Artificial intelligence is becoming a bigge part of our lives with every passing day. Machine learning programs are gathering ever more data, which they use as feedback to improve their functionality and drive progress. AI technology continues to grow and improve, and so does its applicability in the business world. CEOs and other executives at companies of all sizes have invested in research and development for this exciting new technology. With so much potential for growth, it’s no wonder businesses hope to use AI to gain a competitive advantage in the marketplace. But don’t take my word for it. These three AI facts can help you stay ahead of the curve!
Though business applications for AI are talked about quite often, it’s important to note what’s going on with consumers as well. When you think about it, all business trends ultimately depend on mass adoption from consumers. For example, there wouldn’t be such widespread use of Facebook Ads (which also use AI, by the way) over the past few years if Facebook hadn’t been widely adopted by consumers. It’s never been easier for businesses to reach their target audience on the site now that it boasts more than two billion users.
If more than 20 percent of homes with WiFi have smart speakers, as you can see in the graphic below, it’s going to become increasingly important for businesses to find ways to take advantage of this technology.
As more consumers adopt this new hardware to get their morning news, find the day’s weather predictions, or remind themselves to take out the trash, it’s going to become a more attractive medium for businesses.
77 percent of people use devices with AI capabilities, but only 33 percent realize they’re using AI.
It’s obvious to some people that AI technology is a part of their daily lives — especially if they have an Amazon Alexa or another smart speaker in their house. However, AI is far more prevalent than many people think. In fact, most people who use AI-capable devices don’t even realize they’re using AI. If you think about it, every single iPhone user who has asked Siri a question has used a form of AI. This just goes to show how rapidly technology is progressing and being implemented into our daily lives; most of us don’t even realize it’s happening.
It’s no wonder that AI is attracting increased attention from savvy folks in the business world. Take it from an expert like Mark Hurd, who claimed, in a LinkedIn article published earlier this year, that “during the next two years, artificial intelligence and the ability to run autonomous software and systems will dramatically reshape how businesses think about technology.”.
Jeff Bezos, the founder and CEO of Amazon, has proclaimed that “we are now solving problems with machine learning and artificial intelligence that were… in the realm of science fiction for the last several decades. And natural language understanding, machine vision problems, it really is an amazing renaissance.”
Jeff Bezos is no fool. He and his team at Amazon had the foresight to see AI coming — hence why Alexa now owns almost 70 percent of the smart speaker market. They anticipated the “business advantage” of AI in the home before most companies caught on and were thus able to get their products to market earlier. That’s what makes AI such a business advantage in the first place: despite its prevalence, it’s still an emerging technology.
As with anything else, the people and companies that can adapt the fastest to take advantage of new trends and technologies (otherwise known as first mover advantage) are often the ones who succeed. As AI continues to develop and evolve, there will be many more opportunities for businesses to implement it in new areas of our lives — it’s just a matter of beating everyone else to the punch. Those who are open-minded, agile, and able to adapt quickly will have the upper hand.
AI has gained serious traction in the past few years, and it’s not showing any signs of slowing down. It’s infiltrated our homes as smart speakers, it’s in the phones we use every day, and it’s even found its way into many famous movies. AI’s capabilities are evolving every day, and so is our understanding of it. But if there’s one thing that you must understand, it’s that if you’re not ahead of the market when it comes to using AI, then you’re already behind.