Artificial intelligence (AI) is one of the most talked-about new technologies in the business world today.

It's estimated that enterprise AI usage has increased 270% since 2015. This has coincided with a massive spike in investment, with the enterprise AI industry expected to grow to $6.1 billion by 2022.

Along with the technology's very real ability to transform the job market, exaggerated myths have also become common. The hype surrounding this branch of technology has led to a number of myths:

Myth No. 1: More Data Is The Key To AI's Success

While it's true that AI needs data in order to learn and operate efficiently, the idea that more data equals better outcomes is misleading. Not all data is created equal.

If the information fed to an AI program is labeled incorrectly or isn't relevant, it poisons the data pool. The more information AI has access to, the more precise its models and predictions will be. If the data itself is of poor quality, the outcome will be precise but not necessarily based on business reality. This can result in poor decision-making.

The truth is that the data fed to an AI solution needs to be curated and analyzed beforehand. Prioritize quality over quantity.

Myth No. 2: Companies See Immediate Value From AI investments

The integration of AI into standard operating procedures doesn't happen overnight. As seen in Myth No. 1, the data the AI uses needs to be curated and checked for relevance beforehand. This may significantly reduce the amount of information the AI has access to.

To obtain truly valuable returns, it's essential to continuously provide relevant data. Like humans, AI solutions need to be given time to learn. There may be a significant lag between when an AI-based initiative begins and when you see a return on investment.

Myth No. 3: AI Will Render Humans Obsolete

The purpose of AI is not to replace all human workers. AI is a tool businesses can use to achieve their goals. It can automate mundane processes and pull interesting insights from large data sets. When used correctly, it augments and aids human decision-making. AI provides recommendations based on trends gleaned from mountains of information. It may even pose new questions that have never been considered. A human still needs to weigh the information provided and make a final decision based on risk analysis.

Pointing out these myths in no way indicates that AI won't deliver on its transformational promise. It's easy to forget that enterprise AI adoption is still in its infancy. Even still, a 2018 Deloitte survey reported that 82% of executives said their AI projects had already led to a positive ROI. Those now implementing AI projects will be the case studies of the near future.

While there are sure to be growing pains, being on the cutting edge of this exciting technology should be beneficial. There's little doubt about how important it will be for the businesses of tomorrow. Getting a head start now, ironing out the wrinkles and locking down efficient processes will pay dividends.

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AI In The Enterprise: Reality Or Myth? - Forbes