Artificial Intelligence is the biggest technological innovation in business, as observed in a survey conducted across over 100 technology-based businesses by Tech South West. Amongst these were other technologies such as cloud software, automation, and cybersecurity.
AI will be at the forefront of shaping the processes and methods businesses will adopt in the future
Among the 100 companies surveyed, Artificial Intelligence was touted as the most popular answer, sitting at an impressive 44.7%.
Successful adoption of AI into the business landscape can improve productivity for a range of processes and particular repetitive tasks that can boost the efficiency of workflow, even for smaller businesses. AI is currently used in a multitude of software applications such as big data analysis to improve the accuracy and speed of business reports. It’s also rapidly becoming more useful for businesses to detect software abnormalities and cyber threats.
Because of the way in which AI can improve the dynamics of a business, those who are behind will face challenges against newer technology. One of the aims of Tech South West in this survey was to provide guidance for businesses with advice on how to develop their strategies and tailor them around future AI development.
Business failure as a result of not adapting to AI is a common fear among CEOs. In a report by Accenture, 70% of CEOs believe they “risk going out of business in 5 years” if their AI productivity isn’t up to scratch.
These are 2020’s technology predictions per Tech South West’s results:
1. Artificial Intelligence
2. Cloud Software (Software-as-a-Service)
4. Eco Innovations
5. Internet of Things (IoT)
6. Cyber Security
8. Virtual Reality
10. Smart Home
AI was also the top trend for 2019, and as newer technologies develop there is no reason for this to slow down. Its development will have a continual impact on both the job market and how businesses operate. Without scaling their processes along with AI development, organisations risk failure as a result of inefficient and more costly processes later down the line.
Places you wouldn’t expect to see AI and data analytics
AI and data analytics are becoming more and more integral to a multitude of industries where you previously wouldn’t have expected to see them. The ability to see all of the important aspects and areas your organisation can improve is vital, no matter what industry or sector. This means that over the past few years, traditionally non-data oriented groups are relying on it more and more. Such as;
While football and rugby broadcasts have always had some data presented on the screen, the depth and detail now used by teams are far beyond what viewers will ever see on a broadcast. When looking for an advantage, teams measure every metre their players run, every touch of the ball they take and each player’s location on the pitch at all times. This means that every player and coach can look for the smallest of errors and finely tune their performance. With greater sensory data, AI and analytics will drive sporting performance to greater heights.
Many people hear about politics and assume that it has stayed roughly the same for decades. People will find a line that they think pulls voters in and repeat it thousands of times until it sinks in. However, current political campaigns rely heavily on the use of big data, to determine someone’s demographics and voting habits, and work out who are the best people to target when setting out their election campaigns. All of the data you put on social media has likely been accessed by multiple political parties, as big data has given governments and opposition an incredible opportunity to understand and target voters.
Transport is another industry that has become incredibly reliant on big data. With public transport networks becoming increasingly complicated, as is the case with the London Underground, sensors and scanners are required to keep everything running at maximum efficiency. All of this data is analysed and trains are adjusted to make sure that the busiest lines are adequately supported at all times. Without data analytics, modern cities would cease to function, and effectively collapse under their own weight. In this case, data helps to keep the system strong.