As the year 2021 unravels, Artificial Intelligence and data analytics will become increasingly essential in IT as companies aim to deliver seamless support and predictive capabilities.
According to a recent AI research carried out by PWC, 86% of businesses are currently enjoying the benefits of a convenient and seamless customer experience through AI, and 25% of organizations with widespread AI adoption are expecting to see the tech payout in increased revenue during the year 2021. The 2020 pandemic has uncovered the undisputed value of AI, lending itself to heightening tasks related to workforce strategy, simulation modeling, and demand projection for the future.
As we continue into the year 2021, there will be many more sophisticated artificial intelligence and machine learning (AI/ML) applications across various industries and sectors, including financial services. Furthermore, there will also be a greater integration of AI models and abilities into multiple business processes and operations to drive refined insights and serve clients and customers better.
Furthermore, AI adoption will continue to gain traction into the year, emphasizing decisions that are not at the mercy of continuous shifts resulting from the ongoing pandemic that emerged last year. The focal point will remain an AI application to automate and augment specific business processes. While this may seem a bit complex, it is merely a continuation of a 2020 trend where several AI adopters at varying levels reported that enhancing existing products and services was their number one priority.
As Artificial Intelligence continues to gain immense traction in 2021, we'll see organizations moving from randomly acknowledging and 'worrying' about AI's bias to working towards making more significant moves, including solving for it–because it will be an essential requirement. Furthermore, specific initiatives will be formed to contend all the concerns that fall under responsible AI parasol, including everything from inherent bias in data to treating data trainers justly.
As the year 2021 unfolds, many people in the professional space will witness the vast influence of AI on today's enterprise and job market via pervasive intelligence. This impact will also significantly affect how organizations address enterprise motorization and their foundation for the growth strategy they use in their day-to-day operations.
Finally, the most powerful AI application will complement human emotional intelligence (EQ) with machine IQ–where human creative ingenuity will merge with the power of machines to heighten human creativity and intelligence (but not replace it). AI is evolving from being another technology in one's arsenal to a virtual human 'co-pilot' that can help businesses thrive and achieve their goals faster and actively streamline consumer workflows for the future.