“More than 40% of companies expect AI to be a game changer. The German government also wants to accelerate the introduction and development of AI technologies. It plans to invest 3 billion euros in AI research by 2025. But 77% of companies also say that acceptance in the economy is a challenge.
According to Statista, the world’s large data market will grow to $ 103 billion by 2027, more than doubling its market size in 2018.”
“Four self-reflections for leaders that make a case for why they need to consider adopting AI, ML and advanced analytics.
(1) The power and the limitations of tacit knowledge – In comes a pillar of advanced analytics that uses machine learning for predictive modeling.
(2) Cognitive challenges in processing multi-dimensional spaces – These algorithms fall in the descriptive analytics pillar, a branch of machine learning that generates business value by exploring and identifying interesting patterns in your hyper-dimensional data
(3) Our weakness in counter-factual thinking – Overcoming this requires embracing causal analytics, a pillar that is most often missed out by the industry ‘ladder of analytics’ frameworks
(4) Our challenges in combinatorial thinking – Combinatorial thinking, which is encompassed in the prescriptive analytics pillar of advanced analytics, can provide answers.
In short, advanced analytics, machine learning and AI are arguably the most powerful general-purpose technologies invented since the advent of modern computing. Extracting value from these is an imperative for business and society. It requires a deeper understanding and self-reflection among leaders of human strengths and frailties in contrast to that of modern, software based, machines and algorithms.”
“Unfortunately, as we found in the area of innovation, a surprisingly small number of financial institutions (12%) consider themselves to be digital transformation ‘leaders’, with 34% considering themselves to be ‘fast followers’ and 55% stating they were either ‘mainstream players’ or ‘laggards’.”
“Apple has reportedly paid $200 million to acquire Seattle-based artificial intelligence company Xnor.ai, which specialises in edge-based AI.
Whilst Siri has fallen behind Amazon’s Alexa and, in particular, Google’s Assistant – Apple might have its sights on an entirely different goal with this acquisition: giving users control of extremely personal data.
If concerns around data privacy become a key – or core – factor in purchasing smart devices, then Apple is likely best placed to satisfy those buyers because of acquisitions like Xnor.ai.”