7 Ways Artificial Intelligence Will Impact Our Future

by Mikyas Aklu, on Jun 22, 2017 11:00:00 AM

 BotMe_Takeaways-1.pngFew people would deny the increasing linkage between man and machine. The relentless “Information Revolution” has given rise to Artifical Intelligence (AI) and emerging technologies, capable of mimicking — to some degree ­— intricate human traits, such as, thinking, creativity and problem-solving.

It is only a matter of time before AI becomes so intertwined with everyday life that it will no longer seem so abstract. As such, businesses and consumers alike should take note and prepare for how it will shape consumer behavior.

Learn about the role of AI in business transformation

PWC recently published a consumer intelligence report, after surveying US consumers and business decision makers, to provide a better understanding of AI’s impact on the future of the business landscape. 

7 Ways Artificial Intelligence Will Impact the Future 

  1. The majority of survey takers agreed AI will help tackle complex issues that flummox the human mind. AI’s key strength lies in its ability to rip through mounds of data and identify patterns that inform business decision-making. In Healthcare, for example, AI could analyze vast amounts of DNA data and offer a highly personalized treatment plan for patients. Similarly, AI is being used to detect fraud waste and abuse in Medicaid by cross referencing datasets and spotting outlier behaviors.

  2. AI, which relies on crunching big data, can only be as good as the quality of data it receives. Case in point, the recent outcome of the U.S. presidential election which data scientists incorrectly predicted.

  3. Millennials expect that AI could be instrumental in stimulating economic growth and democratizing global education.

  4. Though some are wary of AI’s inadvertent tendency to threaten job-security, this sentiment is far outweighed by the desire to embrace AI’s emerging technologies as a positive force. Yet, despite conveying a generally optimistic outlook on AI, consumers still crave human interaction while receiving certain consumer services. 77% of survey takers would rather see an actual doctor than take a home assessment test.

  5. Not surprisingly, 87% of survey takers cited privacy concerns as one major challenge hindering AI's progress. It turns out that consumers are most gun-shy to share personal information pertaining to entertainment and media consumption.

  6. Utilitarian digital assistants are becoming ubiquitous in today’s business world. 72% of business executives use digital assistants in their daily personal or work life. Employers of digital assistants touted time-saving, productivity boost, and schedule keeping as top benefits.
  7. A fragmented technology platform is another notable speed bump in the adoption of AI consumer services. Companies prefer to develop stand-alone systems and platforms in an effort to stand out from the competition. In so doing, they limit consumers from freely navigating across different AI services. One potential solution is to institute a “central platform for development, data collection, and analysis.” Such a platform would allow different AI apps to interact with each other.

For more insight on Artificial Intelligence, download our eBooklet on how AI is transforming the workplace.

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