Why more businesses are turning to artificial intelligence

More Artificial Intelligence (AI) for everybody: this isn’t a slogan for a new ad, it’s a fact. It’s the result of a recent trend which means more and more apps and services are using AI. Read in Italian.

Big data, which can enable businesses to handle huge volumes of data, together with new and more powerful algorithms, is leading to an increase in investment in AI. This means that AI is finally waking up from “hibernation”, ready to face the world.

Broadly speaking, the fact that even several tech giants, such as Google and Facebook, have shown a great enthusiasm for big data, has led other companies to invest in the collection, storage and handling of data. In turn, this has roused interest in AI and boosted integration.

A National Business Research Institute survey of 235 managers, published by last April by Narrative Science, showed that 38% of businesses are currently using some kind of AI and over 62% will use it by 2018.

More specifically, the survey found that:

  • 58% of businesses already use AI for forecasting
  • 38% use it to check business trends and produce reliable forecasts
  • 26% use it to automate repetitive actions (15% more than in 2015)
  • 25% use it for voice control

This data has been confirmed by research published by eMarketer, according to which the use of AI will increase in the next few years. Topping the list is 3D printing (+78%), followed by technologies including self-driving vehicles (+63%) and chatbots (+22%).

Big companies are consequently getting ready for AI. Not only are they equipping themselves with AI technology and implementing it in their businesses, they’re also preparing to produce new products in many different fields.

Aldo Agostinelli - AI and big dataFor instance, last October IBM and Majesco (a global insurance software supplier) signed a contract to create a cloud platform using AI system Watson’s cognitive computing technology, which can answer questions expressed in a natural language. Once it is ready, thanks to the use of predictive data, the platform will provide insurance companies with the basic tools they need to develop new services and products to sell their customers.

Still, the abovementioned research shows that, despite an increase in the use of AI, users are not becoming more aware of its full capabilities.

According to the Narrative Science report, over 88% of managers at companies which are currently using some sort of AI have claimed they don’t use AI  apps, such as virtual personal assistants, on a daily basis. We are therefore facing a paradox which must be solved by clearer and more efficient communications that show managers what AI is and what it can do for us.

Which AI apps do you use? What do you think of them? I would like to hear your thoughts. Tweet me @agostinellialdo.

If you liked this post, you should read my previous blog on AI: Man Vs Machine.

One thought on “Why more businesses are turning to artificial intelligence

  1. bagleyjudd January 20, 2017 / 3:53 pm

    Any businesses that are not using AI are already far behind.

    Like

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