After 60 years of broken promises, AI is finally delivering. Backed up by the massive parallel processing capabilities of the cloud, and advances in algorithm design, machine learning and Natural Language Processing, we are at the point where machines can understand – and sensibly respond to – around 95% of our everyday speech.
And that’s good enough to see products based on AI and cognitive computing break out of the tech labs and into our workplaces, pockets and kitchens. Amazon Echo – the smart speaker with the Alexa AI on board – is now the most popular item on Amazon and is already embedded in over eight million homes. Siri and Google Now, of course, are on hundreds of millions of smartphones.
Automation is inevitable
If consumers are ready for AI products and services, what opportunities does this represent for businesses? BI Intelligence estimates that 29% could be shaved off the cost of customer care with only moderate levels of automation – while actually improving service.