June 2018 //
Merriam-Webster defines “artificial intelligence”—or “AI,” as it’s more commonly known—as “the capability of a machine to imitate intelligent human behavior.” ZK Research’s definition is similar, except it adds the phrase “at a speed that is exponentially faster than people.” Some commonly asked questions about AI are “Why do we need AI?” and “Why now?” These are certainly fair to ask, as businesses have operated successfully for decades without the use of AI. Therefore, it’s reasonable to wonder what has changed that has made AI now a requirement.
In the past, businesses could compete based on having the lowest prices or the best products—but in today’s digital world, that’s not enough. Companies must sift through the enormous amount of data being generated to discover the insights that can create a competitive advantage. AI is needed because the volume of data is too massive and the speed with which it is being generated is too fast for humans to match. AI will change almost every aspect of business, and expertise in this area is key to achieving and sustaining long-term market leadership.