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Posts Tagged ‘Chui’

What it takes to get an edge in the Internet of Things

Posted by hkarner - 28. September 2018

Three practices can help differentiate successful companies from those that struggle to gain traction.

Internet of Things (IoT) technologies have evolved rapidly in recent years and continue to change how we interact with our surroundings. For companies, IoT brings new ways to monitor and manage objects in the physical world, while massive new streams of data offer better avenues for decision making (often mediated by machines). The steady fall in prices of sensors and communications technologies, combined with a parallel rise in understanding of how they can be applied, have raised the strategic importance of IoT. As we have shown elsewhere, this can produce immense value in settings ranging from retail and healthcare to manufacturing and technology.

Despite the promise, we continue to see substantial differences in how well companies apply IoT in their businesses. Targeting IoT applications correctly and managing them effectively is far from easy, leaving many companies stuck and unable to move beyond pilots. To better understand what differentiates successful initiatives from struggling ones, we surveyed IoT executives at 300 companies—those that have moved beyond experiments and have scaled up IoT use in their businesses.1 We asked them about the practices that directly support their IoT strategy, as well as other factors that may influence it, and sorted leaders from laggards based on their self-reported economic impact from IoT.2 We found that while a number of IoT “habits” play a role in successes, three are particularly relevant for C-level executives who may be considering heavier investment in IoT or searching for reasons their programs have failed to gain traction. Den Rest des Beitrags lesen »

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Notes from the frontier: Modeling the impact of AI on the world economy

Posted by hkarner - 6. September 2018

Artificial intelligence has large potential to contribute to global economic activity. But widening gaps among countries, companies, and workers will need to be managed to maximize the benefits.

The role of artificial intelligence (AI) tools and techniques in business and the global economy is a hot topic. This is not surprising given that AI might usher in radical—arguably unprecedented—changes in the way people live and work. The AI revolution is not in its infancy, but most of its economic impact is yet to come.

New research from the McKinsey Global Institute attempts to simulate the impact of AI on the world economy. First, it builds on an understanding of the behavior of companies and the dynamics of various sectors to develop a bottom-up view of how to adopt and absorb AI technologies. Second, it takes into account the likely disruptions that countries, companies, and workers are likely to experience as they transition to AI. There will very probably be costs during this transition period, and they need to be factored into any estimate. The analysis examines how economic gains and losses are likely to be distributed among firms, employees, and countries and how this distribution could potentially hamper the capture of AI benefits. Third, the research examines the dynamics of AI for a wide range of countries—clustered into groups with similar characteristics—with the aim of giving a more global view.

The analysis should be seen as a guide to the potential economic impact of AI based on the best knowledge available at this stage. Among the major findings are the following:

  1. There is large potential for AI to contribute to global economic activity
  2. A key challenge is that adoption of AI could widen gaps among countries, companies, and workers Den Rest des Beitrags lesen »

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What AI can and can’t do (yet) for your business

Posted by hkarner - 14. Januar 2018

Artificial intelligence is a moving target. Here’s how to take better aim.
Artificial intelligence (AI) seems to be everywhere. We experience it at home and on our phones. Before we know it—if entrepreneurs and business innovators are to be believed—AI will be in just about every product and service we buy and use. In addition, its application to business problem solving is growing in leaps and bounds. And at the same time, concerns about AI’s implications are rising: we worry about the impact of AI-enabled automation on the workplace, employment, and society.

A reality sometimes lost amid both the fears and the headline triumphs, such as Alexa, Siri, and AlphaGo, is that the AI technologies themselves—namely, machine learning and its subset, deep learning—have plenty of limitations that will still require considerable effort to overcome. This is an article about those limitations, aimed at helping executives better understand what may be holding back their AI efforts. Along the way, we will also highlight promising advances that are poised to address some of the limitations and create a new wave of opportunities.

The whole report: What-AI-can-and-cant-do-yet-for-your-business(1)

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