"Hey Alexa, what is artificial intelligence?"
According to Science Direct, Artificial intelligence (AI) is defined as the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. Companies in every industry have been looking at AI for good reason. The artificial intelligence market has exploded, and well-known companies such as Microsoft, Apple, Facebook, Amazon, and Alphabet have been investing heavily in the technology, and new competition keeps on popping up.
Artificial intelligence can be developed for any specific need. For example, Apple's iPhone keyboard is enabled with AI and predicts what you will type, so it will give suggestions on words so you just click on the word instead of typing it out. In the healthcare industry, artificial intelligence combined with robotics is transforming surgery. Home appliances can now come with AI. So it doesn't seem like the artificial intelligence market will slow down any time soon. In fact, the technology is here to stay. Businesses are just scratching the surface of what artificial intelligence can do for their company, whether it is improving customer service, sales, or operations.
Here are a few key statistics about artificial intelligence1:
- Today's worldwide global AI market is worth 327.5 Billion.
- IBM owns the largest amount of artificial intelligence patents. In fact, their AI software platform market revenue is over 300 million dollars.
- The United States is the region with the most private investments in AI.
"Artificial Intelligence in the Real World" is a report from The Economist Intelligence Unit2. In a survey conducted, over 200 business executives around the world and from different industries (manufacturing, retailing, health sciences, life sciences, and financial services) were asked a series of in-depth questions. If you are still on the fence about implementing artificial intelligence in your company or organization, you may find the results below surprising.
- 75% of executives stated that their companies will actively implement AI.
- 43% of respondents stated that delaying AI implementation will make them vulnerable to new tech entrants and 46% are worried about AI-based startups.
- 79% believe that AI will make their job easier and more efficient.
Companies are not only worried about competition so they are adopting the technology quicker, but leaders are excited to learn that artificial intelligence comes with a host of benefits. Benefits include but are not limited to better user experience, improvements in operating efficiency, better decision making, and staying a leader in their industry as technology disrupts it. However, building your artificial intelligence strategy can be overwhelming when doing it on your own. That is where we come in to help! At Not Rocket Science, we do the heavy lifting for you. We partner with you to understand your business goals and needs, implement our process which helps save you money, increase productivity and deliver better results to your customers and investor, thus bringing your business to the next level. Organizations cannot ignore the impacts of artificial intelligence any longer; it's here to stay and rapidly evolving. Do you want to implement artificial intelligence in your company or organization? Do not wait; email us to get started now!
Sources: 1, 2