AI FOR BUSINESS LEADERS
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A journey into the business world of artificial intelligence. Explore at a high-level ongoing business experiments in creating new value. * Review AI as a priority for value generation * Explore ongoing experimentation * Touch on how businesses are monetising AI * Understand the intent of adoption by industries * Discuss on the state of customer trust in AI Part 1 of a 9 Part Research Series named "What matters in AI" published on https://www.andremuscat.com
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AI FOR BUSINESS LEADERS
- 1. www.andremuscat.com AI FOR BUSINESS LEADERS WHAT MATTERS IN ARTIFICIAL INTELLIGENCE SERIES
- 2. www.andremuscat.com This is an informational piece of work designed to simplify, inform, educate and entertain people around a complex topic. This publication was built by researching, collating and using publicly available information . It is being made available under the Terms of Services as published on www.andremuscat.com. Wherever possible, any source materials are highlighted, and remain the full ownership of their creators/publishers. Any interpretations applied are used to enhance and compliment the understanding of the topic. All opinions are those of the author alone. Wherever possible we use data sources that collect data or consider data that spans impacted users, roles and people working across various industries such as Advertising & Marketing, Airlines & Aerospace, Automotive & Transportation, Business Support & Logistics, Construction, Machinery, Homes, Education, Entertainment & Leisure, Finance & Financial Services, Food & Beverage, Healthcare & Pharmaceuticals, Insurance, Manufacturing, Retail, E-Commerce, Real Estate, Telecommunications, Technology, Internet & Electronics, Utilities and Energy. We also try to consider companies of various sizes across markets and geographies. In no way or means of this material, are we rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for engaged professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor to fully assess your situation and context. The author or andremuscat.com shall not be responsible for any loss sustained by any person or organisation that relies on this publication. Copyright © Andre Muscat. All rights reserved EDUCATIONAL CONTENT
- 3. www.andremuscat.com What matters in AI Series For executives & business leaders needing to understand the macro and strategic trends in artificial intelligence, its opportunities and impact from a non-technical perspective. WHAT MATTERS IN AI SERIES AI For Business Leaders 1 Utility of AI. Unleashing new value across industries 2 Meet Generative AI 3 Intelligent Automation (IA) 5 Monetisation of AI 6 Essentials to build solutions with AI Capabilities 7 Stakeholder Engagement in AI Work 8 Risk Management in AI Work 9 The Future of Productivity 4
- 4. www.andremuscat.com Review AI as a priority for value generation Explore ongoing experimentation Touch on how businesses are monetising AI Understand the intent of adoption by industries Discuss on the state of customer trust in AI TODAY’S AGENDA AI FOR BUSINESS LEADERS An introduction to the world of artificial intelligence. Explore at a high-level ongoing business experiments in creating new value.
- 5. www.andremuscat.com ARTIFICIAL INTELLIGENCE It loves to make you look good It’s software trying to act smart It’s easier to use than you think It’s changing everything It’s infiltrating our lives faster than you think It’s here to stay
- 6. www.andremuscat.com 44 31 81 27 50 62 57 54 31 37 17 43 30 46 35 35 7 21 20 15 14 10 16 15 24 11 5 15 7 14 18 12 27 12 4 19 14 1 12 11 8 8 4 9 2 12 12 8 17 10 2 8 11 11 5 8 2 7 5 9 12 1 5 5 7 4 6 10 2 6 4 5 TOP POSITION AS REQUIRED TECHNOLOGY TO DELIVER THE VALUE PROPOSITION OF NEW BUSINESS IN THE NEXT 5 YEARS Augmented reality / Virtual reality Physical robotics Metaverse 3-D Printing Quantum Computing Other Artificial Intelligence / Machine Learning Internet of Things Blockchain Advanced Industries Consumer Goods and Retail Financial Services Energy and Materials Healthcare, Pharma and medical products Travel, Logistics and Infrastructure All Technology, Media and Telecom Source: McKinsey, “New-business building in 2022” Legend (Share of respondents) • 0 – 9 • 10 – 19 • 20 – 29 • 30 – 49 • 50 – 90 NOTES: • Respondents could select only two replies • Respondents composed of 995 C- Suite executives, senior managers, business unit leaders and division heads
- 7. www.andremuscat.com EVER EXPERIENCED ARTIFICIAL INTELLIGENCE (AI)? Traffic Control Automated Vehicle Assistance (Break/Speed control) Personalised Product recommendations On-Demand Language Translation
- 8. www.andremuscat.com Automated Identification & Access Control (e.g.. passports) Robotic Surveillance Identify suspicious activity Customer service personalisation Theft detection and faster, personalised checkouts ENHANCING CAPABILITIES…
- 9. www.andremuscat.com Smart Home Automation > Robotic vacuum cleaners > Robotic Mops > Robotic Window Cleaners > Robotic Pool Cleaners > Robotic Grass Cutting > Climate control > Lighting > Entertainment Health > Lifestyle promotion > Issue prevention SIMPLIFYING LIVES…
- 10. www.andremuscat.com Entertainment Sharing Experiences & Creations Smart Assistance & Home Automation CRITICAL CAPABILITY TO EVERYDAY PRODUCTS
- 12. www.andremuscat.com EMULATING, REPLICATING AND ENHANCING HUMAN FUNCTIONS ARTIFICIAL INTELLIGENCE IS ALL ABOUT…. Digital capability to imitate or reproduce human tasks such as perceiving, learning, reasoning and solving problems. Use technology and automation to deal with complex data which is near to impossible to handle by a human being. Critical for delivering user-centric experiences that delight and improve customer satisfaction Automates redundant jobs, allowing your work force to focus on what matters and has impact such as the high level, strategic, value-adding tasks. Connect disparate data to get a more unified picture of situations and context Maximise the use of your data, assets and resources to drive better operational workflows, processes and financial operations When implemented at scale, it leads to cost reduction and revenue increase. Enables Technology Drives economies-of- scale Automates Inspiration: Bernardmarr.com
- 13. www.andremuscat.com IMPACTING ALL FACETS OF OUR LIFE… Data Pattern Matching Intelligent Contact Centre Factories & Production Security Language & Translations Self-Driving Cars Automatic generation of video Subtitles Smart Assistance Speech Audio Effects Video Effects Micro-Surgery Personalise Customer Experiences Intelligent Document Processing Increase Productivity Intelligent Search and Reply Fraud Detection Scale Up Innovation Speed up Production Optimise Business Processes Smart Sensors & IoT “Who liked this also bought this…” Social Media Engagement Faster, Better, Business Intelligence Analysis & Insights
- 14. www.andremuscat.com BECOMING A SUPPORT NETWORK FOR PEOPLE Improves Connectivity Completing Critical Activities Enhancing Well-being & Health-oriented strategies Replacing clunky surveys and boardroom conversations Quicker to achieve data heavy tasks Provides Managers with personalised feedback Helps Track organisational performance in real-time Promotes Productivity & Automation Mindset Enable Personalised and simpler Customer Experiences Provides better Recommendations Optimises Pricing Analysis Maximises Lead Generation
- 15. www.andremuscat.com WHEN USED…APLIED TO….. 11% 11% 16% 18% 18% 20% 20% 23% 24% 25% 25% 30% 33% 33% 34% 39% Tansformers Generative adversarial networks (GAN) Transfer learning Natural-language generation Facial Recognition Reinforcement learning Physical robots Natural-language speech understanding Digital twins Recommender systems Knowledge graphs Deep learning Virtual agents or conversational interfaces Natural-language text understanding Computer vision Robotic process automation (RPA) % responses indicating AI embedded into at least 1 product/business function Source: McKinsey & Company (respondents who said their organisation have adapted AI in at least 1 function)
- 16. www.andremuscat.com TOP-10 REVENUE GENERATING USE CASES 8.98 7.64 7.26 6.39 6.00 5.71 5.38 5.37 5.30 5.11 Machine/vehicular object detection/identification/avoidance Static image recognition, classification, and tagging Patient data processing Algorithmic trading strategy performance improvement Localization and mapping (Geophysical feature detection) Predictive maintenance Prevention against cybersecurity threats Converting paperwork into digital data (e.g. Contract analysis) Intelligent recruitment and HR systems Medical image analysis and scalable processing of patient data CUMULATIVE REVENUE IN BILLIONS (USD) Source: Statista, Artificial Intelligence, Market Forecasts
- 17. www.andremuscat.com 0 100 200 300 400 500 600 700 20% 30% 40% 50% 60% AI Impact in $ Billion Share of AI impact in total impact derived from analytics, % POTENTIAL TO CREATE VALUE ACROSS SECTORS Transport and logistics Travel Retail Healthcare systems and services Consumer and packaged goods Public and social sectors Advanced electronics / semiconductors Automotive and assembly Insurance Banking Basic Materials High Tech / Big Tech Pharmaceuticals and medical products Telecommunications Media and entertainment Agriculture Chemicals Aerospace and Defense Oil and Gas Source: McKinsey
- 18. www.andremuscat.com 100+ AI USE CASES Click here to see more examples Source: AI Multiple Operations Sales HR Data Customer Service Marketing Analytics Tech Health Tech Autonomous Things 100+ AI Use Cases & Applications
- 19. www.andremuscat.com WHERE AI PROJECTS ARE BEING USED WITHIN COMPANIES Human resources Manufacturing Marketing & sales Product / service development Risk Service operations Strategy & corporate finance Supply chain management All industries 9% 12% 20% 23% 13% 25% 9% 13% Automotive & Assembly 11% 26% 20% 15% 4% 18% 6% 17% Business, legal, and professional services 14% 8% 28% 15% 13% 26% 8% 13% Consumer goods/retail 2% 18% 22% 17% 1% 15% 4% 18% Financial services 10% 4% 24% 20% 32% 40% 13% 8% Healthcare/pharma 9% 11% 14% 29% 13% 17% 12% 9% High tech/telecom 12% 11% 28% 45% 16% 34% 10% 16% Source: McKinsey, Artificial Index Report
- 20. www.andremuscat.com Boosted by need to have meaningful information visual content analysis EXPONENTIALLY GROWING MARKET Source: Statista 281 328 554 10 15 23 35 51 71 94 126 40 62 734 87 120 165 227 314 434 599 296.7 341.8 432.8 500 0 200 400 600 800 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 AI WORLDWIDE IN BILLION USD IDC (February 2021) Tractica (March 2020) Grand View Research (June 2020) Globe newswire (June 2022) L. Vailshery (March 2022)
- 21. www.andremuscat.com AI CAPABILITY / MATURITY AREAS • Predictable output based on input it is built to receive • Always respond to identical situations in the exact same way, every time • Not able to learn new actions from past activity • Learns from the past • Uses historical, observational data to make predictions and classifications • Resulting models and actions not saved on-device • Holding meaningful conversations with an emotionally intelligent robot • Decision-making that is comparable to humans • Understand and remember context and emotions • Aware of internal emotions and mental states • Able to express and respond within the context of entities engaged, topic, environment and internal emotional state Planning Problem Solving Manipulation Learning • Deep Blue (Playing Chess) • Spam and malware filters • Netflix recommendations • Alexa/Siri responses • Self-driving cars “reading the road” (using own data and that of other cars e.g.. temperature, speed, surrounding objects, direction) to adjust approach • Kismet robot and Humanoid Sophia (Recognise faces and emotions Respond with on own facial expressions) • Chat GPT • Technology not available yet • Make inferences “I am feeling angry because someone cut me off in traffic”
- 22. www.andremuscat.com TRUST IN AI TO AUTOMATE INSIGHTS/GENERATE CONTENT 47% 42% 39% 37% 33% 32% 30% 22% 21% Target Ads Personalise content and offers in real time Optimise email send time Calculate conversion probability Optimise email subject line Conduct a live chat session Score leads Write subject lines Write copy Source: Marketing trends 2022
- 23. www.andremuscat.com HOLDING STRONG CONSUMER TRUST 28% 36% 32% Less Trust in products/services relying on AI Similar trust in products/services relying on AI More trust in products/services relying on AI Source: McKinsey, “Global Survey on Digital Trust, 3073 consumers, May 2022” 68% Consumers that trust products and services that rely on AI as much as, or more than those relying mostly on people
- 24. www.andremuscat.com Reviewed AI as a priority for value generation Explored ongoing experimentation Touched on how businesses are monetising AI Understood the intent of adoption by industries Discussed the state of customer trust in AI WHAT WE TALKED ABOUT AI FOR BUSINESS LEADERS An introduction to the world of artificial intelligence. Explored at a high-level ongoing business experiments in creating new value.
- 25. www.andremuscat.com What matters in AI Series For executives needing to understand the macro and strategic trends in artificial intelligence, its opportunities and impact from a non-technical perspective. THANK YOU! WHAT WE EXPLORE NEXT… AI For Business Leaders 1 Utility of AI. Unleashing new value across industries 2 Meet Generative AI 3 Intelligent Automation (IA) 5 Monetisation of AI 6 Essentials to build solutions with AI Capabilities 7 Stakeholder Engagement in AI Work 8 Risk Management in AI Work 9 The Future of Productivity 4