Leslie Joseph, Principal Analyst, Forrester suggests CIOs the step beyond to adopt the new buzzword Artificial Intelligence, which can probably transform the traditional business models and processes.
Digital business has hastened the interest in Artificial Intelligence that CIOs are rushing to build an AI strategy and investment plan. AI has the potential to influence their business and competitive landscape. Leslie Joseph, Principal Analyst, Forrester suggests CIOs the step beyond to adopt the new buzzword Artificial Intelligence, which can probably transform the traditional business models and processes. Techolution
Joseph categorized AI into two segments – Pure AI and Pragmatic (or Narrow) AI.
Pure AI is the science fiction usually seen in movies, it is the ability of computing system to perform advance intellectual tasks that human can do. It is believed to be able to learn, predict and adapt to situations on its own.
Whereas, Pragmatic AI is in narrower scope; it is the ability to perform very specific task like customer service transactions, predicting customer behavior, etc and adapts itself to business challenges. Pragmatic AI has already been used and transformed business processes.
Machine Learning is fundamental to Pragmatic AI, ML is Artificial Intelligence which provides the ability to learn without being explicitly programmed.
“From last decade, organisations have witnessed an emergence of distributive and extremely powerful processing which allows them to collect massive data and process it at a high speed. Here the idea is to collect the training data and feed it to the Machine learning algorithms, so that the data trains the algorithms itself and deploy it in the live environment” Joseph said.
But fact is that the entire process is complicated, a lot of intensive processing is required. Machine Learning is 99% of manual labour. The next level of AI is Predictive Analytics which looks at data from new and unique viewpoint. The machine learning algorithms can hyper optimize the operations and supply chains; automate business processes and decisions. “AI can accelerate the discovery base processes, for example pharmaceutical companies are using AI in discovering new drugs, molecular research and science labs. Myntra is powered by advanced AI, they have assembled a team of designers and data scientists who looks into the best selling cloths and extract the features; which has helped them in reducing the go to market time” he explained.