The starting line
In some respects, artificial intelligence (AI) is old news. In the consumer market, conversational AI – think of Siri or Alexa – is commonplace in many homes.
In the enterprise, the story is a little different. As more people experience the benefits of AI in their personal lives, they expect the same in their business interactions too. But, while many business leaders understand the importance of AI and are keen to explore its possibilities, the consumer market is setting the standard, and enterprises risk disruption if they cannot keep up.
Businesses should be aware that an AI tipping point is looming. Progress that has been slow is set to become sudden and dramatic. "We predict that by 2025, companies that have adopted AI will be 10 times more efficient and have twice the market share of companies that have not," says Vikram Mahidhar, global business leader, AI solutions, at Genpact.
Some organizations are already making headway. AI-enabled businesses use technology to make informed decisions and predictions, spot risks and opportunities before their competitors, and anticipate customer needs to boost satisfaction, loyalty, and revenues. For businesses only just beginning to explore AI, developing and implementing their strategies at speed is essential.
As we look at how different industries are using AI, it's clear there are still significant barriers to overcome. However, there is hope for a new approach that allows businesses to realize the benefits of AI faster than ever before.