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The pandemic is considered to be the biggest driver and accelerator of the massive change of attitude and acceptance of AI. The last 18 months have seen a big change in the perception of AI.
A report by Appen found that AI budgets in the range of $500,000 to $5 million have increased by 55 percent this year. There’s also a big shift in who’s calling the shots in how a business uses AI. Previously, C-Level executives led AI efforts 71 percent of the time, but now, it’s flipped in favor of technologists. Only 39 percent of C-Level execs are heading AI efforts.
Businesses are using AI to help allieve skills shortages, improves processes, and provide guidance when making business decisions.
Erik Brynjolfsson, Stanford professor, and Georgios Petropoulos, MIT post-doc, wrote that “the development of machine learning algorithms combined with large decline in prices for data storage and improvements in computing power has allowed firms to address challenges from vision and speech to prediction and diagnosis. The fast-growing cloud computing market has made these innovations accessible to smaller firms.”