AI continues to rise in importance as forward-thinking organizations strive to elevate services, enhance information access, reduce costs, respond faster to opportunities and threats, and create better products. AI and a host of related technologies such as augmented intelligence, machine learning, deep learning, process automation, and natural language processing are being deployed in areas as diverse as supply chain management, manufacturing, healthcare, medical research, and financial services.
Although definitions of AI and what it can provide organizations vary, a widely cited description developed by Gartner is that AI applies “advanced analysis and logic-based techniques, including machine learning (ML) to interpret events, support and automate decisions and to take actions.” While leaving room for differences of opinion, Gartner points out that in order to capture the opportunity of AI, it is important for an organization to articulate and agree upon a generally accepted definition focused on what it wants AI to accomplish.
With companies across industries today attempting to decrease risk, increase efficiency, make better decisions, and deliver better experiences, AI is on the rise. According to a 2021 McKinsey Global Survey on AI, 56% of all respondents’ organizations had adopted AI in at least one function, up from 50% in 2020. The report also noted that AI adoption since last year has increased most at companies headquartered in emerging economies. Across regions, the adoption rate is highest at Indian companies, followed closely by those in the Asia-Pacific region.
As with the last two surveys, the McKinsey study pointed out, “the business functions where AI adoption is most common are service operations, product and service development, and marketing and sales, though the most popular use cases span a range of functions.” Leading the charge as the top three use cases identified were service-operations optimization, AI-based enhancement of products, and contact center automation. “As AI’s use in business becomes more common,” the report added, “the tools and best practices to make the most out of AI have also become more sophisticated.”
With organizations recognizing the great potential of AI, it is not surprising that the market size is also expected to increase dramatically. According to Grand View Research , the global AI market size was valued at $93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030. “The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing,” Grand View states.
As part of our efforts to focus attention on the innovative knowledge management vendors that are imbuing their offerings with AI and automation, in this issue, KMWorld presents the KMWorld AI 50: The Companies Empowering Intelligent Knowledge Management. We invite you to explore the companies on this list to understand why they stand out, and to also review the AI Trailblazer section in which executives of these organizations explain the value of their intelligent approaches.
Be sure to join us as we continue to explore AI and a wide range of other knowledge management topics in person at the annual KMWorld conference at the JM Marriott in Washington, D.C., November 7-10.
We encourage you to visit the websites of the companies on this year’s list. In the AI TRAILBLAZER Spotlights, executives share their opinions and how their solutions help customers realize their business goals.
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