Artificial intelligence has been a buzzword in technology circles for quite some time. It is one of those words everyone uses but not many fully understand. Let us give it a try.
Artificial intelligence is the simulation of human-like activity by computers. Whilst most people think of “Terminator” or “Robocop”, AI is a much milder version of that. Artificial intelligence is applied computer science that simplifies, automates and streamlines tasks previously performed by humans.
Machines don’t actually think independently, they are merely programmed to solve human problems and get better at solving them along the way, based on the information they gather.
The use and implementation of AI has grown at a jaw-dropping rate over the past couple of years. The term jaw-dropping wasn’t used for dramatic effect. Industries of all natures and sizes are tapping into the unlimited potential of AI.
Let’s have a look at some stats:
- 47% of digitally mature organizations say they have a defined AI strategy (Adobe).
- 63% of businesses say pressure to reduce costs will require them to use AI (Forbes).
- 54% of executives say AI solutions implemented in their businesses have already increased productivity (PwC).
- 61% of business executives with an innovation strategy say they are using AI to identify opportunities in data that would otherwise be missed (GlobeNewswire).
What is AI doing for businesses and organizations around the world?
- Increasing productivity
- Creating opportunities
- Reduce costs
- Reduce costs
Now that we know what AI is, what it does and some of the problems it can solve, it’s time to have a look at the most impactful ways it is affecting our lives. We have chosen 5 AI applications to showcase both the power and the potential of this paradigm-shifting breed of technology.
Artificial Intelligence Example #1: A Smart Dashboard
The DOMO cloud-based dashboard accumulates and displays real-time data from some of the most important business management tools using the power of AI.
DOMO allows businesses to harness data in a fast and efficient manner, helping them make informed business decisions. Imagine your business is using the following platforms:
- Salesforce
- Google analytics
- Excel
- Shopify
- And more
Each and every platform has its own set of data and analytics. How can you integrate this data? How can you combine your findings and draw meaningful conclusions?
Domo allows businesses to generate reports, spot trends in real-time, and track things such as product performance with minimal human involvement.
Artificial Intelligence Example #2: Healthcare
Chinese startup Infervision has raised over $70 million to fund its industry-altering proposition for lung-cancer detection. Using AI medical imaging analysis, the company is helping 280 hospitals worldwide detect cancers from images.
While the technology provided by Infervision can help a doctor identify multiple diseases from one single image scan, AI still has ways to go. The algorithm needs to be taught how to identify multiple target objects in one go.
Can you see the diversity? Can you spot the different ways AI can change the word as we know it? The example we used is only a sliver of the impact AI is having on healthcare.
- According to a research report by Healthcare IT News, 63% of research subjects agreed that Artificial Intelligence and Machine learning (AI/ML) is already providing excellent value in specialty care departments like radiology, generic pharmacy, and pathology
- According to Accenture, when combined, key clinical health AI applications can potentially create $150 billion in annual savings for the US healthcare economy by 2026.
- According to Accenture, AI and machine learning can help meet 20% of all clinical demands, reducing the number of unnecessary visits to the clinics.
The potential is huge and the impact has both business and human-life consequences associated with it.
Artificial Intelligence Example #3: Marketing & E-Commerce
Artificial intelligence is reshaping every single part of the business process.
Let’s start with marketing.
- According to Statista, artificial intelligence and machine learning ranked second in 2018 amongst the most effective digital marketing techniques.
- According to a study by Forrester Consulting, “Harnessing AI’s Potential.” 88% of marketers are using artificial intelligence.
- Netflix saves $1 billion every year thanks to AI.
- 61% of marketers say artificial intelligence is the most important aspect of their data strategy (MemSQL)
- According to PointSource, when AI is present, 49% of consumers are willing to shop more frequently while 34% will spend more money.
Marketing is not the same. AI has forever changed the way we understand and practice marketing. From savings to sales and engagement, AI is reshaping the marketing industry
Now let’s have a look at e-commerce.
- According to PwC, by 2030, AI can contribute up to over $15.7 trillion to the global economy.
- According to an IBM report, the consumer product and retail industry will witness a 40% to 80% increase in the AI-enabled smart automation adoption in the next 3 years.
- According to a survey conducted by Econsultancy, about 74% of marketers have stated that targeted personalization increases their overall customer engagement rates.
- 47% of consumers would buy items from a chatbot. (HubSpot)
E-commerce used to be a simple world of e-shops, online ads and checkout carts. Enter AI. Now, e-commerce is a much larger playing field. You have chatbots, voice assistants and automations changing the game forever.
Takeaways
AI is found in all industries and sectors, and it’s not showing signs of slowing down. It is evident that this technology will be the driving force behind the development and evolution of tech.
We are excited at the prospect and we can’t wait to see what the future holds. The only thing we are sure about is that we will be here to discuss and analyze it.
