The concept of a fourth industrial revolution was first introduced a decade ago as “Industry 4.0” by scientists developing a high-tech strategy for the German government. This concept has since gone global, and most would agree we are entering a new era featuring many exciting advances in areas like AI, nanotech and robotics.
But making a splash in the future will require a strong drive to lead. It’s not enough to be open to disruptive tech; there must also be a plan to make the very most of it.
Abstruse to Everyday
Not too long ago, the idea of AI being “in people’s lives” seemed far-fetched – the stuff of ComiCon conventions and old episodes of the Jetsons. Coming into 2022, though, there is AI in some aspect of most people’s lives. What was once seemed so abstract and abstruse is now concrete, with everyday business applications.
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Certainly the pandemic has had something to do with the increasing focus on AI as a key next step in companies’ overarching digital transformation.
Artificial intelligence is the simulation of human intelligence in computers, where the machine is in effect “taught” to think and perform actions as a person would or could. While human beings will always have a critical role to play in the workplace, there is something incredible about the fact that, if we’re producing 2.5 quintillion bytes of data every day, only AI has the capability to process, order, and derive meaning from it.
The following are only a few of the applications of AI in business:
- Market and customer insights – Customer data comes in from all directions online. This raw data is a kind of “food” to AI, with the output being smart and efficient decisions being made about marketing your products and services.
- 24/7 support– Virtual assistance gives companies the ability to support customers every minute of every day. Most customers calling up support are looking for general answers, many or most of which a chatbot can provide.
- Data – If up to 90 per cent of data available today is unstructured, processing this gargantuan mass, and extracting meaning from it, is next to impossible – for human beings. AI, however, is a different story.
- Customer experience – Earning and retaining the loyalty of customers is job one for any business, especially in a hypercompetitive environment. But loyalty is given not just by fulfilling customer demands but also by engaging them better than your competitors do. This is where AI comes in – with laser-sharp analyses of their behaviour and the offer of actionable insights that give your customers exactly what they want and need – often even before they know they need it.
What is your AI game looking like these days? Are you deep into it, just tipping your toes into the water, or are you completely in the dark or frozen as to first steps?
Wherever you are in your AI journey, you’ll want to take an hour on Wednesday, October 27 for Stop Wrestling with AI – Learn what it takes to get started on real AI projects today. In this one-hour briefing, Consulting CIO Corey Cox will be joined by Jon Druker of OVHcloud and expert guests for a discussion around AI – with emphasis on how hesitant business can overcome their concerns and begin utilizing AI in their business everyday.