By 2030, Artificial Intelligence will drive global gross domestic product gains to about $15.7 trillion. Artificial Intelligence is already taking over the tasks that people spent hours crafting. AI has grown to an extent where it has changed the fundamental operations of a company or even an industry.
Today, directly or indirectly, you are using applications powered by AI. Platforms like Netflix, Amazon, Google, Facebook, YouTube and even your virtual assistants, everything is powered by AI in one form or another. And the beauty here is that these platforms are at the place where they are today, mostly because of their investment in AI early on.
57% of the CEOs agree that AI is going to change the way their business operates, according to a survey run by Skcript.
However, AI is not all that green as you might think. Many CEOs understand the risk of AI as well in their company. The way it would disrupt the high-level management jobs is exponential. Before you, as the CEO start thinking about implementing AI for your business, it is crucial for you to understand and appreciate the opportunities AI poses to your organization.
We have worked with some big, small and medium companies to implement their AI solutions, and here is a list we recommend, that simplifies AI to make sure our customers know how to apply AI to their business.
Assisted Intelligence A way of AI that enhances the users to perform tasks faster and better, with the help of intelligent machines. The best example here is a driver driving an intelligent car to assist them to drive better.
Intelligence Automation Automating manual tasks to improve human and business productivity.
Algorithmic Intelligence This type of intelligence is driven purely by data. Instead of taking days to arrive at one single decision, machines, based on data can help people arrive at a decision within seconds. Algorithmic Intelligence learns by itself, and are trained by its own analysis, backed by data.
Augmented Intelligence Augmented Intelligence helps people make better decisions by analyzing the past data. In less than 10 years, these types of intelligence technologies are going to be everywhere. We will live in an age where automated factories are a norm. Cars can be built without any human intervention. Customer service industry will be revolutionized to an extent where the resolutions are faster and the tickets are unique, since the AI can solve the issues reported by the users. As a CEO, you need to answer few questions to arrive at a decision whether AI would be important for your business now or not,
- Who in your company will be the best person to lead the AI initiative full-time?
- Where in your business process can AI add a ton of value?
- How are you making decisions currently, and where do you want the machine to help you make better decisions, faster?
- Should you outsource your AI initiative or build one in your company?
AI is slowly and steadily becoming the norm in the industry. A vast variety of applications, bundled with the power at which AI can operate now, is contributing to this disruption. But approaching the AI for your business carefully, is essential, that will allow the CEOs and their companies to see fruitful results.