Artificial intelligence is transforming the world of business. The technology is likely to bring about radical changes in a much shorter timeframe than any other great innovation of the past – leaving the decision-makers with less time to ponder their options for adaptation.
The latest PwC research shows that the global GDP could be up to 14% higher in 2030 in the wake of the AI revolution – the equivalent of an additional $15.7 trillion – making the new disruptive technology a huge commercial opportunity in today’s fast changing economy. As McKinsey experts conclude in another recently published report, the value of AI is not to be found in the new technologies themselves, but in the ‘companies’ abilities to harness them.’ You can explore our blog to learn more about the impact of AI on several major sectors – transport and logistics, retail, media, banking, and healthcare – and check out our solutions to find out how any company can derive benefits from the new tech.
AI is a diverse set of computer systems that employ deep learning techniques and use artificial neural networks (networks that consist of connected ‘neural units’ and simulate the way information travels through neurons in the brain) to process data from their environment and act on that data independently of the human agent. The networks can help automate not only manual and routine tasks, but also complex cognitive procedures. Forms of AI in use today range from assisted intelligence – enabling people to perform better at certain tasks – to autonomous intelligence – automating decision making processes without human intervention.
According to McKinsey, AI can improve the company’s performance more significantly than any other analytics technique. This is how the consultancy breaks down the potential incremental value from AI over other analytical techniques in different industry segments:
- Transport and logistics 89%
- Retail – 87%
- Media – 57%
- Banking – 50%
- Healthcare – 44%
The extra value will be driven by AI’s potential to increase productivity by automating processes and augmenting the company’s existing labor force, and to increase consumer demand resulting from the availability of personalized and AI-enhanced products and services.
For a business leader of today, it is crucial to understand which AI methods need to be deployed to capture that value. Realizing AI’s full potential requires a diverse range of data types which may also include images, video, and audio. Structuring the data produced by the company is the basis for a successful implementation of an AI system. You can learn more about the importance of data for AI by checking out our database offer.
Accenture’s CEO Pierre Nanterme has recently pointed out that most of his clients don’t want to be pioneers in the field of AI, but, as he argues, machine intelligence has become an essential technology enabling growth and preventing stagnation in today’s economy: ‘Blockchain, for many industries, is tomorrow. Quantum computing is the day after tomorrow. Machine-learning algorithms and analytics are here and now.’ Contact us to find out how AI can transform your company and to see what to expect next.
