The Age of Artificial Intelligence – Can AI Really Transform the Future of Businesses?
There is a wave of disruption across industries, and businesses are increasingly turning to Artificial Intelligence technologies, to spark the kind of innovation that was once thought unimaginable
Think about this – today, there are millions of smartphones, internet users, connected devices, and the number is just increasing by the hour. There is a historic shift in the way digital is becoming a part of our lives – from digital payments, to the way we shop or even interact with each other. Fueled by technologies such as Artificial Intelligence (AI), Cloud, Internet of Things (IoT) and Blockchain – this new era of digitization is producing data which is outstripping human capacity to understand the meaning and value hidden within that data.
Data, in all forms, is expanding as a resource to be utilized. Industries and professions are exploring several new possibilities and the potential value of this data is boundless. The next wave of technology – Artificial Intelligence – is already helping us make sense of the deluge of data out there, providing systems that are able to adapt and learn.
Once the preserve of science fiction, Artificial Intelligence (AI) has now become ubiquitous. From transforming healthcare to improving public safety, from enhancing the quality of education to bringing us into a world of connected devices- Artificial Intelligence is helping businesses reinvent and rethink.
A Gartner report predicts that AI will create 2 million net new jobs by 2025. Advances in virtual assistants and deep learning will foster adoption of artificial intelligence, according to the market research firm.
As one of the technology pioneers that helped establish the industry, IBM has been exploring AI and Machine Learning technologies for close to a decade with the launch of Watson in 2011. Little did the world know that the technology would very soon be touching more than one billion lives across the world?
Today, early adopters are using AI to position themselves as innovators and those that haven’t yet leveraged AI - are missing out on insights and opportunities that could help transform their businesses.
According to a study published by the IBM’s Institute of Business Value in 2017 named ‘Fast Start in Cognitive Innovation’:
Given these potential benefits, a majority of high-performing companies have already begun or are planning to adopt cognitive computing. Let’s look a few of the broad areas that AI is already impacting:
1. Customer Engagement – AI is changing the way marketers, commerce and supply chain professionals engage customers. Essentially, advancements in technology are transforming customer service interactions. IBM’s Watson AI is leading the way with technology that helps clients extract value from their data. It delivers personalized experiences at every step of the customer journey. As customers seek greater connectivity and interaction, they are producing massive amounts of data about their behaviors and preferences. Businesses are increasingly leveraging AI to make sense out of this data, to make the customer experience more seamless and gain a competitive edge.
2. Education – AI is transforming the learning experience through personalization. IBM Watson is bringing education into the cognitive era. Its cognitive solutions help educators gain insights into the learning styles, preferences, and aptitude of every student. The results are holistic learning paths, for every learner, through their lifelong learning journey.
3. Financial Services - Cognitive systems can deliver unprecedented personalized support to financial services customers in a way that fundamentally changes the experience of the brand - and can also improve enterprise-wide visibility into regulatory and internal compliance controls. Adding Watson’s cognitive capabilities allows clients to go beyond traditional rules-based policy and demographic views to a deeper understanding of customer profitability, preferences and lifecycle needs so that they can offer new, more personalized offerings and experiences.
4. Health - The adoption of AI in healthcare is on the rise and solving a variety of problems for patients, hospitals and the healthcare industry. Watson is the only AI technology tackling a wide range of the world’s biggest healthcare challenges including cancer, diabetes, drug discovery and more. In oncology, Watson is at work supporting cancer care in more than 150 hospitals in 11 countries, and a large, growing body of evidence supports the use of Watson in healthcare. WinterGreen Research estimates the global healthcare decision support market alone will increase to more than $200 billion by 2019 as a result of new cognitive computing technologies.
5. Internet of Things (IoT) – We live in a world of interconnected devices. Wearable devices, environmental sensors, machinery in factories, components in a vehicle or devices in homes and buildings can all be connected to deliver insights and drive transformation. The Watson IoT Platform helps clients harness the full potential of IoT.
With all this and more, AI in on the path to transform the way we live and work. Organizations have just begun to scratch the surface of its capabilities.
A question which businesses are increasingly asking themselves is - what can enterprises do to tap into AI’s full potential? What steps can leaders take to accelerate its benefits?
Answering all of this and more would be IBM’s Chairman, President and CEO Ginni Rometty who will host the THINK Forum 2018. Scheduled to take place in Mumbai on Feb. 13 at the St. Regis Hotel, Ginni along with and other senior IBM leaders will share - how they are reacting to these disruptions and how IBM’s clients are taking advantage of new technologies to gain advantage and become the disruptors
Three engaging sessions will discuss how CEOs are addressing the challenge, the characteristics of the Cognitive Enterprise, and IBM’s Innovation Outlook, as well as a forward-looking view from IBM Research that supports the company’s investments. Other key speakers include industry veterans such as; Rajnish Kumar, Chairman, State Bank of India, Vishant Vora, Director – Technology, Vodafone and Anup Purohit, Chief Information Office, YES Bank to name a few.
To register for the THINK Forum, please click here
Editor's Picks »
- Motherson Sumi continues to face margin pressure in foreign markets
- What the Warren Buffett indicator tells us about market valuations today
- Jet Airways lands with a thud in Q4 as fuel costs increase
- IBC amendments: Some dilutions, and a lot more speed
- Patanjali’s gambit is paying off in toothpaste wars