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April 1, 2018 06:02 pm

Non-Tech Businesses Are Beginning To Use AI at Scale

Artificial intelligence is spreading beyond the technology sector, with big consequences for companies, workers and consumers. An anonymous reader shares a report: Bosses of non-tech companies in a broad range of industries are starting to worry that AI could scorch or even incinerate them, and have been buying up promising young tech firms to ensure they do not fall behind (the link may be paywalled). In 2017 firms worldwide spent around $21.8bn on mergers and acquisitions related to AI, according to PitchBook, a data provider, about 26 times more than in 2015. They are doing this partly to secure talent, which is thin on the ground. Startups without revenue are fetching prices that amount to $5m-10m per AI expert. As AI spreads beyond the tech sector, it will fuel the rise of new firms that challenge incumbents. This is already happening in the car industry, with autonomous-vehicle startups and ride-hailing firms such as Uber. But it will also change the way other companies work, transforming traditional functions such as supply-chain management, customer service and recruitment. The path ahead is exhilarating but perilous. Around 85% of companies think AI will offer a competitive advantage, but only one in 20 is "extensively" employing it today, according to a report by MIT's Sloan Management Review and the Boston Consulting Group. Large companies and industries, such as finance, that generate a lot of data, tend to be ahead and often build their own AI-enhanced systems. But many firms will choose to work with the growing array of independent AI vendors, including cloud providers, consultants and startups.

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