How your company can benefit from artificial intelligence

Let’s start with the basics: Accenture defines artificial intelligence (AI) as a collection of multiple technologies that together enable machines to sense, comprehend, act and learn, either on their own or to augment human activities. It’s happening now.

Indeed, we are seeing AI at a tipping point – quickly coming of age and beginning to mature at a much faster rate than ever before. This is because it is now possible, due to the availability of massive, inexpensive cloud-accessible computing power and low-cost storage, combined with algorithms, to sift rapidly through enormous volumes of data.

Corporate executives seem convinced of its potential – according to Accenture’s 2016 Technology Vision survey, 70 per cent of corporate executives said they are making significantly more investments in AI-related technologies than two years ago, with 55 per cent stating that they plan on using machine learning and embedded AI solutions like Amelia extensively.

Analyst firm IDC predicts that the worldwide content analytics, discovery and cognitive systems software market will more than double from US$4.5 billion in 2014 to US$9.2 billion in 2019. Other observers see these systems as catalysts which will have a US$5 trillion – US$7 trillion potential economic impact by 2025.

But companies need to know how to harness AI effectively. We advocate a strategic approach that is business-oriented, people-first and technology-rich. These three principles will help businesses effectively integrate intelligent systems to improve operations and create new growth opportunities.

AI can also increase expertise by enabling analysis and offering advice and implementation support. This enables businesses to be more effective and frees managers to be more innovative.