In a 2019 O’Reilly report entitled AI Adoption in the Enterprise, 81 percent of respondents reported they work for a company that is using artificial intelligence (AI). While the survey went on to document a number of challenges companies experience in deploying the technology to reach its full potential, it’s encouraging to see a significant portion of companies embracing AI.
Here are some key markets in which AI is delivering particular value, according to a recent InformationWeek article:
- Technology: Many companies in the technology sector are using AI to create new service offerings that incorporate AI in some way. According to a McKinsey report on AI adoption, 59 percent of firms look to AI for product and/or service development. For those of us in the data analytics industry, this statistic is not surprising given tech companies have historically been trailblazers in finding new ways to boost revenue with emerging technologies. TIBCO has helped numerous such organizations monetize their data and identify other avenues in which the technology can be used to expand product and service offerings—among them SMG, Thingstream and Ignite.
- Financial Services: The InformationWeek article also pointed to the financial sector as a notable early AI adopter. According to the article’s author, Cynthia Harvey, “Stock traders were among the first to realize that machine learning systems might be better than humans at recognizing patterns in the market, and today, automated systems built on AI technology have become commonplace.” Again, the potential for AI and analytics to uncover new business models and opportunities is a key driver behind the financial services industry’s interest in AI.
- Manufacturing: AI-enabled robots are a prime example of how the technology is driving improvements in the manufacturing sector. Additionally, the combination of machine learning and predictive technologies can make predictive maintenance, risk management, and supply chain management more efficient and effective.
- Healthcare: Harvey writes, “After being trained on millions of data samples, AI systems can learn to identify cancer, benign tumors, broken bones, and other conditions that appear in X-rays and other imaging.” This is the logical extension of making data more actionable, accessible, and intuitive—something healthcare providers like eClinicalWorks, University of Iowa Hospitals and Clinics, and BroadReach Healthcare have done successfully.
- Transportation and Logistics: Autonomous vehicles are an obvious use case of AI in the transportation sector. Other applications include using machine learning and predictive analytics to analyze data collected from connected vehicles.
As the examples above illustrate, one area where artificial intelligence provides the greatest potential is in its ability to help companies make better and more valuable use of their data. As AI adoption continues and companies overcome some of the initial hurdles in their deployments, expect to see new innovations hitting the market drawing on the unparalleled combination of AI and other technologies.