Artificial Intelligence (AI) in Business

Artificial Intelligence (AI) in Business 1

The term artificial intelligence (AI) refers to a set of computer science techniques that enable systems to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision making and language translation.

A study conducted by The Economist Intelligence Unit makes clear that executive suites and boardrooms around the world see Artificial intelligence (AI) as a business applicable technology here and now. More than 40% of those surveyed for the study anticipate that AI will start displacing humans from some jobs in their industry within the next five years. An overwhelming majority believe AI will make their job easier and help improve their own performance.

The study recorded some other findings as below:

The pace of adoption is quickening

75% of surveyed executives agreed that AI will be “actively implemented” in their companies within the next three years, and the pace will remain the quickest in North America in industry terms, in retail.

Competition is spurring companies on

The spectra of established or new technology companies using AI to enter and disrupt their markets is leading businesses to advance their own AI plans. Delaying these will make them vulnerable to new tech entrants.

Cost, data quality and cultural resistance hold companies back

Of the numerous practical challenges to AI implementation, cost figures most prominently, especially among manufacturers. Smaller companies can manage costs, however, by using third-party cloud platforms, developers can also take advantage of open-source AI platforms that are becoming available.

Source: The Economist Intelligence Unit (EIU

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