AI is undergoing something of a revolution, but it is difficult separating the fact from the fiction. Ai has become a bit of a marketing ploy, and it distorts progress and skews expectation. Make no mistake, humanity is making massive progress on AI, and I guarantee that, unless you live in a cave, you have regular contact with artificial intelligence in your day to day. Whether it is curating your Spotify playlists, or tracking your marketing leads, the machine is learning to think.
The 7 facts you need to know about the future of AI
#1: A recent study by SAS found that 20% of executives felt their data science teams were ready for AI, while 19% had no data science teams at all.
Amsterdam’s analytics software supplier SAS has disclosed research that took some of the wind out of AI’s sails. Its findings are that most executives aren’t ready for AI, and it is little more than talk around the office. This points out the disparity between Ai hype and Ai reality, at least in an internal business marketing tech setting.
The vogue for artificial intelligence (AI) is streets ahead of user adoption – Brian McKenna, Computer Weekly.
#2: By 2018, six billion connected devices will be proactively asking for support.
A Gartner study predicts there will be 6 billion connected devices interacting with services to get support. AIs will talk to other AIs. 2018 is months away, so did the Gartner study miss the mark? Not at all, I can’t find exact numbers but we have cars that automatically calls mechanics when they break down, and chatbot, like Kayak that can aggregate the results of travel agencies and airlines to get the best price for a flight or accommodation using natural language algorithms.
In sales and marketing, we have programs like Conversica that intelligently engage with leads to automate the top of the sales funnel and start the dialogue
The Gartner study went on to predict that an entire industry would be born and grow to accommodate responding to all these service requests from things talking to other things.
#3: 80% of executives believe artificial intelligence improves worker performance and creates jobs.
The feel-good study by Narrative Science had a lot of positive to say about AI. It even went as far to rebuttal sentiment that AI will take all our jobs. Executives believe it will create more jobs. Can executives accurately predict how AI will affect employment? I doubt it. But it is nice to know that upstairs aren’t given up on people yet.
There is a lot of debate about what AI’s means for jobs. No one really knows what will happen. We are dealing in educated guesses at best. Personally, I hope AI takes all the jobs, and we will enter an age of leisure paid for with mechanical slave labor. Once money becomes obsolete we can pursue creative endeavors, or spend all day in our underpants. Apart from the occasional robot rebellion, the earth will be a paradise.
#4: Artificial intelligence will replace 16% of American jobs by the end of the decade.
See what I mean? One study says AI will result in more jobs, and then this study by Forrester predicts it will take them all away. Within 10 years, 16% of jobs would give the US the second highest unemployment rate in the world. Will the falling labor costs bring back manufacturing and make the nation more competitive? Will AI create enough jobs to offset the unemployment it creates?
I really don’t think anyone knows. We live in fascinating times. People are talking about universal basic incomes, cryptocurrencies, and augmented realities. The world and society are volatile. We will just have to wait and see.
#5: Salespeople take 3x longer to lose a deal than win a deal.
Stephen Messer a founder of a Rakuten Marketing, an analytics and artificial intelligence firm in New York City spoke about how internal research revealed that salespeople are wasting time on deals that were never going to happen.
The Enterprise Sales Podcast is a great marketing and sales podcast. I am not affiliated with them but recommend that you have a listen.
Working with most the fortune 2000, Rakuten Marketing sees more sales data than anyone else out there. They use AI to read digital body language. By mapping out behavior and comparing it to other customers.
A bit off topic, but he then goes on to explain why large companies are sharing data on their platform because it is to their competitive advantage.
#6: By 2020, 85% of customer interactions will be managed without a human.
Garter predicts that in less than 3 years 85% of customer interaction will be managed by AI. We are already seeing this. Behavioral data is collected and used to show different people different landing pages. A/B split testing is being done in real time, to steer the customer’s journey with big data and algorithms.
Advertisements are targeted and soon webpages will be too. I predict that this will limit the customer's interaction with the help desk. All the information that they needed for their purchasing decision was better presented in accordance with the Ai roadmap aggregated from the data of previous customer’s.
When we do have a question, we aren’t as likely to pick up the phone. We use instant chats to reach customer service representatives. This is prime for Ai disruption and widespread adoption of chatbots. Only the most difficult customer inquiries will be passed on to a human.
#7: By 2025, the artificial intelligence market will surpass $100 billion.
What do you expect to come out of a $100 billion-dollar industry? I expect results.
Money incentivizes effort. It orientates humanity towards a single purpose. Students will take AI courses, tech companies will send out their hiring feelers, and promising start-ups will get the funding they need to innovate.
I was reading about competition between Silicon Valley and Chinese mega-corporations like, Tencent, Alibaba, and Baidu, who are fighting tooth and nail for the AI talent out of major universities. Samsung, Intel, and Apple are all working on AI chips for smartphones. The industry is heating up and most of this money is just AI algorithms analyzing big data for business and marketing. Imagine how quickly it will take off when we have AI consumer electronics, self-driving cars, and we begin to automate all the massive industries that Ai is ripe to disrupt.