Artificial Intelligence (AI)
WHAT IS ARTIFICIAL INTELLIGENCE (AI)?
A common goal among companies in today’s data-driven world is to become smarter—to know where the market opportunities lie, where supply chain logjams are and where process improvements can be found. Data science has been the fuel behind this trend, and now data science is itself becoming smarter. Thanks to astonishing advancements in Artificial Intelligence (AI) and its sub-segments machine learning and deep learning, companies are achieving new levels of efficiency in data analysis that impact their entire business. The rising tide of AI adoption across industries will drive significant growth in the next decade, with AI software revenue set to reach almost $90 billion by 2025. AI’s presence is tantalizing to data scientists and business managers alike who seek to let machines do the number crunching to make the business smarter on a holistic level.
Where is AI finding a home? Among the most common examples of AI in the enterprise are image recognition and tagging, patient data processing, localization and mapping, predictive maintenance, predicting and thwarting security threats, and intelligent recruitment and HR management techniques. But perhaps the most active adoption is being seen in the marketing and sales operation, where intelligent use of data and the ability to learn from human interactions can produce big financial benefits. In a Statista worldwide survey, 87 percent of current AI adopters said they were using or considering using AI for sales forecasting and for improving e-mail marketing. While sales forecasting is often automated by technology to a point, it can be vastly improved with an AI agent that monitors and reacts to customer interactions and shifting market patterns. Email marketers similarly can create a sense of one-to-one marketing through more intelligent targeting and content creation for various audiences.