The beginnings of modern Artificial Intelligence (AI) can be traced to a 1965 conference at Dartmouth College in Hanover. But we are not here to discuss the philosophical concept of whether machines can think but rather whether we can use technology to help make better decisions faster.
According to the IBM Institute for Business Value, advances in AI has spawned a new phase of automation: Intelligent automation is changing the way enterprises operate by using advances in technology to optimize processes, personalize customer experiences and enhance decision making.
Where AI is of most value to businesses today is in the areas of customer experience, cost reduction and revenue generation initiatives. Gartner notes that successful CIOs understand that AI technologies are more than technical and tactical projects — and that the successful application of AI can unlock new opportunities and help achieve business goals.
Gartner VP analyst Erick Brethenoux says often IT leaders do not know where to start with AI in a practical sense. “They lack meaningful examples of how it can drive business value. Identifying the right use cases is one of the biggest challenges to adopting AI techniques,” he added.
In our episode “Use of AI in business today” we look at the conundrum facing business and technology leaders – what am I doing wrong with my AI strategy?
Acknowledging the variety of interpretation of what constitutes AI in business, Sena Periasamy, partner and head of data analytics and AI for ASEAN at IBM, shares his views on how AI is evolving.
- How does IBM define artificial intelligence?
- And if you look at the state adoption today within ASEAN, how would you rate the maturity of use of the technology?
- As you stated at the beginning IBM prefers to use the term augmented intelligence, in that context, how are organisations using AI today and how has it evolved over the years?
- How do I determine if my AI strategy is right for my business?
- For organisations looking to start their AI journey, what’s your suggestion on where they begin?
Gartner’s Brethenoux suggests that IT leaders involved in developing a strategy for AI to start the work of mastering and deploying AI techniques for business value. He also recommends focusing on leveraging AI techniques to deliver business value as the primary success criteria.
“AI use cases are right in front of you — the business problems confronting your organization’s digital transformation,” he concludes.
Boston Consulting Group (BCG) says most companies already have extensive experience with digital applications such as automation and basic data analytics. But AI, which enables machines to solve problems and take actions that in the past could only be done by humans, goes far beyond that.
AI tools analyse immense volumes of data to learn underlying patterns, enabling computer systems to make complex decisions, predict human behaviour, and recognize images and human speech, among many other things. AI-enabled systems also continuously learn and adapt.
For BCG, AI has the potential to help businesses navigate the new normal that arises from the ashes of COVID-19
