Need to Know: Artificial Intelligence and Machine Learning for business

As emerging technologies go, Artificial Intelligence has certainly taken its time in making its presence felt on the world. Surprising as it may be (to some), the term AI has existed for almost 70 years, having first been uttered back in 1956 (the same year IBM invented the first hard drive) by computer scientist John McCarthy - AKA the'father of AI'. Since then, AI has experienced a largely stop-start existence due to, in part, sporadic funding and below-par technology. In truth, the term AI has (arguably) gained more notoriety for storylines of killer robots (and the occasional Wall-e) hell-bent on destroying mankind than for its practical use and business benefits. "We are at the cusp of a new revolution, one that will ultimately transform every organisation, every industry and every public service across the world" Thanks to breakthroughs in computing power, the advent and availability of big data, cloud hosting/storage, highly sophisticated software, complex algorithms and a big dollop of imagination, the potential of AI is now starting to be fulfilled – with the business world being the biggest benefactors. As the late great Professor Stephen Hawkins said on AI: "The genie is out of the bottle. AI, could be the biggest event in the history of our civilisation." The market has reacted at pace.