The world of artificial intelligence (AI) has seen a dramatic increase in corporate investment over the past decade. According to a new report from McKinsey & Company, annual corporate spending on AI is now 13 times greater than it was 10 years ago. The report also found that companies are investing more heavily in AI-related activities such as research and development, product design, and customer service.
The report surveyed 1,000 executives across industries including finance, healthcare, retail, manufacturing and technology. It revealed that the majority of companies have adopted some form of AI technology for their operations or products. In addition to increased investments in R&D and product design related to AI technologies, many companies are also using machine learning algorithms for customer service tasks such as natural language processing (NLP). This allows them to better understand customer needs and provide personalized services tailored specifically for each individual user.
In terms of specific applications of AI technologies within businesses today, the most popular use cases include predictive analytics tools used for forecasting future trends; automated decision making systems which can make decisions based on data inputs; computer vision systems which can detect objects or people; robotic process automation (RPA) which automates mundane tasks; chatbots which allow customers to interact with an automated system via text messages or voice commands; and virtual assistants like Amazon’s Alexa or Apple’s Siri which respond to voice commands given by users.
Overall these findings demonstrate how much progress has been made over the last decade when it comes to leveraging artificial intelligence technologies within business operations. Companies are increasingly recognizing the potential benefits associated with incorporating these types of advanced technologies into their processes – from improved efficiency gains through automation capabilities all the way up to enhanced customer experiences through personalization features enabled by NLP algorithms – thus driving higher levels of investment into this area year after year.
|Annual Corporate Investment in AI is 13 Times Greater Than a Decade Ago|Technology|Quartz