Companies are ramping up their investments in artificial intelligence (AI) technologies. That's the biggest takeaway from Deloitte's second State of the AI in the Enterprise report, a survey of more than 1,100 IT and executives from US-based companies conducted in the third quarter of 2018. "Companies are excited about the potential of AI to improve performance and competitiveness -- and for good reason," Dr. Jeff Loucks, executive director at Deloitte's Center for Technology, Media, and Telecommunications, said. "But to reach this potential, companies must engage risk, address talent shortfalls and execute well. While AI's upside is significant, haste can leave companies with bridges to nowhere -- pilots that don't scale or projects with no business benefit."

Artificial intelligence (AI) is becoming ever more powerful. Consulting firm PwC estimates that AI could contribute up to $15.7 trillion to the global economy in 2030, more than the combined GDP of China and India today. The technology will soon be omnipresent--from household appliances to our financial, law and justice systems. That is why we should be very worried about the dark side of AI. And this is not about devilishly powerful AIs making humans slaves, as depicted in science fiction.

Accenture has acquired a financial services firm that specializes in using artificial intelligence and robotic process automation in corporate and commercial lending, the company said Wednesday. TargetST8 Consulting, which was founded in 2013, focuses exclusively on the financial markets, serving banks and investment firms in the U.S. and Europe, Accenture said. TargetST8 provides customers with digital lending solutions that include deploying artificial intelligence and robotic process automation, according to Accenture. "TargetST8 consultants are known for their deep expertise, innovative digital solutions and outstanding project delivery--particularly in their implementation of Finastra's Loan IQ solution," said Alan McIntyre, who leads Accenture's banking practice globally. "The addition of TargetST8 will enhance our ability to help our commercial and corporate lending clients improve their processes and transform their businesses."

Artificial intelligence (AI) has entered the office. In fact, 90 percent of U.S. workers said they're optimistic about the changes technology will bring in the next five years, according to Accenture. Further, a recent McKinsey brief estimated that AI techniques could potentially create between $3.5 trillion and $5.8 trillion in value annually across nine business functions in 19 industries. As AI continues to get smarter and more capable, employee productivity is poised for a sizable shift with the new tools and technology available to workers. All signs are pointing to AI becoming a key element and driver in unleashing workforce potential.iStock

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The following post on how and why nonprofits can embrace artificial intelligence was contributed by Dr. JoyNicole Martinez, the founder and Chief Executive Officer of The Alchemist Agency, a management consulting firm serving leading corporations, health care facilities, non-governmental organizations, and not-for-profit corporations. These terms are often used to describe the uniqueness of human capability. It is understandably disconcerting to the human psyche when these "owned" characteristics are connected with things artificial. The idea of combining things'contrived' and'feigned' with the philanthropic and charitable tends toward contradiction and conjures up betrayal. However, the truth is much less histrionic and quite optimistic.

As more organizations apply artificial intelligence and machine learning systems to their data, managers might question the role of business analytics as a success factor. But like the Frank Sinatra song goes, "This I tell you, brother. You can't have one without the other." A recently released global study of AI and its various applications estimates a market valuation of $191.60 billion by 2025. That's a 36.68 percent annual growth rate from the estimated $11.71 billion AI projects garnered back in 2016, according to Xpodence Research.

As attention shifts from factory floors to knowledge-based, highly specialised occupations, a panel of experts discuss the impact of AI on financial and professional services.

Companies in the Philippines need to adopt technologies like automation and artificial intelligence to get rid of repetitive and redundant processes, a partner of business advisory firm Grant Thornton says. Grant Thornton partner Depender Kumar Depender Kumar, in his presentation during the 8th P&A Grant Thornton Business Forum in Manila, says Philippine companies, including business process outsourcing providers, are slow to embrace automation and struggle to change. "To be honest, if they [BPOs] don't change the way they do things, they will pay locally for the disruption. Most of what is done by the BPOs are repetitive. You don't need a lot of intelligence to do the work that is with you. That is why those jobs are outsourced earlier. At the same time, if you need to survive in that industry, you need to adopt technology along the way," he says.

Maybe you don't think it's your job to do so (you're still unclear on what robotic process automation (RPA) really does, anyway). Maybe you don't want to bring up the inevitable workforce implications. Or perhaps you'd rather focus on the glossier aspects of transformation--customer experience, upskilling and digital strategy. Automation is about all of those things. And every company needs to take a serious look at how they're approaching it, especially as new tools put the power to solve problems and streamline tasks into the hands of business users.