Artificial Intelligence (AI) has been in discussion for past several decades as science fiction and experiments in research and labs. However, in past 2-3 years, AI has come in the forefront of discussion. It has started gaining adaption in C-Suite and business world. Many industries – Healthcare, Retail, Banking, Consumer Products, Insurance, Manufacturing, Auto among several others are now experimenting with AI tools and technologies.
A 2015 Tech Pro Research survey indicated that 24 percent of businesses across industries are currently using AI or had plans to do so within the year. There are three forms of AI – Assisted, Augmented and Autonomous. You can see these scenarios in auto industry that is taking cars using Assisted AI to Augmented AI with a goal to have Autonomous AI driven cars in next few months or a year.
Now, how do we apply the AI in business strategy and decision making process. Despite several advancements in Cognitive technologies in past year, having a autonomous AI for business strategy is far from reality. However, one of the leading start up management consulting firm 7F Consulting is claiming to have a solution framework to include all market news, industry regulations, economic indicators, social and competitive intelligence to become a AI Assisted strategy advisor. Imagine a solution like this that is integrated with Alexa or Siri and it can run hypothesis with decision tree for you and using the data, come back with probabilistic decision for you to consider. Over course of multiple interactions, the system learns what insights you need, what actions you take and what drives results using Management framework and delivers tailored results.
The potential of Artificial Intelligence for organizations is enormous and if the projections turn out to be true and in the coming years the AI market will grow to a multiple billion dollar market, doing business can take up a whole new meaning. Resulting in fewer employees required while significantly improving your bottom line results. We are all aware of how jobs that once were the exclusive domain of humans such as facial recognition, sarcastic comment analysis, automobile operation, and language translation are now being done with software. If your organization is not already doing so, you should encourage it to undertake pilot projects involving AI to gain experience and better understand its capabilities and, perhaps more important, its limitations.