Will AI take over the world? Or, more to the point, will it take over the humankind? It seems to have invaded the public consciousness, sparking concerns that AI will take away jobs. This fear is driven in part by companies using AI to deliver cost savings across their businesses, including areas related to labor.
But AI is much more than that. PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution predicts that by 2030, AI could contribute $15.7 trillion to the global economy—with 42 percent of that produced from increased productivity and 58 percent from consumer purchasing behavior. This future economic power cannot be realized without human intelligence. It’s part of a structural shift that involves changing the way we view AI.
Going on offense for the use of AI
For many of its formative years, AI has been used by businesses as a mechanism for defense—protecting the bottom line. Data science and AI platforms can eliminate data silos, enable greater analytics productivity and introduce central management and efficiency. Yes, these gains increase ROI and lower total cost of ownership (TCO), but it can take up to two years to see their impact.
Today, AI has matured into a building block for revenue generation and business breakthroughs. For example, a car company can use it to improve product design to appeal to more customers. And it can increase sales by targeting dealers with more precise location and temporal segmentation. Or a bank can use AI to improve the customer experience by reducing transaction time, and as a result, reduce customer churn and increase profits and productivity.
Both AI offense—yielding increased profits—and AI defense—yielding lower costs—are how leaders are winning the game. If you want to find out just how much AI can impact your business, you can try this data science and AI business value assessment tool. After you get a sense of the potential that AI can bring to your business, it’s time to make it happen. This means creating the experiences that can grow revenue or even reimagining brand new business models…