demonstrate the singular value of data-driven solutions. We then assess your data and design a tailored strategy for implementation and use. And to help ensure company-wide adoption, we develop programs that imbue an organizational culture of data that’s essential to success. 

These capabilities can assist you in understanding how AI and blockchain can transform your operations and prepare your organization today’s data-driven economy.