In some ways, artificial intelligence has been on the cusp of ‘useful’ for business for decades. Despite the hype though, AI has failed to deliver for many of those years.
Now we have a perfect storm, says Matt Kuperholz, PwC’s Chief Data Scientist in this panel discussing PwC’s Global Artificial Intelligence Study: Sizing the Prize. Increased computing power and communications speed, combined with decreased storage costs, means that AI is becoming advanced enough to solve real-world business problems.
Kate Eriksson, Head of Innovation and Disruption at PwC, agrees. Sometimes, there just isn’t a way to do the job that doesn’t include the massive data processing power of AI, and that has led to an “extraordinary opportunity for us not just to automate, extend and predict, but to really shift to whole new possibilities and experiences.”
How do we use AI and data analytics to create true value for businesses? By understanding that these technologies are tools, not solutions. If your business has a strong purpose and compelling problem that it aims to solve, artificial intelligence and data will enable you to do so. If it doesn’t, what you have is a business problem, not an AI one.
PwC Lead Partner for Analytics, John Studley, has four tips that will enable organisations to go forward with AI:
- Be careful of your customers’ data when partnering with others.
- Have a business strategy with AI at its core (not on the fringe).
- Tailor and customise the technological tools you use.
- Build in governance and controls as you would with any other tech project.
Watch Matt, John and Kate’s panel discussion on the advantages of AI for business below:
Download your copy of PwC’s Global Artificial Intelligence Study: Sizing the Prize here.