Challenges in Implementation and Cost Benefit Analysis of AI and BI Proposals

Abstract

Industry 4.0 revolution is aimed towards bringing in higher transparency, flexibility and adaptability of business systems. The need is felt by all businesses for evaluation of AI and BI proposals which are suitable for current and future business needs. However there are practical difficulties in terms of proper identification of business need, integration with existing system, reliable vendor’s selection etc. Moreover, capex evaluation via traditional Management account tools is a challenge as monetary value cannot be assigned to intangible benefits and costs. Management needs to select appropriate BI tool supported by AI, keeping in mind possible increase in data volumes, market trends and end customer behavioural pattern in near future.