The Current Pace of Innovation
Understanding AI advancements is a must for business owners who want to stay ahead.
Making relationships in data understandable to people beyond data science teams will further democratize AI and big data, leading to the era of automatic generation of insights. Technologies are already enabling automated content generation in news coverage, social media, marketing, financial reports and more. In the year ahead of us, automated content generation is likely to gain more traction in news reporting and marketing, helping companies instantly respond to emerging trends, news and events by creating the relevant content for their audience and clients.
AI 5 - YEAR CAGR* 2016-2021
TOP 3 BUSINESS BENEFITS EXPECTED FROM AI
The trend toward humanization of big data and data analytics will continue in 2018 with new advancements in natural language generation (NLG) and natural language processing (NLP).
Companies should forge ahead and find appropriate uses for AI. Having a first-mover advantage can be worth the cost of investing in research and development.
According to the McKinsey Global Institute, technology mainstays such as Google and Baidu invested between $20 and $30 billion in AI during 2016, with 90 percent of those figures channeled directly into R&D. Startups also saw the signs, devoting $6 to $9 billion to AI research. More important, at least 20 percent of AI-aware firms reported themselves as early adopters.
One of the largest fears about AI is that the technology will decrease the value of human capital. The logic behind this is following: AI leads to automation and reduces the need for costly human labour because machines can do more with much bigger efficiency and less expense. But, this argument is flawed because the majority of companies also have increase in job opportunities with efficiency and services improved.
Most AI technologies are, for now, dependable on and are still at the same level with human capabilities. Companies should adapt AI technologies to fit areas of real necessities and sectors in which technology can help people do their jobs more efficiently. In spite of all uncertainty in the field, one thing remains: AI will expand more and more. Successful case studies and breakthroughs showcase the technology’s potential and sustainability. Because of this new wave, companies are well-advised to continue discovering and innovating to become forerunners in AI implementation.
PROJECTED AI SPENDING BY INDUSTRY, 2021