Artificial Intelligence is today’s buzzword that has been buzzing around more frequently with higher and ever-increasing intensity every passing day. The reason is as clear as a crystal: Its power and possibilities it can create.
A Gartner prediction goes on to say that AI bots will power 85% customer service interactions by 2020 and will drive up to USD 33 trillion of annual economic growth.
A report by BCG and MIT Sloan Management Review suggests that about 75% of global executives believe that AI will enable their companies to move into new businesses. Almost 85% believe that AI will allow them to obtain or sustain a competitive advantage. Among global leaders, the report further adds that 75% have identified the business cases for AI.
Per a market research firm called Tractica, the annual global revenue for AI products and services will grow from USD 643.7 million in 2016 to USD 36.8 billion by 2025, a 57-fold increase!
AI is nothing but the science of embedding cognitive abilities into machines. Simply said, it is to allow machines to undergo myriad numbers of experiences (Model training, its technical phrase) so that it would decide what works in what scenarios. This is not about coding into the system but allowing, rather enabling the system to code for itself. All you have to do is to be an informed facilitator; yes, here ‘informed’ will have a dark underline.
I am yet to decide whether to subscribe to the Elon Musk school of thought — which I know would force me to imagine a wicked grin from a robot — or to trust the sanity of the average human being picking up this closed book of AI which has barely opened. It doesn’t really matter who thinks of AI highly or lowly but one thing is certain: Its time has come. Before you buy time in realizing and delay in deciding of its adoption, it may come and stare straight in your face! You may not even have the bargaining power that you still enjoy today. Let me share with you some thought nuggets to chew over its probable potential: