This is What it Will Take for Companies to Win in a Crowded Artificial Intelligence Market

Winning in the competitive artificial intelligence market requires companies to integrate clean data, robust data management, and a clear focus on customer needs.

 

Some believe artificial intelligence (AI) is overhyped. I am not in that camp. It is and will continue to be a revolutionary force with significant potential to impact more industries.

The equity markets certainly reflect this view. The so-called Magnificent 7 and other companies perceived to benefit the most from the recent AI boom have seen their valuations escalate over the last year.

It is important to note that while AI is a transformational technology, it’s merely the latest in a long line. I’ve witnessed significant technological revolutions throughout my personal and professional journey. When I started college, I wrote papers on a typewriter. By the time I was ready to graduate, I was using a personal computer. As I settled into my career, I witnessed the transition from mainframes to servers. Now we’ve moved on to the cloud, an indispensable part of doing business for large companies.

The internet has undeniably been the most significant shift in modern history. Its pervasive influence transformed learning, made instant communication a reality, and simplified business and commerce. Incidentally, it also paved the way for the next huge advancement: smartphones. Today, billions of people have a personal computer and entertainment system tucked into their pockets.

So, again, though it’s tempting to think we’ve never seen anything quite like the hysteria surrounding AI, we have. Many times. As with the other technologies that preceded it, AI will create some big winners, while others will fall by the wayside—even if it may seem like they are currently in pole position.[…]

Read more: www.fastcompany.com