Artificial intelligence (AI) is emerging around the globe in technologies like smart home communication devices and autonomous vehicles. But, what exactly is AI? Frequently used as a buzzword throughout a multitude of industries, there are many people that still don’t fully understand an AI machine’s complete functionality. Artificial intelligence is technically a piece of software that consists of algorithms that respond based on a pre-defined input. Some articles argue the applications for it are only hype, while others maintain that AI will continue flourishing as a massive disruptor for businesses for years to come.
AN EARLY ENTRANCE
Remember, AI technology is still in its infancy. Truly artificial intelligent machines like Google’s DeepMind are systems that can learn on their own by improving on past iterations. These improvements allow it to enhance its capabilities and become more intelligent. Systems like DeepMind are what employees fear will displace a large percentage of jobs within the next few years. This assumption is inaccurate. Accenture research on the impact of AI in 12 developed economies reveals that AI could double annual economic growth rates in 2035 by changing the nature of work and creating a new relationship between man and machine. The impact of AI technologies on business is projected to increase labor productivity by up to 40 percent and enable people to make more efficient use of their time. Below are examples of how corporations are successfully implementing machine-to-machine transactions into job functions and why:
Created by Narrative Science, Quill was designed to make Intelligent Narratives. The application takes a specific set of data and generates it into a written document that is easy to comprehend and transform into an actionable asset. Quill is so advanced that it makes producing earnings reports a nearly automatic process with a writing style that is equivalent to a human. In 2016, Forbes published an article on how they are using Quill to research companies and produce earnings reviews.
Produced by Progress, DataRPM provides Cognitive Predictive Management for industrial internet-of-things or IoT. This application takes enterprise-level data to automate predictions about asset failures. DataRPM’s patent pending Meta-Learning technology utilizes feature engineering, segmentation, and prediction algorithms to create the prescribed recommendations.
WORKING WITH YOUR BUSINESS
Published case studies and other articles provide proof that AI is not able to massively wipe out job roles across industries. In fact, most AI algorithms are designed to assist or alter certain job functions to improve the employee’s capability in that role. So, companies interested in adopting AI would be wise to implement the applications in areas of the business where computers already interact. There are still plenty of low-hanging fruit options for AI applications within corporations.
CLOSING THE GAP
Recognized by Forbes as one of America’s Best Management Consulting Firms, Bainbridge understands the critical gap that is forming between businesses and advanced technology like artificial intelligence. As the digital age continues, companies are realizing the necessity to be up-to-date on the latest technologies used to operate their business. Tech disruption is impacting more industries every day and corporations are now facing the challenge of competing with agile technology companies within their same market.
Companies should introduce AI and begin climbing the organizational learning curve on a scale that is manageable. Employees will fully understand how to utilize the machine as a tool to increase job efficiency, rather than allowing it to displace them. No matter the scale, companies looking to introduce AI applications into their infrastructure would be well suited for Bainbridge advisory services. Bainbridge is developing an exclusive AI Practice that will act as a non-profit global “think-tank”. Through this thought leadership inspired website anyone will have the opportunity to stay updated on AI trends via featured insight articles, video recommendations, chat rooms and webinars. We are currently building our council and inviting AI technology experts from around the world to be a part of the journey.