4 Truths About AI We Can't Ignore
At the Marketing Artificial Intelligence Institute, we are constantly reading through the latest AI reports and in 2018, there were a lot of them. Keeping up to date with every prediction can be exhausting. To help, we rounded up the most resounding takeaways below.
1. Early Adopters Stand to Gain
By 2030, The McKinsey Global Institute believes that some 70% of companies will have adopted at least one type of AI technology but that less than half will have fully absorbed the five categories (computer vision, natural language, virtual assistants, robotic process automation, and advanced machine learning).
Early adopters stand to gain, but widening gaps among countries, companies, and workers will need to be managed to maximize the benefits of AI.
>>> View McKinsey’s Report, Notes from the AI frontier: Modeling the impact of AI on the world economy.
2. Innovations are Everywhere, Shaking Up The Way We Do Business
The fun thing about AI is that it’s all around you, but you probably don’t notice. It’s the invisible force that increases personalization and convenience (when done correctly).
Beyond the AI you know like Siri and Netflix recommendations, we’re seeing cool advancements such as:
- RapidMathematix predicts prices of produce based on freshness using an AI algorithm, which is designed to reduce waste.
- Darwin Pricing LLC enables e-commerce businesses to personalize prices and promotions based on a customer’s location.
- Programmai uses machine learning to predict customer behavior and improve advertising campaigns.
- Mya Systems is a recruitment chatbot that helps each candidate with their job search while streamlining the process for employers.
- RoomAR allows customers to visualize products in the real world using AR and AI in the form of an app.
>>> View Deloitte’s 2018 Artificial Intelligence Innovation Report.
3. AI is Global
According to the Artificial Intelligence Index 2018 Annual Report, AI is global. University course enrollment in artificial intelligence and machine learning is increasing all over the world, most notably at Tsinghua University in China. Also, 83% of 2017 AI papers on Scopus originate outside the United States. 28% of these papers originate in Europe, the largest percentage of any region.
>>> View the AI Index 2018 Report.
4. There is Massive Untapped Value in AI ($$$)
Gartner predicts AI business value will reach $3.9 trillion by 2022. And according to McKinsey, AI could deliver additional economic output of around $13 trillion by 2030, boosting global GDP by about 1.2% a year.
Needless to say, money is pouring in and out of AI, and the impact is expected to be substantial. Marketers are starting to see the value in automation and researching AI tools and technology.
>>> View the infographic below.
We are excited to see what AI advancements 2019 brings, and extra excited about the first Marketing Artificial Intelligence Conference, which is coming to Cleveland in July. Stay in the loop this year by subscribing here.
About Sammie Fisher
Sammie Fisher (@SammieFisher3) is an associate consultant at PR 20/20. She joined the agency in January 2018 with a background in PR, marketing and business analytics. Sammie graduated from Ohio University’s E.W. Scripps School of Journalism in 2018 with a degree in strategic communication and a marketing minor.