We’re currently on the cusp of taking a quantum leap towards improved productivity with the aid of AI. While our human brains are quite advanced, there appears to be a finite amount of data we can absorb and process at any given time.
On the other hand, AI is unlimited. Imagine turning the slow drip of business insights into a waterfall of possibilities. With enhanced insights provided autonomously, you can expect to boost performance and decreased operational costs.
When you consider all the regulations being disseminated today—from GDPR to CCPA—it makes sense that compliance would be a moving target.
Moreover, two organizations could interpret or apply regulations in a multitude of ways. Yet, algorithms are different. They digest and produce an output that follows regulations without any experience or pre-supposed biases. In effect, they execute based upon how they were initially structured. So, using AI to automate compliance can ensure your environment is cleared of any related subjectivity.
We’re living in the age of customization and personalization. Consumers want to have great experiences. With that, they want curated experiences, products, and services. Right now, there are few companies who can produce a mass personalization of products and services. But that could be changing very soon.
With AI, mass personalization could become a reality and ensure every customer gets a product or service designed with their unique needs, personas, and preferences in mind. One such example is how Netflix leverages an AI algorithm that produces customized movie trailers based on a viewers’ streaming background.
It goes without saying that digitization has transformed how we interact with each other. Our connected devices are producing an explosion of data and convenience. Just a decade ago, who would have imagined that we could program our home thermostats from our phones?
But with this explosion has come big data. To take the data sets and sources to the next level, we need artificial intelligence. Analyzing the huge volumes of data will produce unseen disruptions in every industry.
As this technology develops, the world will see new startups, numerous business applications, and consumer uses, as well as the displacement of certain jobs and the creation of entirely new roles. Along with the internet of things, artificial intelligence has the potential to dramatically reshape the economy.
Invariably, every company has to adopt AI in a way that is relevant to their business objectives. Before taking the AI path, every company must take a hard look at its strengths, weaknesses, and future goals. Then, when AI tools gain traction throughout the enterprise, you will see hierarchies start to level out and even flatten. It’s true, the future is already here and AI’s far-reaching distribution is just around the corner.