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The era of Artificial Intelligence

January 17, 2019

By: Maria Jose Vega | Coordinator

Nowadays, hearing words such as Big Data, Machine Learning, Automation, and Artificial Intelligence are quite common, but that still generates a certain curiosity because long ago these concepts seemed something more fictitious than real. The truth is that these terms are the key to the future in many areas of business thanks to its tremendous benefits when implemented internally in a company or for some products or services.

Artificial intelligence (AI) is an area that every day gains more market in the world because about 61% of companies are implementing it in their processes. In the United States, we can find a greater concentration of businesses focused on artificial intelligence (40%), and as this concentration grows, AI begins to make greater breakthroughs and become more accessible for companies to implement.  

From large corporations such as Google, Tesla or Shell, to small companies such as MetaMind or Soundhound, Artificial Intelligence is among its top priorities, since it has been able to build unique and close experiences with users, achieving the satisfaction of its customers and allowing the technology to work as a collaborator of the company, and increase the analytical insights that the company is able to gather from their data. These are the companies that are carving the path for other companies to have access to these tools of the future.

Starting from this point, and based on a study carried out by the firm McKinsey & Company on different industries, we want to present the figures that some of these companies are betting on both the traditional AI and analytics, as well as advanced AI:

  • The real annual value of industries in general, both traditional and advanced AI ranges between $ 9.5T and $ 15.4T dollars.
  • Automotive and assembly companies invest approximately $ 865.8 billion dollars, which represents 8.60% of their annual sales. Of the figure mentioned, the percentages between traditional and advanced AI are very close but inclined however towards the traditional, commonly used for the manufacture of vehicles ($ 564.4B total and $ 284.1B for traditional AI) and for Marketing and sales ($ 151.7B total and $ 103.7B in traditional AI).
  • On the other hand, banking-type companies have a budget of more than $ 1 trillion, leaning towards the traditional AI ($ 660.9B), which represents 15.40% of their total sales per year. Within its marketing efforts, banking focuses its capital on three important aspects: customer services management ($ 73.0B), channel management ($ 29.4.7B) and pricing & promotion ($ 75.1B).
  • In the industry of consumer packaged goods, there is also an inclination for traditional AI, where $ 193.3B is invested, which represents 2.91% of annual sales. Within this industry, the largest investment focuses on manufacturing oriented to energy production and performance ($ 287.0B), as well as inventory and optimization of parts ($ 136.7B).
  • The Real Estate industry currently has an investment of approximately $ 5.2 billion in technology, 150 times more than in 2010. This total investment is divided mainly in addressing issues such as construction technology and buildings in general, as well as in the sale of properties and the analysis of users based on their Internet searches.
In particular, many industries are currently opening the way to new technologies that, in addition to streamlining processes, allow us to define better strategies, offer new and better products within their market and remain in force. However, it is also a reality that many customers seek to reduce costs and obtain the same results or the same quality in terms of products or services. It is at this point that companies should not only think about having the best technology to overcome their competition, but also to use this great tool to achieve an adequate penetration to different markets around the world.

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