Artificial Reality

The Use Of Artificial Intelligence Is Starting To Infiltrate Businesses In All Sectors, Bringing With It Both Opportunities And Challenges For CEOs.

- Nick Martindale

This year may well go down as the one when the use of AI started to take off in businesses, when the technology moved beyond the hype phase and into practical applications.

The impact is being felt across different countries and sectors. “The US, China, UK, Canada and Israel are leading the way,” says Valérie Claude-Gaudillat, professor in the business and society department and a director of the Institute for Innovation, Design and Entrepreneurship at Audencia Business School. “The internet of things, health, real estate, video game, banking and automotive sectors are already greatly influenced by the development of AI.”

HOW IT’S BEING USED

Currently, AI is being used most in areas that focus on repetitive mental work or data-heavy sectors, says Dr Lee Howells, head of artificial intelligence at PA Consulting. “Medical imaging or data scanning is one example where there is a shortage of skilled radiographers who can interpret X-rays,” he says. “Using AI image recognition to pre-scan images and identify anomalies for skilled humans to corroborate makes those staff much more productive and relieves them of the drudgery in their work.”

The finance sector is also embracing AI. “In investment banking there has been margin pressure, meaning new efficiencies need to be found,” says Shamus Rae, partner and head of digital disruption at KPMG in the UK. “Examples include Goldman Sachs automating up to half of the steps in the investment banking process and Citibank in the UK reducing middle and back office staff by around 50 per cent. Fund managers are also beginning to use AI to an increasing degree in the management of funds.”