When I first learned about artificial intelligence, it was hard to find an article that did not warn of AI having the ability to make its way into many industries, and even in our day to day functions. Now, as we are 9 days into the year 2018, it is clear that artificial intelligence is not only coming at a rapid speed towards major industries, but it has already arrived.
“As machines continue to assume many of the tasks that once depended on human agency—such as driving a car or making a decision—we find ourselves looking toward a future in which nearly all technology applications will likely incorporate some form of artificial intelligence.” PwC reports.
In 2017 alone, executives from a wide range of industries all agreed that artificial intelligence will impact almost every function of business activities. In fact, PwC estimated that this unique tool will “drive global gross domestic product (GDP) gains of $15.7 trillion by 2030.”
So, why was this estimate so large? There are many factors that contribute to the idea that artificial intelligence has the power to essentially take over job functions as we know them. The most important one stems from the fact that AI has the ability to learn on its own, without relying on algorithms, but still being fully knowledgeable and capable of many functions.
“True A.I. can improve on past iterations, getting smarter and more aware, allowing it to enhance its capabilities and its knowledge,” Forbes reports.
When AI first appeared on the scene, people became fearful of robots taking over the world. Although these ideas still have some people up at night (hey, Elon Musk) those concerns are not entirely what we are talking about. What we are referring to are the basic tools that we use every day, we sometimes forget it is composed of artificial intelligence features.
“Artificial intelligence is the “biggest risk we face as a civilisation” and needs to be checked as soon as possible, Elon Musk has warned,” Telegraph reports.
We’re talking about machines that we use daily in business and personal settings that incorporate voice interactions, along with nonvoice interactions, such as Siri, Amazon’s Alexa, smart cars, and even the features on your mobile banking apps, like fraud detection, that combine data-driven capabilities and make our lives a whole lot easier.
Although as consumers, using these tools can be beneficial to us in our every day to day life, when it comes to incorporating AI into business strategies, professionals can be met with challenges and risk. It is important to understand these risks while deciding if AI would be right for your business.
AI In Business Functions
Artificial intelligence can be used in enterprises for a variety of functions. Whether you are using AI for its machine learning capabilities or for detecting data through sophisticated machines, AI has the ability to disrupt the workplace as we know it.
“Ayanna Howard, a panelist and professor at the Georgia Institute of Technology who specializes in humanized intelligence, says that AI is creeping into the business world in applications, mainly on mobile devices but also in office software from Salesforce and Microsoft Office 365. Mainly, this is coming in the form of machine learning that recognizes patterns in daily routines and makes recommendations as a result.” BizTech Magazine reports.
There have also been assumptions that AI will have the ability to replace jobs completely, becoming more effective than humans by carrying out tasks in an adequate way. This has become a major fear for people in many industries, especially the customer service industry. Stephen Hawking even warned of AI becoming more superior to humans, warning that there is a real threat to jobs if AI becomes more powerful.
AI Creates Concerns
Artificial intelligence is pretty powerful. Because it is so powerful, incorporating it into your enterprise can bring concerns for business leaders. The concerns are rooted not only from the power that AI possesses but also the change that it creates throughout the business structure. The companies that are using AI report that the major concern they have with AI is the fact that their enterprise becomes more vulnerable to disruptions.
Along with vulnerability, companies are met with the challenge of implementing AI effectively, like assigning the proper tasks needed for this tool to be successful. PwC exposed these concerns in a 2017 survey of businesses.
“Interestingly, our survey found that those most concerned about their businesses’ vulnerability to disruption are the leaders of two types of companies: those that are currently using AI (24% of the total number of companies surveyed), and those that are not yet using it and do not see it as a priority for their businesses (21%).” PwC reports.
Business leaders are also concerned with the idea that AI can run the risk of important data being exposed and breached since enterprises put trust in computers and machines to hold important information, like customer data. Since artificial intelligence supports cognitive analytics, computers are learning as well as carrying out functions. This means that enterprises are giving machines power that humans once held, which can be a concern for many professionals.
AI Moving Forward
In order for business professionals to combat these concerns, it is crucial for them to become familiar with how to apply AI into enterprise functions. Thanks to PwC, we are provided with four core uses:
- Automated intelligence: Improves human productivity by automating manual tasks (e.g., software that compares documents and spots inconsistencies and errors).
- Assisted intelligence: Helps people perform tasks faster and better (e.g., medical image classification, real-time operational efficiency improvement).
- Augmented intelligence: Helps people make better decisions by analyzing past behavior (e.g., media curation, guided personal budgeting, on-the-fly decision analysis).
- Autonomous intelligence: Automates decision-making processes without human intervention while also putting controls into place (e.g., self-driving vehicles, full-fledged language translation, robots that mimic people).
In order to effectively carry out these strategies, enterprises must be on board with understanding the importance that collaboration has when it comes to getting an enterprise moving toward implementing AI. Coming up with a plan while incorporating AI in your enterprise is crucial.
ABOUT A.I. DAY NEW YORK
In 2018, we are launching a 1-day event series Digital Enterprise Transformation presents A.I. Day NY. By working with our Membership and Advisory Board, we have created an event dedicated to discussing the implications of Artificial Intelligence.
From voice-controlled assistants to self-driving cars, Artificial Intelligence or A.I. is becoming an integral part of our everyday lives. As customers become more digitally native, businesses need to leverage A.I. technology to deliver seamless, automated, and personalized experiences.
Whether you’re a marketer implementing ChatBots on your website, or an insurer looking to harness the power of data to process claims faster, A.I. has the potential to change how you do business. By performing tasks that normally require human intelligence, such as visual perception, speech recognition, and decision-making, Artificial Intelligence is driving operational processes leading to greater efficiency and efficacy.
A.I. Day NY is your chance to meet with experts from across the Tri-State area, in an intimate setting. With high-level content, disruptive solution providers, and enhanced networking opportunities, this one-day event promises to provide you with the knowledge you need to take advantage of Artificial Intelligence technology.
This is not just another “A.I.” event. Spaces are reserved for the best in the business. Apply to attend here!