What is Artificial intelligence?
Artificial intelligence is a combination of different technologies working together to enable machines to act and learn with human-like levels of intelligence.
Difference between Narrow AI and General AI
AI we experience in our day-to-day lives is narrow AI, which performs a single task or a series of linked tasks. Examples for narrow AI are:
Software that analyzes data to optimize a given business function
General AI is what we see in sci-fi movies, where machines simulate human intelligence and handle a range of complex tasks. However, Artificial Intelligence remains an extension of human capabilities and not a replacement.
Artificial intelligence is reshaping business
According to Harvard Business Review, AI is helping in the decision-making process from crop harvests to bank loans. It is estimated that AI will add $13 trillion to the global economy over the next decade. However, data reveals that only 8% of firms engage in core practices that support widespread adoption. Most companies only apply ad hoc pilots or are only applying AI in a single business process.
Often leaders make the mistake to view AI too narrow – Technology and talent are required, but so are company culture, structure, and ways of working to support the adoption of AI.
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