‘Artificial Intelligence (AI)’ is the hype that every organization, consumer, and movie director is looking to predict. The Stanford University’s inaugural AI index undertook a One Hundred Year Study on Artificial Intelligence (AI100). The study concluded that we all are flying blind in our conversations and decision making related to AI. There has been a 14X increase in the number of AI startups and 6X increase in the investment level by VC investors into the US-based AI startups since 2000.
If we look at the business’ usage, the strategy for implementing or developing AI looks sorted, but there is still no sight of a roadmap. A global enterprise application company IFS released a finding on the attitudes and strategies toward AI among business leaders. The study got more than 600 business leaders to share their views and plans on AI.
Business leaders across the industry are convinced that AI will be an essential component for any business’ success in the near future. About 90% of business leaders expressed their interest in implementing AI in various business operations. As per the study, the most commonly reported area of investment was industrial automation; with 44.6% planning AI projects, while customer relationship management and inventory planning secured the second place at 38.9%.
Around 60.6% of leaders are expecting AI to assist them, making existing workers more productive. Approximately 47.9% agreed to use AI to add value to the products and services they sold to their customers. About 18.1% indicated that they would be using AI to replace the existing workers.
Though most businesses are eager to adopt AI as a solution to bring efficiency and increase productivity, the question is, however, will the business demand increase too in proportion. The challenge for businesses is that will the AI investments fulfill the designated purpose, and will that purpose be just driven by efficiency?