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) …
Businesses that focus only on customer experience may be missing a significant opportunity to connect with people on a deeper level. We don't pour that delightful first cup of life-giving coffee and think, "I am the end user of this coffee." So why does the business world insist on grouping--and trying to understand--people as customers when, before anything else, we are human? We are messy, inconsistent, and, perhaps most of all, emotional--and it's time for businesses to acknowledge, respect, and account for this. The fields of philosophy, religion, social science, psychology, biology--and yes, marketing--have spilled much ink defining what it means to be human.
Companies today need what only truly modern operations can provide: broad and deep visibility into the operational value chain, including supply, manufacturing, distribution and demand; accurate forecasts of what might impact those operations; resilience in the face of potential disruptions; tools to help them quickly sense and predict changes in market demand; and the ability to quickly adapt the value chain to deliver on its promises to customers. The technologies to support this scenario are available today or will be soon.
Today's billion-dollar unicorn start-ups have the advantage of building these capabilities into their process design at the outset. In contrast, businesses running on more-established processes may find themselves encumbered by inefficient legacy systems, rigid silos and fixed schedules. Most were designed and built decades ago to solve for specific needs, with a premium placed on consistency and simplicity rather than on speed, scale and agility. Fortunately, the evolution of technology has lifted a lot of the constraints facing seasoned enterprises, so the past doesn't have to dictate the future. Mature companies can incorporate today's rapidly advancing and increasingly accessible tech enablers to create Living Process.
IBM, Amazon, Deloitte, DXC, and Accenture are partnering with digital human experts at UneeQ to push the advance and ongoing adoption of advanced conversational AI, according to a recent press release. Artificial Intelligence (AI) has found its way into a wide spectrum of human experiences -- from routine transactions to meaningful, life-changing events. Soon it may be hard to tell where organic interactions end and AI features begin. Digital humans are AI-powered life-like virtual beings that exist both in the real world and online, helping customers and businesses worldwide. A leap beyond standard chatbots, they even look like us, and are becoming a trend among major companies.
Alex Fly's article presents some key statistics related to the development of AI and the utilisation of AI-based technologies within enterprises. The included statistics and figures are sourced from reputable surveyors such as Deloitte, Gartner, McKinsey & Company etc. The statistics and figures presented in the article paint a picture of how AI is transforming the entirety of a typical enterprise day to day functions. AI impact is felt from hiring initiatives to profitable revenue sources. One major takeaway from Alex's article is that AI is here to stay and enterprises are adapting at a pace that will see entire companies, industries and nation transform within the next five years.
A year ago, we concluded that the window for AI competitive advantage might be closing.1 We based this assessment on data from the second edition of Deloitte's State of AI in the Enterprise survey: 57 percent of executives at AI-adopting firms believed that AI would substantially transform their businesses within three years, and 38 percent believed the technologies would do the same for their industry during that time frame (see figure).2 The 19-point gap suggested that AI adopters had a fairly small window before industry competitors cut into their lead. We've released the results of the third edition of the Deloitte State of AI study,3 and adopters continue to be bullish: More than eight in 10 report that AI will be "very" or "critically" important to their business success in the next two years, and the portion who regard it as critically important is poised to grow from 23% today to 41% in two years. And they're continuing to grow their investments: 71% of adopters expect to increase their AI spending in the next fiscal year.
Consulting and professional services firm Deloitte recently issued a report, "Unbundling the cloud with the intelligent edge," which looks at how updated connectivity in the cloud, AI, and edge computing can be exploited by the enterprise. Elements making up this changing ecosystem include the adoption of 5G and Wi-Fi 6 in the next phase of wireless connections, says Jeff Loucks, executive director of Deloitte's Center for Technology, Media, & Telecommunications. He says the report posits the displacement of incumbent wireless by 5G in the next three years. New tiers of wireless may act as force multipliers, according to the report, by expanding the potential of other new technologies. "The way we're thinking about the intelligent edge," says Loucks, "it's a combination of processing power, artificial intelligence, and advanced connectivity that's located near devices that generate and consume data."
Beena is a managing director with Deloitte Consulting LLP and is an award winning senior executive with extensive global experience in artificial intelligence and digital transformation. Beena is the founder and CEO of Humans For AI Inc. She has co-authored the book "AI Transforming Business." A well-recognized thought leader and keynote speaker in the industry, Beena also serves on the industrial advisory board at Cal Poly College of Engineering, and she has been a board member and advisor to several startups including Flerish, Predii, iguazio, CliniVantage, and ProjectileX. Beena has been honored several times for her contribution to tech and her philanthropic efforts, including: UC Berkeley 2018 Woman of the Year in Business Analytics, San Francisco Business Times' 2017 Most Influential Women in Bay Area, WITI's Women in Technology Hall of Fame, National Diversity Council's Top 50 Multicultural Leaders in Tech, CIO.com and Drexel University's Analytics 50 innovator, Forbes Top 8 Female Analytics Experts, and Women Super Achiever Award from World Women's Leadership Congress.
For the many companies that rely on pricing as a competitive advantage, they need to start evaluating AI and machine learning on their IT platform roadmaps now. Staying at competitive parity and turning AI- and machine learning-based expertise into a pricing and revenue management strength needs to be a priority. Data is a proven panacea for fear, and given the new market dynamics many companies are facing, it's the most reliable way to make decisions. Harnessing Pricing Power to Create Lasting Value, Bain & Company, February 24, 2020. Harnessing Pricing Power to Create Lasting Value, Bain & Company, February 24, 2020.
Machine learning creates room for continuous business model innovation. One recent summer, Charles Weinstein, CEO of New York City-based accounting firm EisnerAmper, had an epiphany: machine learning could either destroy his business or remake it. A 35-year veteran of the industry, Weinstein sensed that the practice of accounting--issuing financial statements three months after the quarter closes--while still necessary, was losing relevance in the real-time, data-driven economy. So he organized a three-day partner meeting to consider how machine learning capabilities in particular might remake the traditional accounting firm for the digital era, enabling it to help its clients look into the future rather than simply reporting on the past. Weinstein invited a partner in charge of global innovation at a Big Four accounting firm (not a direct competitor) to talk about the moves his firm was making.