This paper explores some of the immense advantages of artificial intelligence to help you understand where the industry is going and what your business stands to gain from investing in AI technology early on.
The term “artificial intelligence” has a tendency to evoke imagery of robot overlords and all-knowing computer programs. While this imagery makes for a great blockbuster, it doesn’t paint a very accurate picture of what AI actually is, making it seem like meaningful AI is further off than it really is. In fact, we are already starting to see the beginnings of AI technology in our daily lives.
An example of AI that you’re probably familiar with is the virtual assistant on your smartphone, whether that be Siri, Google Assistant, or Bixby. There are also increasingly popular smart speakers, dedicated virtual assistant devices like Amazon Echo or Google Home. All of these devices are examples of very simple AI. But there are also some not-so-simple AI technologies making their way into our daily lives and improving the way we interact with the world around us.
Artificial Intelligence refers to any non-living device that can perceive the environment around it and use that information to accomplish goals. Along with being a bit of a scientific marvel, AI is also an incredibly powerful tool. As seen in the example of Siri and the Amazon Echo, it makes doing work on a computer as simple as talking to a coworker. Combine this with machine learning – a field of computer science dedicated to teaching computers how to learn independently – and we can start breaking down the limits of traditional computers and create products that are as versatile as us.
For consumers, this means new technology that allows difficult or timeconsuming tasks to be accomplished with a few basic verbal instructions. For businesses, it means a new way to reach consumers by providing them with new mediums of interaction. Making informed predictions, business decisions, and financial plans will be more efficient and reliable. Some of the biggest tech companies in the world – including Amazon, IBM, and Google – are working to raise this technology to its full potential.
The term “artificial intelligence” has a tendency to evoke imagery of robot overlords and all-knowing computer programs. While this imagery makes for a great blockbuster, it doesn’t paint a very accurate picture of what AI actually is, making it seem like meaningful AI is further off than it really is. In fact, we are already starting to see the beginnings of AI technology in our daily lives.
An example of AI that you’re probably familiar with is the virtual assistant on your smartphone, whether that be Siri, Google Assistant, or Bixby. There are also increasingly popular smart speakers, dedicated virtual assistant devices like Amazon Echo or Google Home. All of these devices are examples of very simple AI. But there are also some not-so-simple AI technologies making their way into our daily lives and improving the way we interact with the world around us.
In 2017, there were already four billion AI-powered devices in use worldwide.1 Some of the biggest tech companies in the world – including Apple, Uber, Facebook, and Microsoft, in addition to those mentioned previously – have dedicated significant resources to AI and are using it to improve their products. AI gives businesses the ability to meet consumer demands more effectively, both directly (such as with personal assistants) and indirectly (such as by using AI to make smarter suggestions to consumers).
The global revenue of the AI market in 2018 so far is $1.62 billion, and it is expected to reach $31.2 billion by 2025, attaining a 52.59% CAGR (compound annual growth rate) during the forecast period.2
By 2020, companies will have 20% of their workforces dedicated to managing neural networks; the need for human oversight of AI will still be required due to the nature of current AI systems.3
85% of interactions between a customer and a business will be through artificial intelligence software by 2020.4
Even companies that don’t produce AI-centric products are predicted to experience a substantial impact from the implementation of AI in their normal operations; an estimated $15.7 trillion will be added to the global GDP due to AI-driven business practices.5
When you browse the internet, listen to music, drive your car, or use your phone, AI is involved, whether you realize it or not.
Often times this clouds human judgment when making decisions by leading us to be overly confident or brash.42 An AI, on the other hand, is able to make decisions based purely on reasoning, leading to smarter and more effective choices.
As a result, we hone in on a small number of variables and in some cases, make irrational decisions. Because AI can’t experience stress, it can consider every variable simultaneously and choose the best path.
Another area where AI or other computer automation provides value in is repetitive work. Many of the points about human vs. robot decision-making skills discussed above are also covered in our Future of Workplace Automation white paper.
It’s more likely that in the near future AI will be used to provide advice when making a decision, rather than removing the human from the equation altogether.44
Along with processing a large amount of data in a short amount of time, AI can be trained to view and interpret data based on a business’s unique needs.
By analyzing what people search and what they’re drawn to, AI can provide marketers with information on how to bring in more customers and drive traffic to a product.47
For example, if you are browsing Amazon and search for a specific product, an SEO artificial intelligence could use your past Amazon search history to better suggest products suited to your specific taste, making online marketing more personal and less “one size fits all.”48
These assistants can help individuals with everyday tasks like ordering groceries, locking doors, turning on lights, texting and calling others, and more. As the technology continues to advance, benefits created by AI for the elderly will increase.
Predicting political outcomes and determining more effective campaigning strategies will each be made easier and more effective with the use of artificial intelligence.
This not only demonstrates the ability of AI to help doctors diagnose patients more quickly but also how they can detect symptoms and problems that a human doctor might miss.
It is faster and more accurate than traditional methods, leading to fewer complicated surgeries and higher survival rates for patients. To say that AI will be able to improve our ability to interpret and utilize data is a vast understatement.
While helpful for teachers, it poses the ethical dilemma of whether or not a student’s future should be determined by Artificial Intelligence.
While the effort is commendable, there have been numerous cases of creators on the site being wrongfully flagged by the AI, while other harmful content has managed to slip by.
Artificial intelligence makes intensive computer tasks effortless. Whether it’s understanding the scope of your company’s expenses, maximizing on marketing strategies, or providing customers with memorable and unique experiences, AI can save you money and time by doing the heavy lifting for you.
To say that AI will be able to improve our ability to interpret and utilize data is a vast understatement. Currently, data analysis is done by a person reasoning through data, an automated program that provides us with concise information, or some combination of the two.
For the past several years, data has been the primary driver behind business growth. Understanding how consumers behave, why they make the decisions they do, and how to use that information to improve marketing is key to a business’s success.
