Artificial intelligence (AI) is quickly gaining ground, often bolstered by early adopters who are realizing a competitive advantage and generating a positive return on their investment. Successful applications range from tech companies counting on AI algorithms to help reduce customer frustration and churn to manufacturing companies relying on AI to improve efficiencies and business processes. The AI transformation continues to gain momentum, as more than half (56%) of executives polled in Deloitte’s survey–State of AI in the Enterprise, 2nd Edition–think that AI will transform their company within three years.
Machine learning and complex variant deep-learning neural networks are the foundation of AI today. Companies with the know-how can use them to analyze huge data sets, find patterns, and make accurate predictions. Machine learning powers virtual assistants, facial recognition, and autonomous vehicles, and can be applied to a wide variety of operations.
A problem with machine learning is that it requires technical expertise. In the Deloitte survey, 69% of respondents say their AI skills gap is moderate to extreme. Technical expertise is necessary but not sufficient for AI success, however. For many early adopters who have been successful with AI, the secret lies in their diverse resources: they have access to huge troves of data, AI experts who can develop algorithms and interpret results, and business leaders who understand how to apply AI to their operations.
Read the full article here: Cloud-Based Services Are Making It Easier for Companies to Use AI