Artificial intelligence is transforming life as we know it. The COVID-19 pandemic has further accelerated automation and increased enterprise investment in AI across the globe. The global AI market size is expected to grow to USD 309.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) …. While there is greater adoption of AI worldwide, scaling AI projects is not easy. According to Gartner, the staff skills, the fear of the unknown, and finding a clear starting point for AI projects are some of the most prominent challenges faced by enterprises in their AI journey. To overcome these challenges and launch new AI initiatives, executives are setting up dedicated AI knowledge platforms or AI Center of Excellence (AI CoE) within their organization. As per a Harvard Business Review article, 37% of U.S. executives from large firms that use AI have already established a COE in AI.
What is an AI Center of Excellence (AI CoE)?
An AI Center of Excellence (AI CoE) is a centralized knowledge group or team that guides and oversees the implementation of organization-wide AI projects. An AI CoE brings together the AI talent, knowledge, and resources required to enable AI-based transformation projects. It brings together all the AI capabilities needed to address the challenges of AI adoption and prioritize AI investments. AI COE essentially serves as an internal centralized counsel to identify new opportunities for leveraging AI to solve various business problems such as controlling costs, improve efficiency, and optimize revenue. The key objective of setting up an AI CoE is to build and support the AI vision of the company and serve as an internal counsel to manage all AI projects.
Why should you build an AI CoE?
An AI CoE plays a vital role in developing AI talent and driving innovation within the company. The team acts as an internal counsel for guiding the company on all AI initiatives from prioritizing AI investments to identifying high-value use cases for implementation. By providing a robust framework for AI implementation, the CoE helps in building future-ready engineering capabilities to manage high volumes of data, improve efficiency, and drive innovation. Here are the key benefits of creating an AI CoE:
- To consolidate AI resources, learnings, and talent in one place.
- To create and implement a unified AI vision and strategy for the business.
- To standardize the platforms, processes, and approach to AI within the…
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