If the pandemic has taught technology leaders anything, it's that those who are adamant about digital transformation have found the most success one year later. This included investing in machine learning (ML) and artificial intelligence (AI) solutions to adapt better and secure an advantage over their competitors. AI technology has become popular due to its usefulness and impact. In the past year alone, AI has enabled organizations to make better data-driven decisions and get higher-quality insights. We see more and more use cases for AI, such as hyperautomation, AI engineering and others.

A recent article in the Financial Times argued -- fairly -- that despite the billions of dollars poured into "AI" companies, investors have, on the whole, not seen returns consistent with the hype. There are exceptions of course, but, by and large, the promise(s) appear to have not been met, as of yet. The argument was not simply a lamentation, however, with the author suggesting that the next wave of focused AI solutions might indeed generate better results and returns. Such a sentiment is not uncommon in technology. In order to garner investment, entrepreneurs employ hyperbolic language to excite potential investors and the business press follows this lead in order to ensure that they don't miss out on the appearance of prescience. So, out of the gates, there is much promise and little delivered and when this gap is revealed, negativity enters the scene.

Artificial intelligence (AI) and machine learning (ML) technologies are having a significant impact on today's enterprise, particularly in the professional services space where they are driving greater efficiency and productivity. But before companies jump into acquiring the latest products, it is vital to understand how an AI strategy can assist with the overall objectives and solve the key challenges in the business. Only then will AI deliver real value to the business. Legal and financial services firms are leading the way in this regard. Instead of following the trend of deploying generalized AI tools that can be used "horizontally" across many industries and workflows, an approach exemplified by tech giants like Microsoft, Google and Amazon, legal and financial organizations have chosen a more targeted approach.

Over the last several decades, technology has changed tremendously. I can't tell you how many times my father has told me about a computer science class he took in college where the computer required punch cards to function (sorry to date you Dad!). Fast-forward and we have artificial intelligence at the palm of our hands, hands-free texting in our cars and smart watches that monitor our health from our wrists. But it's not only our personal lives that have been affected by these changes in technology, it's our work lives as well. At PGi, we're always trying to innovate our products to make your work life easier, so naturally we're curious about new technology and the effect it has on our work lives. Over the next few weeks, we will be producing a blog series on just that--the future of work.