Artificial Intelligence (AI) has long existed, but more so in the realm of science fiction. Now it is finally proving true to the hype by turning mainstream. A study by management consulting giant BCG has revealed that AI’s potential in the banking sector in particular is so large that it could impact business by between 150 and 200 billion dollars. However, the challenge remains in deploying AI at scale known as AI Paradox. It is easier still to launch ground-breaking innovations that using the tries-and-tested tools for mass adoption. The main weapon for using AI in mainstream operations is big data. Ballooning complexities though arise in its usage. To systematically use data, a certain playbook has been suggested by BCG. Here data, processing power and action are seen as the building blocks. One needs to prioritize between the value to be generated and the speed of execution. One must realize that merely by amassing enormous troves of data, one does not instantly jump to be an AI leader. Instead its proper usage needs to be known. Being agile and fast are essential, but they will not bring any additional capabilities as this is the minimum all are supposed to adopt. So, creating the right infrastructure matters here.

Source:https://www.bcg.com/en-us/publications/2018/big-leap-toward-ai-scale.aspx

Uploaded Date:25 August 2018