Do you know that of the approximate world’s GDP of 80 trillion USD (31,000 trillion Naira), Artificial Intelligence makes up 9.5 to 16 trillion USD? This was the introductory question at the last Artificial General Intelligence course anchored by Sarb Parhar and moderated by Mahendra Waman
Market Value of Artificial Intelligence with Respect to Functions
Some interesting findings emerged from McKinsey after a study of 400 companies in 19 different industries.
The highest value of Artificial Intelligence (AI) comes from Marketing and Sales. Marketing activities include personalized promotions, price optimizations, forecasting, feature sales, upselling, cross-selling, lead scoring. Marketing accounts for 43% of the potential AI value of 3.3 to 6.0 trillion USD.
The second highest value of AI comes from Supply Chain activities as forecasting, demand accuracy, and reduced inventory. The supply chain accounts for 34% of potential AI value.
Maintenance Sector/ Service Operations accounts for 13% of potential AI value
Value of Artificial Intelligence with Respect to Sectors
Every sector is getting impacted by Artificial Intelligence. The aggregate dollar impact of AI’s top 3 with respect to sectors are Retail, Transportation, and Travel.
According to a study by Oxford, 47% of jobs will be impacted by Artificial Intelligence. This means that about 50% of jobs can be computerized and will see major changes in the coming years due to Artificial Intelligence. Telemarketing, chatboxes, transportation, insurance, data entry, and many other jobs will be changed and made smarter.
USE CASES
Churn analytics have been used to tell you which customer will flip and which will stay. With such information, organizations can customize offers to retain customers. Other use cases of AI include Product recommendations and customer insights.
Geoffrey Hinton, the father of AI opines that certain jobs in the healthcare industry need no training anymore. Radiologists for example should not be trained anymore as AI has done so much progress in analyzing scan results than humans. Amazing, right?
Companies need to make profits by finding new revenue opportunities and by adopting automation.
Implications of Artificial Intelligence
Prediction costs will come down as many applications will emerge.
Data and judgment cost will go up (however, net/total cost of low prediction and high data/judgment will still be a lower cost)
We will now make optimal decisions rather than satisfying decisions
Humans versus Machines: Pros and Cons
Humans can handle diverse situations. However, humans have memory limitations, cognitive load (optimal vs satisfying decisions), biases, blind spots, time constraint, can be affected by business pressure and attention drift.
Computers have unlimited processing, unbiased decision making, no emotional baggage, if data is good, your decision will be good and vice versa, and no attention drift.
The combination of computers and human intelligence gives better models than human intelligence alone.
6 Disciplines of AI
Computer vision, Knowledge reasoning, Machine learning, Natural language Processing (speech to text), Planning and Robotics
Facts
More data beats better algorithms, but better data beats more data. This means that your data should be clean, balanced, and relevant. Better data leads to better predictions.
Data is not the thing but the thing that gets you to the thing. Data is the new oil for the prediction engine.
As a business manager, learn how to ask better questions. Match your years of experience with your ability to ask better questions.
Acquire a Master certificate in Data science Management https://romebusinessschool.ng/test/master-in-data-science/. With Data Science Management, you can be the CEO of a Fortune 500 company.
Need to Know
Who needs Artificial Intelligence? How has technology development advanced to this age of Artificial Intelligence?
How can you use knowledge of AI to drive the marketing and sales of your brand? What is being done in your field in AI? These and many more were addressed in this webinar
To get the full video on this Artificial General Intelligence Course, kindly send an email to [email protected]
To master skills in Data Science and start making valuable business predictions with information in your data warehouse, join our one-year Master in Data Science course https://romebusinessschool.ng/test/master-in-data-science/
Still confused about which Master program to embark on? Contact our Career Services for a free consultation.
For more information on the free consultation or to enroll contact us here – https://romebusinessschool.ng/test/contact-us/