The global Artificial Intelligence market is projected to grow to $169 Billion by 2025. Augmented Intelligence, the practice of using AI and human skills together, has even loftier projections, ranging in the single digit trillions as specified by Gartner.
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Yet, AI remains a mystery for many businesses. The news feeds us a steady diet of amazing AI accomplishments. The AI tools landscape is growing rapidly, with hundreds of new tools available every year. However, for a business with no internal AI practice, there is little information about how to get started and how to generate the first dollar of Return on Investment (ROI) from an AI project. Between the hype and the frustration, what can a business leader do?
This article covers common myths and realities about AI in 2021. By noting these, businesses can approach their entry to AI with an optimistic view driven by the technical prowess, but a realistic approach that increases the chances of success.
Real vs. Relevant
Many (even most) of the amazing AI innovations found in the news are real. But being real is not the same as being relevant (to you!). Some examples:
- AI beat humans at chess many years ago. This speaks in general to our ability to create AI technologies that can reason and strategize. Beyond this, unless you are in the business of internationally ranked competitive chess, this is probably not relevant.
- AI has been shown to be extremely effective at detecting diabetic retinopathy from eye scans. If you are in the healthcare field, this is certainly interesting. However, given the regulatory requirements of new technologies, unless you are a researcher, it is unlikely to be imminently relevant to you.
- AI can be used to make ever more intelligent and engaging chatbots. These capabilities are frequently accessible via APIs. This is relevant to anyone with a business website, shopping site etc.
Half the battle of being able to get value from AI is to understand your problem and how to define your problem in a way that an AI can be effectively applied to. To help illustrate this – here are some examples: […]
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