The power of AI in the Enterprise
Online consumer companies, including Facebook, Amazon, Netflix, and Google (FANG), have embraced Artificial Intelligence (AI) to deliver individualized, satisfying customer experiences. As a result, FANG has gained tremendous market dominance, exhibited above average revenue growth, and been rewarded with high market capitalization. The adoption of AI by the enterprise will unlock similar results for all companies in all industries.
AI in the enterprise enables faster and better decisions, promotes creativity, and increases productivity. Empowering employees to prioritize, optimize, and respond to high value work streams and processes, like customer leads, sales pipelines, security threats, and patient outcomes (to name a few), at an unprecedented scale brings significant competitive advantages to the enterprise. In effect, AI brings “super-powers” to employees to enhance their abilities at a scale that has never been possible.
The learning capabilities inherent to AI, using machine learning and deep learning and other methods, will allow enterprises to quickly adapt to changing business situations. AI learning goes beyond older approaches of programmatic rules in systems, and instead uses statistical methods or algorithms to automatically detect and articulate complex patterns within data that changes over time. This approach to learning leads to applications that can predict future outcomes and thereby make recommendations.
The outcome for enterprises that embrace AI will be a massive increase in productivity and wealth creation. Cloud technology and decreasing storage and computing costs make AI methods commercially viable today, therby ushering in the AI economy for investors, unlocking a $3T dollar[1]opportunity of incremental income and wealth creation.
[1] Nicolaus Henke, Jacques Bughin, Michael Chui, James Manyika, Tamim Saleh, Bill Wiseman, and Guru Sethupathy. “The Age of Analytics: Competing in a Data-driven World.” McKinsey & Company. N.p., n.d. Web. 19 Apr. 2017.