How The Business World Effects AI

As society grapples with how technology is changing the way we work and live, AI has been dominating the headlines for years. 

The 2018 AI Index Report has found increased interest within the topic worldwide, including in occupations that need deep learning skills. But is that the hype about AI's immediate potential exaggerated, or is it becoming more important to the economy? 

The global impact of AI is going to be profound, and to some extent already is, but there's far more development ahead. The McKinsey Global Institute recently analysed data from the US Bureau of the Census and therefore the World Economic Forum and reported that AI has the potential to feature 16% (about $13 trillion) to the worldwide economy by 2030. Consistent with a recent report by the International Monetary Fund (IMF), it could also boost global gross domestic product (GDP) by 26%. 

McKinsey has previously reported that within the same year, a minimum of 70% of companies were on the verge of adopting AI technologies like AI and machine learning. AI enables large amounts of knowledge to be processed and integrated into business processes. Big data in AI helps companies gain access to more information about their customers, the requirements of their customers and their business models so as to realize a plus over their competitors. 

Today, the digital age has succeeded in generating huge amounts of knowledge, with the quantity of data increasing to 44 zettabytes by 2020. Before the introduction of massive data, business intelligence had become a legitimate career option. 

But big data and AI are already having a big impact on the company front, and not just in data science. 

According to a survey, 97% of executives confirm that their companies are now investing not only in AI, but also in big data. As algorithm-driven AI  continues to spread, people are going to be happier than they are today. In 2017, around 51% of companies used AI, up from 70% in 2018. 

 
Here is a graph showing “cumulative number of AI acquisition made by leading tech companies.” Source: Google

Here is a graph showing “cumulative number of AI acquisition made by leading tech companies.” Source: Google

 

Experts predict that networked AI will increase human effectiveness, but also threaten human autonomy, agency, and skill. Researchers answered these questions within the context of an expert survey in the summer of 2018. The experts talked about the wide-ranging possibilities that computers are able to surpass the capabilities of human intelligence and their impacts on human rights. 

This means that if AI is in a position to analyse and interpret mountains of knowledge faster than ever before, companies are going to be ready to develop more personalised, and more profitable campaigns. AI integration also offers the potential for automated decision-making and helps to enhance decision-making for you. This suggests a more efficient use of human resources supported insights from advanced areas like machine learning and AI. 

For example, intelligent energy management systems collect data from sensors attached to varied turbines like wind turbines. These features allow AI not only to assist visitors and employees make decisions about the simplest use of their time and resources, but also to perform more complex tasks, like monitoring a turbine to predict when it must be repaired. Of course, it's important to supply transparency to customers, monitor judgments and make sure that they're as accurate as an employee would be. 

This wealth of knowledge is then put through learning algorithms and passed on to human decision-makers to raise understanding of energy consumption, maintenance and demand. 

Artificial intelligence is even an important ally when it involves finding holes in computer networks and defence systems.

If you're wondering how AI will affect your business, this text will assist you keep your finger on the heart beat. Businesses still invest in cognitive software capabilities, and while many companies lack the power to get value from AI on an outsized scale, some have decided to deploy AI to their office supply chains before planned. While only large players have the power to expect the return on such investments, strengthening computer algorithms will play a key role in the future of companies.

Thumbnail credits: Austin Distel