Artificial intelligence (AI) is used across industries and in all types of processes, from data analysis to decision-making and customer support. The technology can increase the productivity of teams by streamlining workflows, reducing error rates and speeding up dynamics, and can improve outcomes by providing more objective and precise insights than humans alone. The use of AI Innovations also helps businesses avoid biases in decision-making by ensuring results are based on hard and reliable facts rather than subjective opinions.

Breakthroughs in AI Technology

The first AI innovations were largely focused on improving existing technology and business processes. This included a number of early applications in the financial, medical and manufacturing sectors. For example, the banking industry uses AI to detect fraud and assess credit standings, while AI-powered robots can help reduce assembly errors at factories, handle dangerous tasks or automate warehouse operations.

In the more recent years, generative AI has become increasingly popular and widely utilized in marketing, content creation and product development. Generative AI tools are used to create written copy, code and digital art, and can be used to develop chatbots, image generators or other automated systems. However, these technologies could be used to spread disinformation or infringe on people’s privacy and intellectual property rights — prompting many governments around the world to regulate their use and development.

Today, AI is transforming how businesses operate by automating and enhancing processes, improving outcomes, and reducing costs. Leaders who aren’t using AI to their advantage risk falling behind competitors who do. To reap the most benefit, organizations should ensure that their AI initiatives are interdisciplinary and focused on broad business priorities.