“Define artificial intelligence.”
“According to merriam-webster.com, the simple definition of artificial intelligence: ‘an area of computer science that deals with giving machines the ability to seem like they have human intelligence; the power of a machine to copy intelligent behavior.’”
Ready or not, artificial intelligence is here; and it’s here to stay. Businesses and organizations that have taken an early lead in the adoption and use of artificial intelligence (be it natural language processing, machine learning, deep learning, or cognitive computing) are simply scratching the surface of its potential to not only improve sales, service, marketing and operations, but to discover and deliver new digital business models.
In the 2017 Economist Intelligence Unit report, Artificial Intelligence in the Real World, 75% of more than 200 business executives surveyed said AI will be actively implemented in their companies within the next three years.
And while many are wary of its potential to reduce human employment, 27% say introducing artificial intelligence to business will improve decision making; 26% believe it will improve customer service; 29% say it will improve operating efficiency; and 17% said it will increase sales revenue.
Overall, 79% of the 200 executives surveyed around the globe believe artificial Intelligence will make their job easier and more efficient.
To Disrupt, or Be Disrupted
In leading digital transformation initiatives, artificial intelligence is playing a key role. A 2016 Narrative Science survey reports that 58% of enterprise business executives are already using predictive analytics within their organizations.
Sixty-one percent (61%) of those who have an innovation strategy say they are using AI to identify opportunities in data that would otherwise be missed. Only 22% of respondents without a strategy could say the same.
In the EIU survey referenced previously, organizations realize the potential for disruption. Almost half, 44%, worry delaying artificial intelligence implementation will make their business vulnerable to new, disruptive start-ups.
If the above statistics don’t spur further thought and faster action, these predictions may:
- By 2018, 75% of developer teams will include AI functionality in one or more applications or services – IDC FutureScapes 2017
- By 2019, 40% of digital transformation initiatives – and 100% of IoT initiatives – will be supported by AI capabilities. – IDC FutureScapes 2017
- By 2020, 30% of all companies will employ AI to augment at least one of their primary sales processes. – Gartner Predicts 2017: CRM Sales
- By 2020, insights-driven businesses will steal $1.2 trillion per annum from their less-informed peers. – Forrester Predictions 2017: Artificial Intelligence will Drive the Insights Revolution
- By 2020, the artificial intelligence market will surpass $40 billion. – Constellation Research
- By 2025, the artificial intelligence market will surpass $100 billion. – Constellation Research
Ready or not, artificial intelligence is here, and here to stay – and organizations will need to learn to use it to be here to stay, as well.