'Cognitive-aware' executives expect artificial intelligence to have a major impact on business and the workforce, and many are already realizing benefits, according to a Deloitte survey. A new Deloitte report on the business value of artificial intelligence (AI) finds that many early adopters of cognitive technologies¹ are upbeat about their potential, and many expect them to drive economic growth and transform both companies and entire industries. For the 2017 Deloitte State of Cognitive Survey, researchers interviewed 250 business executives who have already begun adopting and using AI and cognitive technologies.² Eighty-seven percent of these "cognitive-aware" leaders say cognitive technologies are either important or very important to product and service offerings; even more--92 percent--say these technologies are important or very important to internal business processes. More than three-quarters (76 percent) believe that cognitive technologies and the benefits they bring will substantially transform their companies within the next three years.

Will artificial intelligence really take away our jobs? How will it resolve current big data dilemmas? Should organizations invest in machine learning to thwart cyber-hackers? These and other critical enterprise questions are addressed in a recent report from PwC, titled "2018 AI Predictions: 8 Insights to Shape Business Strategy." In addition to technology shifts, the predictions explore the potential societal impact of AI.

The pace of change in digital technology is accelerating exponentially, particularly in the field of artificial intelligence (AI). All major technology companies are reorganizing around this red-hot sector, and it dominated discussions and presentations at the recent World Economic Forum 2017 in Davos. In this series, I will try to provide an overview of what constitutes AI, how it is already being applied to banking, insurance and capital markets today, and how organizations can craft a value-driven AI strategy. Why are we experiencing the current level of growth in the AI field? At Accenture, we believe the time to move on AI is now.

While the concept of artificial intelligence, or AI, can be traced back nearly 70 years to 1950 and the work of Alan Turing, in recent years we've seen an incredible uptick in advancements with AI technology and its application for businesses. In fact, a recent survey conducted by Accenture found that 85% of business executives plan to invest extensively in AI-related technologies over the next three years. As AI can increasingly help to power essential business processes, and organizations look to harness this power, keep in mind that AI is fundamentally different from other technology trends that sweep the business world every few years. With AI, we are talking about the ability to exponentially accelerate cognitive powers of the human brain. This will have meaningful impacts across all of society, and specifically for businesses, across the entire value chain.

Lito Tayag, country managing director of Accenture PH, explains the importance of artificial intelligence (AI) technologies for businesses during a video conference with Cebu media at Robinsons Cybergate on Feb. 7, 2018. There is now an urgent need for businesses and organizations in Cebu to employ more intelligent technologies in their operations, an official in the industry said. Lito Tayag, country managing director of Accenture Philippines, said Cebu is lagging behind as the rest of the world embraces artificial intelligence (AI) technologies as well as proper human-machine collaboration in doing business. "Technology is a way to improve business. However, many are lagging behind. Our Cebu business counterparts have lower appreciation of this urgency compared to those in our study," he said in a video conference yesterday at the Accenture office at Robinsons Cybergate.

Businesses will take the leap and embed augmented reality (AR) and machine learning into their business practices in 2018 according to Deloitte's 2018 Technology, Media and Telecommunications (TMT) predictions. With invisible smartphone innovations opening up application opportunities, consumers will be more connected and more distracted by smartphones than ever before. Deloitte Australia TMT leader Kimberly Chang says, "We're at the tipping point of widespread adoption of a number of technologies. "In 2018 we will finally see business challenges being addressed by what has to date been consumer-driven technology." "But it will be a year of trial and error." Deloitte predicts that over a billion smartphone users will create AR content at least once in 2018 and by 2020 AR will generate direct revenues of US$1 billion. Currently around half of AR uses are non-enterprise focused but Australia is on the precipice of mass adoption, with particular potential in industries such as mining, retail, training and marketing. AR also has a role to play in the future of work and job creation in Australia. With the smartphone predicted to be the primary device for AR content creation, Deloitte is predicting smartphone penetration will continue to increase, surpassing 90% by the end of 2023. Machine learning is also set to hit its stride in 2018 with Deloitte predicting the number of implementations and pilot projects using the technology to double from 2017, with two-thirds of large companies having 10 or more implementations and a similar number of pilots. To date, the uptake of machine learning in Australia has been slow, but Deloitte expects to see leaps in experimentation around machine learning applications in 2018, in particular in relation to consumer electronics, autonomous vehicles, finance, insurance, human resources and clinical operational diagnosis in healthcare. Chang continues, "Machine learning is not a new concept, but it is about to revolutionise our daily lives.

Augmented reality and machine learning will be embedded into business practices in 2018, according to Deloitte's 2018 Technology, Media and Telecommunications Predictions. And the annual predictions show that smartphones will be more distracting than ever before as they become more a part of the business day. "We're at the tipping point of widespread adoption of a number of technologies," says Kimberly Chang, Deloitte Australia's Technology, Media and Telecommunications leader. "In 2018 we will finally see business challenges being addressed by what has to date been consumer driven technology. But it will be a year of trial and error," Augmented reality, a special effect that enables digital images to be superimposed on real ones, has become an increasingly popular smartphone application, often for entertainment applications such as face swapping or live face filters.

Technical employees may often focus on their technical solution, but there is a possibility that if it goes too far there is a risk that something is developed that is not based on an actual business problem ('develop for the sake of developing'). Staff with a business focus are in close contact with the customer and therefore they can identify the problems actually faced by the organisations. By involving both groups, organisations can create a situation that allows the optimum solution to be offered to the customer – although it is important to involve both groups differently in the AI organisation. What interests the Tech community is often uninteresting for the business community and vice versa. Deloitte therefore made the conscious decision to cooperate on some activities (for instance some community events) and to keep other activities separate (for instance training sessions).

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