The Customer of the Future by Blake Morgan

Author:Blake Morgan
Language: eng
Format: epub
Publisher: Harpercollins Leadership
Published: 2019-09-08T16:00:00+00:00

WHAT IS ARTIFICIAL INTELLIGENCE?

Artificial intelligence is a broad term used to describe machines programmed to think, work, and react like humans. Nearly three-quarters of decision-makers believe that AI will be the biggest business advantage of the future. Machine learning is when a device or software is trained to perform a task and improve its capabilities by processing information so the machine can learn over time. Due to recent advances in deep learning, which uses artificial neural networks that function like the human brain, the application of machine learning and artificial intelligence has improved.

Artificial intelligence is slowly making its way into many aspects of society, including autonomous vehicles, education (adapting content based on the individual student so the student can learn faster), retail (predicting the product the customer will buy next), manufacturing (you will hear more about how AI can help us identify factory issues in chapter 7), and finance (algorithms that predict the best trades). A robot is a machine that can do work by itself. Not all robots are smart, but a smart robot can be trained to carry out difficult tasks that require thought and adaptation. Global investments in robotics will surpass $180 billion by 2020, more than double what it was in 2016. By 2020, there will be more than 40,000 robots helping businesses around the globe.11

If we simply follow the money, the investments going into artificial intelligence are astounding. Forrester Research estimates that the “Cognitive Computing Technologies” (platforms based on artificial intelligence) business will be worth $1.2 trillion by the year 2020, with investments in AI tripling by then.12 The power of machine learning and artificial intelligence today is its ability to sift through millions of pieces of data and identify patterns or key insights faster and better than a person could. AI has made its way into customer service in a variety of ways, including chatbots that are either customer facing or employee facing, improved personalization, and gleaning insights from data.

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