Why AI will be the World's most Disruptive Technology
Artificial intelligence (AI) may not be the ‘new kid on the block’ anymore, but it has certainly become a powerful force driving innovation across all sectors. What has changed in recent years is the pace at which AI is advancing. The way we work has fundamentally shifted thanks to AI, or the use of computers to perform tasks usually performed by humans. While it may not always involve radical changes, AI can identify inefficiencies that humans cannot, improving the ways in which businesses operate. Businesses can benefit from AI through the identification of inefficiencies and the automation of systems. Similarly, individuals can benefit through advances in personal assistants, automating everyday tasks like organizing your calendar, or even ordering your groceries for you.
The possibilities for AI are endless, from models and algorithms that can predict the effects of climate change and help researchers mitigate its effects, to improving health by sifting through endless datasets to identify potential causative factors for disease.
“Artificial intelligence is about replacing human decision making with more sophisticated technologies” – Falguni Desai, “The Age of Artificial Intelligence in Fintech”
With the wealth of opportunities across all sectors, it should be no surprise that AI will soon become the world’s most disruptive technology. It’s time for industry leaders to investigate how AI can be applied to their sector.
WHY ARTIFICIAL INTELLIGENCE WILL BE SO DISRUPTIVE
The pace at which AI is spreading has exploded in the past year, as processing speeds have multiplied, machine-learning algorithms have progressed, and technology costs have diminished. As a result, machines are capable of processing and interpreting data sets far larger than we could have previously imagined possible. We have now reached a point where AI can generate its own AI that’s more advanced than what humans can build. AI will continue exploding onto the scene in 2018 as the cloud continues gaining popularity and machine-learning algorithms advance.
The first industries to be impacted will be those that rely heavily on big data sets, such as the financial, retail, and transportation industries. According to research by McKinsey, the financial and insurance industries currently spend 50% of their time processing and collecting data. Technology that can improve this processing time will inevitably disrupt these industries. Click here to learn more about how AI is improving the banking industry.
As for concerns about technology replacing people, while it’s true that some jobs will become obsolete, we will still need a skilled workforce to interpret and act on the insights from AI. Ulrich Speisshofer, chief executive of ABB, said “…it’s not about technology replacing people, it’s about technology augmenting people and creating wealth and prosperity…”
WHAT YOU CAN DO ABOUT ARTIFICIAL INTELLIGENCE’S DISRUPTION
Despite its numerous benefits, adoption of AI remains relatively low. According to research published in the Sloan Review, the biggest barriers to AI implementation remain competing investment priorities and unclear examples of success among similar businesses.
It is therefore not too late – AI offers possibilities for forward-thinking companies to better meet customers’ needs. AI holds the key to reduced costs, improved customer service experiences, and increased insights from data sets. But adopting AI is not as simple as automating existing practices; it may require a fundamental shift in management and organizational structures. And while employees with knowledge and experience in AI will be valuable, flexibility and the ability and/or willingness to learn new ways of doing will increasingly become assets to digital leaders.
Forward-thinking companies can turn the disruptive forces of AI into a huge opportunity for a competitive advantage.
Click here to read more about how artificial intelligence is impacting SEO.
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