A Letter from our Executive Producer, John Siefert
From a novelty to an enabler of business, customer & process value: It is time to be Fierce about the application of AI
Remember when Watson outplayed two humans on Jeopardy or the first time Amazon sent a “recommended for you” product pitch? These early demonstrations of Artificial Intelligence were priming the world for what the technology would become: A new way of discovering, identifying, automating and learning how to drive new levels of business, customer and process value out of organizations, both big and small.
One of the fastest growing applications of AI is machine learning, which is on its way to becoming a 96.7B$ market by 2025 with a 43.8% compound annual growth rate. Given the impact Covid-19 is having on our work and personal lives, these numbers are now predicted to rise exponentially across major industries like manufacturing, healthcare, telecommunications and pharma.
For example, the growing adoption of AI-enabled robotics in traditional manufacturing environments is taking over more tasks once performed by people. Machine learning algorithms help the robots learn and become more agile and perceptive over time in tasks like parts handling and inventory management. In turn, this is driving new levels of process improvement, cost savings and, in a Covid-19 world, creating new levels of health and safety for employees.
While industrial robots may seem like an obvious use of AI and machine learning, things start to get more critical as AI is applied to the healthcare category. That said, machine learning can combine patient conditions, doctor notes and big data analytics to predict individual outcomes and paths of treatment and recovery. While only in its nascency, this is the type of fierce AI application that starts to define the value achievable by a very traditional and conventional industry.
And consider how AI and machine learning are impacting everyday life and driving massive value in process and customer connections. In fact, 62% of consumers surveyed recently said they “like” using chat bots and recommendations engines as opposed to calling a customer service line. A full 75% of Netflix users choose films recommended by the company’s machine learning algorithm. These are fierce applications of AI that meet customer demand for some of the largest brands in the world.
So, here is the question: Are you being fierce about the application of AI in your business?
If the answer is “not yet” or “I am trying to be,” you are not alone. This is why the experts behind Fierce Electronics, Fierce Healthcare, Fierce Life Sciences and Fierce Telecom have joined forces to launch Fierce Artificial Intelligence—analyzing the business, customer and process value enabled through the application of AI.
We are launching with a first of its kind virtual event, Fierce AI Week on August 10-12, that will set the standard in defining what it means to be fierce in your application of AI. This will be followed by a full execution of our Fierce model of creating content via websites, virtual roundtables, newsletters, video and more to complement the launch of our event!