1Why More Industries Will Implement Artificial Intelligence in 2017
2Lack of In-House Data Experts an Issue
Current employees who do have deep industry knowledge often don’t have the analytical skills required to turn data into actionable insights. Last year, an MIT Sloan Management Review showed that 40 percent of companies report the lack of analytical skills as a critical challenge, but only 1 in 5 have done anything about it.
3Enterprises That Hesitate to Use AI Risk Being Bypassed
With AI being more widely used in the consumer and enterprise worlds, companies that do nothing will risk falling behind irretrievably. And, any outside analytical support will have to reshape its general data models to specific industry needs. Accenture’s partnership with Amazon Web Services is one recent example of an attempt to help clients marry industry expertise with robust data capabilities.
4Vertical-Specific Tools Can Provide Customized Applications Quickly
An AI system that swims in a data pool containing only credit-card transactions not only will become expert at detecting fraud, but also will be able to provide proactive suggestions. If your metadata shows you’re a frequent traveler, your bank not only will know not to deny you a coffee after your flight to Hong Kong, it also might prompt you to switch to a credit card that offers more frequent flier rewards points.
5Companies Are Getting Smarter About Tech Investments
6AI Portion of IT Market is Growing Fast
7Complex Sales Cycles Mean Engineers Need to Be More Than Engineers
Selling a highly-integrated software application as a service means sales cycles are longer and product engineers must be involved right away, engaging directly with customer and prospects. Anyone whose sole job is to liaise between the two groups should be concerned about job security, even those with great “people skills.”
8Big Companies Are Shedding Bloatware
Big companies will eschew bloatware for applications that provide essential industry-centric applications and nothing else. Bloatware is defined as software whose usefulness is reduced because of the excessive disk space and memory it requires. IDC predicts worldwide spending on cloud applications will increase to more than $141 billion in 2019 from $70 billion in 2015, with the vast majority of growth in industry-specific applications.
9Companies That Use the Power of Vertical Expertise Will Emerge
Slack, the team collaboration software company, aggressively incorporated third-party apps to help its users build their channels into something much more than email. As Aaref Hilaly of Sequoia Partners said, services such as Slack that focus on integration and automation with existing systems will be used more often. Moreover, those services that people use daily can use AI to capture data automatically—something that big, isolated systems of record have yet to achieve.