Artificial intelligence (AI) is rapidly emerging as the most important and transformative technology of our time. Recent advances, particularly in machine learning - a computer’s ability to improve its performance without human instruction - have led to a rapid proliferation of new applications that are changing the game for companies in almost all industries.
AI can help accomplish many business activities with greater accuracy and at a fraction of the time it would take humans to do the same.
AI also offers a substitute for human judgement because it can forecast based on patterns in data that are undetectable by humans. These features can change what businesses and the managers in them do but also how they do it in profound ways.
The effects of AI will only be magnified in the coming decade, as industries transform their core processes and business models to take advantage of its capabilities. Rather than miss the momentum, business leaders need to understand and act on the tremendous opportunities AI offers their industry. They need to consider what is possible now, what will be possible, and what other industries are doing that could translate to their business to give them a competitive advantage.