There’s no doubt about it, Artificial Intelligence or ‘AI’ is one of the hottest topics in the world right now and tech giants such as Google, Apple and Facebook have made AI a fundamental part of the way in which they now operate.
AI is being used to solve problems and enhance solutions, from detecting fraud, to improving customer experience, increasing sales and automating work processes. The term AI sounds futuristic, but the reality is that it’s already here and it’s all around us. Think about platforms such as Siri and Cortana, or smart cars such as Tesla, or purchase predictions used by Amazon or even music recommendation services like Spotify and Pandora. These are just a few examples of AI that you’re already using every day.
For the last few years, AI has been entering the consciousness of almost every industry and this has started to create a fundamental shift in the way organisations now do business. This emerging technology is rapidly changing the business landscape due to the way in which it allows companies to utilise data. But it’s not just any data, AI is capable of analysing large amounts of data to make certain predictions and outcomes. Industries such as financial services and healthcare are amongst the top users of this technology.
Intelligent systems and platforms can now automate large amounts of work and therefore reduce the risk of human error and as AI advances, these systems will continue to grow and become even more intelligent. For example, soft drink manufacturer Coca Cola launched Cherry Sprite based on their AI product analysis, after monitoring data collection of self-service drink fountains, allowing customers to mix their own flavours of soft drink.
This is certainly an exciting time for businesses and as things continue to progress in this space, AI technology is likely to provide new market opportunities and competitive advantage. Over the next decade, analyst firm Tractica predicts that annual Global AI enterprise software revenue will grow from $644 million in 2016 to nearly $39 billion by 2025.
So what does this mean for the Australian business landscape more specifically?
AI will continue to grow and transform and organisations who adopt this new technology now will be at an advantage in years to come. In terms of the adoption of AI, Australian Businesses are lagging in comparison to the rest of the world. Therefore, Australian companies now face a crossroads between embracing AI or falling to the sidelines of the uncompetitive.
If your company does not have an AI strategy in place, it’s important to start looking at possible solutions and tools. Of course not every tool or strategy will be relevant or necessary for your organisation so think about your objectives and how AI can help you automate tasks and then take the time to understand the risks before making an informed decision to implement AI solutions in the real world.
FinXL currently has a number of AI based engagements that are delivering value in areas such as intelligent networks, digital marketing and workforce optimization. Contact us today for more information.