Artificial intelligence is more accessible than ever these days and is driving business transformation in unprecedented ways. Twenty years ago, the idea of AI might’ve conjured up visions of a Minority Report world where AI tech was something far distant in the future, or even something only possible in science fiction stories.
That has completely changed. These days, everyone has AI built right into their smartphones with digital assistants such as Siri and Google Assistant offering advice on anything from what to eat to which route to take to get home the fastest. Today, AI helps people find similar clothes, streamlines the hiring process, facilitates better conversations, improves marketing, and even makes safer cars!
The list is ever-growing. Artificial intelligence has hit the mainstream and the business transformations it has spurred have resulted in ways of operating that were unheard of before.
Separate breakthroughs in AI have created “pockets” of advancement, opening up AI little by little to its full potential. In a recent survey about AI in business, McKinsey defined artificial intelligence as “the ability of a machine to perform cognitive functions associated with human minds (such as perceiving, reasoning, learning, and problem-solving).” These functions then allow AI to solve business problems.
Broadly speaking, any software that does any of the following is AI-software:
- Processing natural language
- Motion planning
- Process automation
- Computer vision
- And so on
Some sectors are already fully leveraging the power of AI, such as the finance sector and smart cities. And machine learning is being used more and more in asset management.
Let’s take a look at how artificial intelligence is driving business transformation in these sectors.
Artificial intelligence and smart cities
Smart cities are changing the way people live, work, and do business. By utilizing artificial intelligence, and leveraging the Internet of Things (IoT), smart cities can improve energy distribution, ease traffic, streamline municipal services, and even reduce crime. Smart cities are also ensuring a greener earth by helping reduce greenhouse gas emissions.
The annual IMD Smart City Index shows how many cities across the globe are achieving this. By better managing traffic and transport, many cities are able to reduce greenhouse gas emissions, as discussed in this article here. By providing smart solutions to mobility and transportation, such as bike rental or live traffic updates, cities are thus able to improve their environment. The three cities leading the way for “greener cities” are New York, London, and Paris.
Sensors and data collection live at the heart of effective smart cities, and technology even exists now to be able to detect behavioral patterns of citizens so that they can better find what they need.
AI-driven asset management and machine learning
Few sectors have seen as many groundbreaking advances in artificial intelligence as the FinTech sector. Artificial intelligence has completely transformed this sector. Due to advanced machine learning, apps now exist that can assist people to manage their finances better or make better investments.
One of the more incredible breakthroughs is how machine-learning robots are even providing financial advice which is as good as that given by trained advisors.
This is logical. Financial advice is a skill that depends on big data. No human being is capable of collecting and correlating the amount of big data required to regularly make accurate low-risk investment decisions.
The wealth management sector has been completely transformed by this breakthrough, and many wealth management firms now look to some degree of automation in their day-to-day business.
Deep-level machine learning in AI-driven asset management opens the door to endless possibilities. The better AI becomes at deep machine learning, the more this sector improves.
Change is the only constant in tech-driven business transformation
The only constant here is change, and the companies that adapt to change the fastest are the ones that survive.
Blockbuster Video ignored changes in technology and paid for it. The irony is that Blockbuster could’ve bought Netflix for a meager $50 million in 2000, but passed on it. (Fifty million was peanuts for Blockbuster back then. It had just gone through an IPO which had valued the company at $4.8 billion.) Instead, Netflix got so big as a result of adopting new technology that Blockbuster eventually went bust.
And another example: Today, Microsoft might’ve also been a relic of the past if it had not been taken over by Satya Nadella, a forward-thinking CEO who completely transformed the tech giant’s culture. Perhaps when Salesforce released its “No Software” slogan in 1999, the end of desktop PCs was not much of a threat to the Redmond-based giant. But by the time Chromebooks started shipping in 2011, and Google Apps started taking business away from Microsoft, the company had to pay attention to this new technology called “the cloud.” Now, Microsoft’s business transformation is complete and it is a force to be reckoned with in cloud computing.
AI drives change in business, and companies need to embrace that change to grow.
Renowned speakers at our upcoming “How AI is Unleashing Business Transformation” Virtual Event
We have barely scratched the surface of how AI can unleash business transformation. The subject is as vast as AI itself, and information can get old quickly due to the rapid pace at which AI is advancing.
To talk in-depth about the subject, we are proud to announce the following esteemed speakers for our upcoming 26 August virtual event:
Emil Chan is an experienced digital futurist, public speaker, and online columnist. He has written many articles giving his expert opinion on the better uses of AI. He will also be the moderator for our upcoming virtual event on business transformation.
Another one of the upcoming speakers, Wim Jagtenberg, served as an advisor to the ICO (“Initial Coin Offering”) of AIDUS—an AI-driven asset management program that was built on top of blockchain technology.
Patrick Tsoi is an experienced Data Scientist with a Doctor of Education from Hong Kong Baptist University. Mr. Tsoi has extensive experience teaching about machine learning and artificial intelligence.
And Alex Wong is the MD of AXON Smart City, a Hong Kong-based company specializing in utilizing AI and the Internet of Things (IoT) to create truly cognizant cities that enhance the experience of those living in them.
We hope you will join us on 26 August 2021 for this pivotal event on how to unleash business transformation by utilizing AI to its fullest potential!
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