Artificial intelligence (AI), machine learning and other emerging technologies are changing the way we work, play, live and interact. Organizations around the world are embarking on a revolutionary and transformational journey to incorporate these technologies into their business operations.
AI has taken center stage as never before. And it won’t cede the spotlight anytime soon. Not convinced? Here’s a good indicator: of the 9,100 patents received by IBM inventors in 2018, approximately 1,600 (or nearly 18%) were AI-related.
There’s virtually no major industry that AI hasn’t already affected. That’s especially true in the past few years, as data collection and analysis has ramped up considerably thanks to robust IoT connectivity, the proliferation of connected devices and lightning-fast computer processing.
So what strategies and best practices should company leaders adopt as they embark on a journey to implement emerging technologies into their business operations?
A dynamic group of tech leaders from MST Solutions, InVision, Botco.ai and Washington University in St. Louis recently shared how to prepare for this transformational journey, how to establish a solid foundation, as well as strategies and best practices to leverage these advanced technologies for greater business success.
But exactly what is artificial intelligence and machine learning? And what’s the difference? The term “artificial intelligence” may sound intimidating to some, but it has been in use for decades and its applications are more common than you might imagine. This distinguished panel of experts explained in detail what it is. And even better, why you should care.
AI is intelligence demonstrated by machines programmed by humans to reason, problem solve, process natural language, formulate plans and take actions, learn from data (machine learning), demonstrate motion and manipulation (robotics), input from all kinds of sensors and deduce aspects of world ( computer vision, speech), be socially intelligent (recognize, interpret, process and simulate human effects). And one day in the not too distant future, AI will demonstrate general intelligence by understanding and learning what humans can.
“It’s more important than ever for companies in any number of industry sectors to leverage technology to solve business solutions in a practical way,” said Sanjeev Katariya, chief technology officer at InVision Enterprise. “Machine learning and AI deployed at scale in the business space is not the future…it’s the present.”
“The screen has become the most important place in the world,” Katariya added.
Founded in 2011, InVision is the digital product design platform used to make the world’s best customer experiences. Today, more than 7 million people use InVision to power a repeatable and streamlined design workflow.
“AI is just explosive, Katariya said. “It’s about translating data into knowledge to create a personalized, dynamic experience.”
The panelists also discussed things that smaller companies can do to leverage AI.
“We’re standing on the shoulders of giants,” said Rebecca Clyde, co-founder and CEO of Botco.ai. “Smaller companies can leverage AI by using what’s already out there for public consumption. Businesses of all sizes can deployAI to streamline marketing, improve customer experiences,
help improve decision-making and processes, and so much more.”
Botco.ai is a conversational marketing platform enabling meaningful and intelligent conversations between businesses and their customers. Powered by AI, Botco.ai has evolved into a full-fledged intelligent chat solution, now implemented in multiple industries worldwide, at every scale.
Without a doubt, AI has penetrated our everyday lives…from Alexa and smart phones, to connecting with friends or using a ride-share service. There’s clearly a lot of excitement around AI, but many companies don’t know where to start.
“For greater success with businesses adopting AI, there needs to be alignment at the executive level to formulate a strategy around a specific problem they are trying to solve,” said Srikanth Balusani, chief technology officer, MST Solutions. “Many company executives embrace the desire for digital transformation, but lack the system, data architecture and solid engineering to bring it to fruition.”
“It needs to start with the desired business outcome…what are you trying to achieve,” said Rinkan Patel, Technology Lead at Washington University in St. Louis. “Companies should begin by developing a proof of concept and building it out from there.”
Patel added, “From a journey-language standpoint, it’s innovation to incubation. That’s an important distinction. Many organizations don’t have the business strategy fully planned out to successfully incorporate AI or machine learning into their operations.”
Some companies and industry sectors are just beginning their AI journey, while others are veteran trail-blazers. Regardless, the impact artificial intelligence is having on our present day lives is hard to ignore.
Moderated by Minky Kernacs, the founder and CEO of Mediato Technologies and Mercurio Analytics, it was a fantastic discussion and well worth a listen.
Co-Founder and CEO
Technology Lead – Consultant
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