Artificial Intelligence(AI) is a cutting-edge technology that has been around for a couple of decades but the appetite for AI products has exponentially increased and taken root this year. Generally, AI is the simulation of human intelligence processes by machines, especially computer systems. AI revolution is gradually creeping into all sectors with its value additions becoming evident through the delivery of real-world results. It takes a savvy company or investor to take advantage of new technology as early as possible. Some companies are already reaping the benefits of AI investments. According to a research report from Tractica, the spending on AI is projected to rise from $643.7 million in 2016 to $36.8 billion by 2025.
AI is a catalyst for key market players in various industries to stay ahead of the competition. Some AI-based solutions that are deployed currently include:
Predictive analytics and diagnostics: AI has caused a chain of evolution in analytics and changing the game as a whole. AI analytics solutions are being introduced in every business domain and its progression is becoming natural and pragmatic. Being able to get reports, drill downs all the way to ad-hoc queries and getting recommendations on what to do is becoming quite exciting with AI. That said, there is a need for solid analytics foundations for any company that thinks it can run ahead with Artificial Intelligence solutions.
Chatbots and voice assistants: An inordinate amount of attention to chatbots (computer program which conducts a conversation via auditory or textual methods) and voice assistants has made it seem like it is a common service with cloud providers and third parties looking to offer this technology. Their capabilities to handle several tasks such as customer support, office management, bookings, payments, task management and many others are expanding every day.
Recognition of images, processing and diagnostics: AI is facilitating the ability to accurately analyze digital images. The health and financial sectors have greatly benefited from this and has made work easier, faster and more accurate. It is also improving the real estate sector as well making the life of online shoppers easier given that the solutions can match humans in some image recognition benchmarks.
Sector-wise adoption of AI: Although there is the uneven adoption of AI solutions across various sectors, those companies still waiting for AI dust to settle risk lagging behind because AI is a wave sweeping across all sectors. As early adopters such as Tech companies, healthcare, banks and financial services are already using AI solutions to expand market share and increase revenue, the adoption is gradually increasing to a broader scale.
So what will be the future of Artificial Intelligence? There are captivating conversations around this. How it will actually pan out is very unpredictable; it can either make human life easier or destroy the society and the world at large. While early evidence shows that there is real value delivered with the use of AI, there is a need for adopter firms to combine their proactive firm strategies with a strong background of digital capability and be willing to use AI solutions across its operations and core functions. With numerous significant gains which are there for taking, it means a digital transformation acceleration for many companies. Firms need to know how to harness AI in an effective manner.
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