If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
The majority of industrial manufacturing business leaders (55%) say AI is moving faster than it should in their field, with 49% of retail and tech leaders citing the same concern in their industries, according to a KPMG report published Tuesday. The report surveyed 950 full-time business decision makers and/or IT decision makers. The majority of industrial manufacturing, tech and retail leaders say the pandemic sped up their AI adoption plans. Fields such as government, financial services and healthcare and life sciences cited the pandemic as an accelerant less frequently. In the industrial manufacturing space, 93% of decision makers say AI is moderately to fully functional in their companies, while just 67% of healthcare and 61% of government leaders say the same.
AI budgets are up significantly over the past year as companies compete to survive and grow market share during the global pandemic, according to Appen, which published its State of AI and Machine Learning report this week. The study also detected a correlation between AI budget size and the likelihood that AI projects will actually be deployed on the one hand, and budgets and the use of external data providers on the other. Now in its seventh year, Appen's State of AI seeks to generate a broad snapshot of AI investments across the United States. The company contracted with Harris Poll to investigate various aspects of AI investments and project management at 500 companies, all of which had at least 100 employees. The growth in AI budgets was perhaps the most compelling result to come out of the study, which had a margin of error of 5%. According to the study, the number of companies with budgets ranging from $500k to $5 million increased by 55% compared to last year.
The number of companies with AI budgets in the $500,000 to $5 million range rose 55% year over year, according to Appen's State of AI and Machine Learning report released Tuesday. The survey was conducted by The Harris Poll on behalf of Appen and consulted 501 business leaders and data specialists. Scaling AI technology is a bigger priority for enterprise businesses when compared to their smaller counterparts. By contrast, diversity of the data powering AI is a higher priority for small and medium companies than for enterprises. Regardless of size, businesses with annual AI budgets of $1 million or more were more likely to bring their projects closer to deployment.
Havelock Ellis said it is not the attainment of the goal that matters, it is the things met with by the way. He was speaking of philosophy. In business AI is all about goal attainment. The things met along the way are decisions. Decisions constitute a focus of the recent survey by Signal AI of 1,000 C-suite executives in an attempt to estimate the impact of AI on the U.S. economy.
AI's potential impact on the U.S. economy could reach into the trillions of dollars, according to a report published this week. Signal AI, which offers a decision augmentation platform infused with AI, interviewed 1,000 C-suite executives in the U.S. for the study. The report found 85% of respondents estimate upwards of $4.26 trillion in revenue is being lost because organizations lack access to AI technologies to make better decisions faster. According to the Signal AI survey, 96% of business leaders said they believe AI decision augmentation will transform decision-making, with 92% agreeing companies should leverage AI to augment their decision-making processes. More than three-quarters of respondents (79%) also noted that their organizations are already using AI technologies to help make decisions.
U.S. companies are likely to be missing out on upwards of $4.26 trillion in revenue a year by failing to use AI in their decision making process, according to a new report conducted by Signal AI. The report also finds that a minimum of $2.84 trillion in revenue of the Fortune 500 was linked to decision making in 2020. The global report featuring 1,000 c-level executives finds that 95.70% of business leaders also believe AI decision augmentation will transform decision making. The findings show that 91.6% of respondents say companies should leverage AI to augment their decision-making, and that 79.3% of companies are already using AI to make decisions. Speaking on the report, CEO of Signal AI David Benigson says: "The remit of the modern decision maker at global companies has only grown over time, with more responsibility and pressure to deliver than ever before. We're seeing tangible data now that shows these executives don't feel they have the tools they need to succeed, to make decisions as efficiently and effectively as possible."
As humans, it seems we are putting too much trust in AI, and business leaders are disinterested in ensuring that the systems they use are ethical and responsible. When humans administer cardiopulmonary resuscitation (CPR), they get fatigued relatively quickly, affecting the quality of CPR they can deliver. LUCAS 3 is a mechanical system that can administer high-quality CPR consistently without a break. South Central Ambulance Service, an NHS ambulance service in the UK for four counties, is the first to take LUCAS 3 onboard its vehicles [E&T Editorial staff, The Institution of Engineering and Technology]. The system uses wireless Bluetooth connectivity, allowing it to configure the compression rate, depth, and alerts specific to an organisation's resuscitation guidelines.
A new report from FICO and Corinium has found that many companies are deploying various forms of AI throughout their business with little consideration of the ethical implications of potential problems. The increasing scale of AI is raising the stakes for major ethical questions. There have been hundreds of examples over the last decade of the many disastrous ways AI has been used by companies, from facial recognition systems unable to discern darker skinned faces to healthcare apps that discriminate against African American patients and recidivism calculators used by courts that skew against certain races. Despite these examples, FICO's State of Responsible AI report shows business leaders are putting little effort into ensuring that the AI systems they use are both fair and safe for widespread use. The survey, conducted in February and March, features the insights of 100 AI-focused leaders from the financial services sector, with 20 executives hailing from the US, Latin America, Europe, the Middle East and Africa and the Asia Pacific regions.
In the post-Covid era, organizations are recalibrating their marketing strategies to make better use of data and analytics to stay ahead of the competition. Increasingly, it is the Chief Marketing Officer (CMO) who has to take the lead to drive digital adoption and become the organization's digital evangelist. Data is everywhere and the CMO is increasingly expected to use multiple sources of data analysis and marketing intelligence for growth and revenue. Customer buyer journeys changed significantly during the pandemic: Buyers prefer to undertake a self-education journey, learning about the product rather than engaging with a salesperson right from the start. This puts the onus on marketers to provide prospective customers with the right content at the right time via the right channel.
"Trust is a must," she said. "The EU is spearheading the development of new global norms to make sure AI can be trusted. By setting the standards, we can pave the way to ethical technology worldwide." Any fast-moving technology is likely to create mistrust, but Vestager and her colleagues decreed that those in power should do more to tame AI, partly by using such systems more responsibly and being clearer about how these work. The landmark legislation – designed to "guarantee the safety and fundamental rights of people and businesses, while strengthening AI uptake, investment and innovation" – encourages firms to embrace so-called explainable AI.