How Do Industry Leaders Adopt AI?

How will your company benefit from today’s AI-driven revolution?

According to Accenture, the Artificial Intelligence market is expected to grow from $643 million in 2016 to $36 billion by 2025. The use of AI-enabled technologies can increase labour productivity by up to 40 percent and double the economic growth rates of many advanced economies by 2035. As Mark Purdy, Managing Director-Economic Research at the Accenture Institute for High Performance, says:

“Artificial Intelligence heralds dramatic potential for growth for both the economy and for humans.”

More specifically, the three channels of AI-led growth are likely to be:

  • intelligent automation of complex physical tasks that require adaptability and agility
  • labour and capital augmentation to allow people to focus on creative tasks and innovation
  • innovation diffusion through the economy

So, it goes without saying that a company that is planning to maintain competitive advantage in the near future must integrate AI-supported solutions both in its internal operations and in its products and services for end-users. How can it be done?

PricewaterhouseCoopers Global AI Impact Index 2017 outlined how exactly AI can be put to work in different industries:

Although some people still perceive AI as a threat, the advantage of AI has already been acknowledged by those technically savvy companies that use it. Oracle’s CEO Safra Catz highlights the tremendous impact AI has on the way companies grow and make decisions now:

“The effects of AI — speed, scale, security — release resources and people to do much higher-value things. We’re starting to see enormous productivity increases.”

Recognising the full potential of the $15.7 trillion game changing technology, investors also want to be in. As practice shows, today venture capitalists are more likely to invest in innovative companies than in companies offering traditional products and services. In 2017 alone, investment into innovative companies by venture capitalists exceeded $10 billion, which is a whooping twentyfold increase from less than $500 million in 2010.

So, do not miss the opportunity to capitalise on the value from AI use in your business, too.

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About Gregory Whitford

Gregory Whitford is a journalist whose area of interest lies in advanced technologies (IoT, Artificial Intelligence, Machine Learning) and their application in business.

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