The advancement of AI has accelerated at an inevitable rate since late last year. The pace of progress in AI will only quicken, from large language models (LLMs) like GPT-4 that are capable of extraordinary cognitive feats (like scoring in the 90th percentile on the Uniform Bar Examination) to ASR platforms like ASAPP (which has reached 98.25% accuracy).
A petition to ban training AI systems has garnered more than 27,000 signatures, including those of many eminent AI researchers, academics, and businesspeople. This is because the technology has advanced so quickly. While caution is undoubtedly required when dealing with technology as sophisticated as AI, the advantages of these systems are so extensive that their use will likely increase over time in a wide range of sectors and industries.
AI’s competitive benefits will speed up adoption, and the technology will become more specialized by industry and application case. This means that an increasing number of businesses will incorporate AI into every aspect of their everyday operations, fundamentally affecting how market share is allocated, which goods and services are offered to clients, and how businesses present themselves to the outside world.
Widespread and accelerated deployment of AI
Our most powerful and versatile resource is intelligence; it drives innovation, can be applied in countless ways, and, in the case of artificial intelligence, can iteratively improve itself. The fact that AI demonstrates the traits humans value most—creativity, problem-solving, and the capacity to convey ideas coherently and persuasively—is one of the reasons it has caused so much fear. It’s a mistake to ignore how AI and human intellect work best together.
Most media coverage of LLMs over the past several months has been centered on the fact that millions of people are experimenting with them and that large corporations like Google and Microsoft are incorporating the technology into their products. A recent Gartner analysis looked at the top five use cases in finance alone: demand/revenue forecasting, anomaly and error detection, decision support, POC revenue forecasting, and cash collections. AI is also poised to revolutionize a wide range of other fields. People can work more productively thanks to these use cases. For instance, revenue forecasting enables business executives to make more strategic plans. Employees can save time and effort using error detection instead of manual analysis.
According to McKinsey, the adoption of AI more than doubled between 2017 and 2022. According to a study by Gartner, 45% of executives believe that ChatGPT’s notoriety increased AI investment, and 70% of businesses are investigating generative AI. This trend is not slowing down as more resources are invested in AI research, and use cases are continuously expanding.
The commercial case for AI advertising is growing.
The ever-expanding list of use cases for AI has a corollary: Significant gains in commercial results. A recent PwC survey found that businesses that have distinguished themselves as “AI leaders” are reaping significant benefits from the technology in a variety of areas, including productivity growth through automation, enhanced decision-making and customer experience, creation of more innovative products and services, and improved employee experience and skill acquisition (this list only includes the top five outcomes).
Take natural language processing (NLP) as an example: AI can now seamlessly convert speech to text, extract sentiment and meaning from enormous volumes of consumer data, and instantly provide trustworthy answers to customers’ queries. The worldwide call centre industry is predicted to increase from roughly $340 billion in 2020 to $496 billion in 2027, which is not surprising given the enormous sums of money that major financial institutions, airlines, and telecommunications corporations have invested in these centres. ASR platforms like ASAPP significantly enhance automated communications, improving customer experiences, increasing efficiency, and saving costs (since businesses won’t need to invest as heavily in human capital).
Companies are getting better at estimating the ROI they can get from AI; according to 72% of AI leaders, they can reliably evaluate the ROI of current AI activities, while 59% say the same about initiatives slated for the following year. There is no stronger indication that AI’s commercial case is growing daily.
AI is now a crucial component of more and more daily tasks.
The advancements of the last six months alone have shown that it’s challenging to predict how quickly this field will develop, even though we’re still years away from the roads being filled with fully autonomous vehicles and other aspects of the AI-powered future that have captured the public imagination. The impact on the economy will be seismic as AI and ML grow with significant advancements in robotics and automation.
Beyond the extent of AI adoption across industries and sectors, businesses will discover that AI is essential to an expanding number of tasks. Companies will be split into AI haves and have-nots, and everything from product development to operations to accounting, sales, and pricing will be impacted by AI.
Consider hiring as an example. 85% of businesses that use AI for HR-related purposes claim that it increases efficiency and more than 2/3 claim that it has raised the calibre of applications received for consideration. Speaking of human capital, there is currently a global hiring boom in AI, providing some businesses with a significant competitive advantage while leaving others behind in the coming years.
AI will turbocharge many elements of business, but if firms stick with clumsy and too complex legacy systems, they won’t be able to take advantage of this performance gain. It makes no sense to deploy AI without the appropriate accompanying tech stack, which includes feature-rich and accessible customer-facing platforms (your contact centre UI) and efficient workflow solutions. This is analogous to strapping a turbocharger onto a horse and buggy.
Soaring investments in technology will be sparked by the acceleration of AI innovation and adoption, and billions of dollars in values will change as some businesses embrace AI to achieve competitive differentiation and others fall behind. Businesses that adopt AI will find innovative and efficient methods to integrate it with their current workforces, products, and operations — a head start today that will pay off tomorrow.