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Artificial Intelligence: Businesses that Don’t Invest in AI Risk Being Left Behind
84 percent of businesses say that they are already using artificial intelligence and 62 percent said that investment in AI is crucial to remain competitive by 2020. But digging deeper, a report by Tata Consultancy Services. found that there are really very few companies making big investments in AI. The average investment in AI was one-third of one percent of total revenues.
The Tata report found that there will likely become a “competitive imbalance” among businesses, those who have invested in AI and those who haven’t. “Conservative spending may come to haunt the majority; the companies with the greatest revenue and cost improvements in 2015 from their AI initiatives outspent those with the smallest improvements by a factor of five.”
How will AI help businesses, at least initially? John Cusano, global head of Accenture’s insurance practice, said that “there’s an opportunity to add AI to the back-end transaction systems. This will create a need to clean up older and less flexible technology and will give startups the advantage of being able to build that from scratch. The real value of automation is to take care of routine tasks, freeing up employees to deal with more complex issues.”
