New AI Reality: How to catch up with the world?4 min readReading Time: 3 minutesReading Time: 3 minutes
Artificial intelligence (AI) has become an essential part of modern business. From generating texts and creating pictures to detecting medical diseases and hiring employees, AI is being used in a wide variety of industries and applications. As the world continues to change and AI becomes increasingly prevalent, it is important for businesses to stay up-to-date on the latest technologies and best practices.
According to the document “Expanding AI Impact with Organizational Learning,” published by the Massachusetts Institute of Technology (MIT) and the Boston Consulting Group (BCG), AI has the potential to significantly improve operations and decision-making for businesses. Some key statistics from the document include:
– AI solutions help companies reduce nonproductive time by 40%-50%.
– With organizational learning with AI, the odds of an organization reporting significant financial benefits increase to 73%.
– Only 57% of studied companies’ report having AI pilots or deployed AI solutions, and only 11% report to have significant financial benefits.
These statistics demonstrate the significant potential of AI to drive business success and improve key areas such as efficiency, productivity, and customer satisfaction. To fully leverage the benefits of AI, it is important for businesses to adopt a strategic and holistic approach that includes investing in the right technologies, developing a strong AI talent base, and building a culture of continuous learning. By doing so, businesses can harness the full potential of AI and drive success in the long term.
One of the best ways to learn about applying AI to business is to seek out and learn from experts in the field. These experts have the knowledge and experience to provide valuable insights and guidance on how to effectively use AI technologies in business. Whether through formal education programs, professional development workshops, or one-on-one mentorship, learning from experts can provide a wealth of knowledge and help professionals stay ahead of the curve in the rapidly-evolving field of AI.
• Yannick Meiller is a full-time professor at ESCP Business School and an expert in the field of AI in logistics and production. He holds a PhD in Computer Science (Artificial Intelligence – Industrial systems) and has experience in innovation, intermediation between research and industry, and exchanges between technologies and management sciences. At ESCP Business School, his lectures cover topics such as Information systems, respondible digital transformation, digital tools, IoT, AI, and innovation management.
• Soumitra Dutta is Peter Moores Dean and Professor of Management, Saïd Business School, University of Oxford, and a Fellow of Balliol College, Oxford. He is also a Professor of Operations, Technology and Information Management and a former founding Dean at Cornell SC Johnson College of Business at Cornell. Previously, he was the Anne and Elmer Lindseth Dean of the Johnson Graduate School of Management (Cornell University) and a Deputy Dean at INSEAD. Soumitra is the Chair of the Board of the Global Business School and is on the advisory boards of several business schools including HEC Montréal (Canada), Centrum Catholica (Peru), University of Los Andes (Colombia), and ESADE (Spain). Previously he was the Vice Chair and Chair of AACSB International, the leading accreditation body for business schools worldwide.
• Amit Joshi is a Professor of AI, Analytics and Marketing Strategy at IMD Business School.He specializes in helping organizations use artificial intelligence and develop their big data, analytics, and AI capabilities. Joshi is the Director of the Digital Excellence Diploma and the Digital Analytics (DA) open program. He is also Co-Director of the Artificial Intelligence (AI) and the Digital Strategy and Analytics (DSA) programs. Previously, he was a professor and researcher at the University of Central Florida, where he worked with corporate clients in various industries. His research focuses on long-run marketing strategy, analytics, and effectiveness, and has been published in top journals, including the Journal of Marketing and the Journal of the Academy of Marketing Science. His research has won several awards, including the MSI/H.
Apart from learning directly from experts, there are many educational courses on AI for business available on our website. These courses cover a wide range of topics, including the practical application of AI in business, the ethical considerations of using AI, and the responsible use of data in AI.
It is important to study AI in order to adapt to the new reality of a rapidly advancing and increasingly AI-driven world. By gaining a deep understanding of AI and how it is being used in various industries, individuals and businesses can stay ahead of the curve and make informed decisions about how to use the latest technologies in their operations.