More than $45 billion – that’s how much companies will spend to adopt artificial intelligence platforms over the next five years. Clearly AI is gaining influence, and executives are taking notice. But where is this money actually going? More importantly, why are companies spending so much to adopt artificial intelligence?
Let’s take a look.
Why should you adopt artificial intelligence?
Answer: AI solves data problems that can’t be solved any other way.
Great! Problem solved. Let’s go buy some AI, solve our data problems, and roll around in the piles of money we make.
Okay, maybe that’s a cop-out.
Thanks, Han. And we still haven’t answered the question: Why should you adopt AI?
Artificial Intelligence in the Enterprise
AI offers 2 main advantages in an enterprise setting:
- It can handle massive amounts of wildly diverse data
- Done right, AI learns as it goes
First, answer me this: how long would it take you to read 50,000 tweets and research papers? Could you make any meaningful connections between them? A properly-trained AI system can unite huge sets of wildly diverse data – text, numbers, symbols, and more – to discover new relationships and patterns. And it’s way faster and cheaper than human analysts.
Machine learning and AI are perfect for tackling specific, defined challenges that fit into larger business problems.
Second, AI can learn as it goes through trial and error, much like humans do. “True” artificial intelligence will change and improve itself without a human monitor. This “adaptive AI” is the vision of many researchers. Of course, current AI technology still requires human supervision to keep it on track – a tutor, if you will. But even human-directed AI is proving to be a game-changer.
AI is changing the game – for everyone
Scientists recently used machine learning and AI to discover genes linked to amyotrophic lateral sclerosis (also known as ALS, or Lou Gehrig’s Disease). They didn’t have time to dig through millions of research papers and studies on their own – so they used AI to pull out relevant and useful data.
No company or research institute could have spared the resources required to manually comb through all these documents. Artificial intelligence augmented their research efforts, and resulted in a major breakthrough in less time, for less money. They may have found the new genes even without AI, but it would’ve taken longer and cost more.
Of course, healthcare and pharmaceuticals aren’t the only industries getting an AI makeover. The Harvard Business Review recently published findings of the most popular uses of AI technology.
This survey reveals that the IT industry, an early and large adopter of AI, isn’t just using it for security. More than 40 percedsfnt of global IT companies use AI to solve customer problems, while 34 percent to ensure their developers only use approved technologies (including open source components).
And that’s not the only way to adopt artificial intelligence.
Marketing teams are using AI to predict customer purchases, optimize ad spending, monitor social media, and develop their brand. Financial services companies predict commodities prices. Customer service teams optimize and automate their support processes.
It’s not an exaggeration to say that AI is everywhere. The only question is, how will you adopt AI?