AI Business Basics Series
A quick guide to understanding AI and what it can do for your business
You’ve probably heard artificial intelligence (AI) is the future of how business will get done. But do you realize that the opportunity for AI to change your business is happening right now? From creating powerful new customer experiences to optimizing your operations, AI can make your organization smarter and more efficient and help transform your business.
AI isn’t a new concept. In fact, computer scientists have been working on the technology for decades. But, just like the first computers or early flight, AI had its ups and downs in the beginning. It’s only recently that progress in AI capabilities have accelerated thanks to three factors. In combination, these three elements provide virtually limitless opportunities to digitally transform your business in revolutionary ways.
Computing power of the cloud
The virtually unlimited computing power available in the cloud makes storing and processing huge amounts of data much more feasible than when all that information had to be stored on PCs or in in-house servers.
Massive amounts of data
Our world has become increasingly connected and digitized, resulting in more data than many companies know what to do with. This data is the fuel enabling the training of advanced machine learning models that power AI systems.
Breakthroughs in AI algorithms mean machines can now do things such as perceive the world—through speech, translation, and object recognition at levels on par with humans.
76% of retail companies say they are targeting higher sales growth with machine learning.1
1. H. James Wilson, Narendra Mulani, and Allan Alter, “Sales Gets a Machine-Learning Makeover,” MIT Sloan Management Review, May 17, 2016.