The development of artificial intelligence (AI) has been a major driver of technological advances in recent years, and many companies have made sizable investments in this technology in order to capitalize on its potential. Such large investments in AI are highly encouraging for the future of technology, as they suggest that companies are beginning to recognize the immense value that this technology holds. PwC’s Global Artificial Intelligence Study reports that by 2030, AI will lead to an approximately $15.7 trillion or 26% increase in global GDP . The World Economic Forum contextualizes this by saying “it’s greater than both China and India’s current combined GDP .”
AI can be used to automate processes that have traditionally been time-consuming and costly, allowing companies to save on both time and money. Such automation can free up resources for more important tasks, thereby increasing overall productivity. Additionally, AI can be used to provide better customer service through AI-powered chatbots that can respond quickly to customer inquiries and offer personalized recommendations.
Moreover, companies can use AI to develop new products and services, thereby gaining a competitive edge in the market. AI-powered products can be smarter, more efficient, and more user-friendly than their traditional counterparts, leading to increased customer satisfaction and improved customer retention. Recently, Microsoft invested $1B into generative AI technology – OpenAI and Microsoft’s CEO Satya Nadella told CNBC that “AI-powered search is the biggest thing to happen to the company in the nine years he’s been CEO..” [3,4].
Finally, AI can be used to create new technologies that are safer, more efficient, and more sophisticated than ever before. Self-driving cars, smart homes, and robots are just some of the products being developed using AI, and these products have the potential to revolutionize many industries. Read about 6 cutting-edge applications of AI in this recent BuiltIn article .
In sum, companies that make large investments in AI are showing a commitment to the future of technology. AI can be used to automate mundane tasks, improve customer service, develop new products, and create revolutionary new technologies, all of which can lead to increased productivity, improved customer satisfaction, and a competitive edge in the market. Such investments in AI bode well for the future of technology, as they suggest that companies are beginning to recognize its immense value and potential.
Amesite is leveraging GPT-3, the engine for ChatGPT, on its learning platform, to complement its existing AI capabilities.
Read more about this latest feature development here: Amesite Announces GPT-3 Powered Functionality to Its AI Toolkit for Customers and Users.