AI technology is improving the performance and productivity of businesses by automating processes or tasks that previously required human power. AI can also make sense of data at a scale that no human ever could. This ability can return substantial business benefits. For example, Netflix uses machine learning to provide a level of personalization that helped the company increase its customer base by more than 25% in 2017.
Most companies have made data science a priority and are making major investments. In Gartner's recent survey of more than 3,000 CIOs, respondents ranked business intelligence and advanced analytics as the top technology differentiator for their companies. The CIOs surveyed see these technologies as the most strategic for their companies; therefore, they are attracting the most new investments.
AI has value for almost every function, business, and industry. It includes general and industry-specific applications such as:
Using demographic and transactional data to predict how much certain customers will spend over the course of their relationship with a company (or the lifetime value of the customer)
Optimizing pricing based on customer behavior and preferences
Using image recognition to analyze X-ray images for signs of cancer