By now, most of us have heard about Artificial Intelligence (AI). Once the exclusive domain of science fiction and futuristic movies, it is now becoming prolific in many aspects of our society!
But do you understand what it is? Are you and your business prepared for AI and how are you leveraging it in your business today?
AI has been around and evolving since about 1956 and it is now advancing at a speed that is almost incomprehensible!
According to Ray Kurzweil, the speed of advancement of society today is accelerating exponentially. Furthermore, he asserts that the entire progress of the 20th century would have been achieved in only 20 years at the rate of advancement we saw in the year 2000. So, the rate of advancement in the year 2000 was 5 times as fast as the average in the entire previous century!
He believes that another 20th century’s worth of advancement happened between 2000 and 2014 and another will happen between 2014 and 2021! In a few decades after this, a 20th century’s worth of progress will take place multiple times in the same year and a decade later it will happen multiple times in the same month!
Basically, it boils down to the “Law of Accelerating Returns.” Kurzweil believes that the 21st century will see 1000 times the progress as the 20th century!
A big part of the changes and advancement that we will see will be both in Artificial Intelligence and made possible by Artificial Intelligence.
The diagram below comes from a webcast from Dr. Kai-Fu Lee and Peter Diamandis. They classify AI into “waves” and show the high-profile companies that are leveraging AI into the core of their business.
- 1 – Internet AI
- 2 – Business AI
- 3 – Perception AI
- 4 – Autonomous AI
This week’s book review is The Business Blockchain by William Mougayar.
Although this is not an easy read, Mougayar does an excellent job of explaining the blockchain and how it is positioned to fundamentally change the way we do business. These fundamental business changes will radically impact society. The blockchain is positioned to transform any transaction or interaction requiring any level of trust. This includes; financial transactions, contract verifications, private records storage and sharing, contractual work completed, identity verification, title ownership, etc..
My takeaway from this book is that the impact Blockchain will have on our world is unknown at this point. Trying to understand the impact it will have is like someone in 1990 trying to predict the impact that the Internet would make and how things would look in 2010.
My best guess is that the Blockchain technology will evolve (like the Internet and world wide web did) and it will look quite different in 10 years from what it looks now. However, business leaders must stay abreast of the technology changes and ensure that we are leveraging them so we are riding the technology wave and not crushed by it!
Pretty much everyone today is aware of “the cloud” and associated technologies. From iCloud to Dropbox, Amazon’s personally tailored Kindle library to Microsoft’s Office 365. Cloud enabled software and services are all around us and growing in functionality and usage.
Also, new products and services are continually entering the marketplace. From smart refrigerators in your home that monitor food consumption and automatically order refills through your cloud based grocery profile, to “Wikipedia like books” that contain and share every reader’s markups, notes and cross references.
The cloud is here and consumer adoption is massive and growing!
The Cloud is a Huge Business Opportunity
In case you haven’t noticed, this is a huge opportunity for businesses to get a virtual lock on a customer! Cloud based business models can secure a solid stream of income for a long period of time by offering a compelling and valuable service.
Artificial intelligence, AI, is already revolutionizing our world and what we have seen so far is not even the tip of the iceberg! We cannot imagine today the profound changes AI will bring to our planet in the coming years!
So, what is your business doing about it? How are you leveraging AI inside your business? What are you doing to prepare your business for the changes that AI will usher into your marketplace?
What is Artificial Intelligence?
The book review for this week is The Third Wave by Steve Case
Case takes the reader through the history of the development of the Internet through his eyes and the perspective of the history of AOL. He then postulates what the next stage of internet development will look like. He calls this the Third Wave. The Third Wave can be summarized by this quote from the book: