As the drive for digital transformation becomes an imperative for companies seeking to compete and succeed in all industry sectors, intelligent tools and services are being recognized for their key roles in enabling valuable speed, insight, and accuracy.
Because of this, AI and an assortment of related technologies—including natural language processing, machine learning, and computer vision—are increasingly being deployed by sophisticated organizations. The use cases are vast: accelerating decision making, enhancing customer and employee experience, automating financial processes, improving warehouse operations, supporting fraud detection, speeding pharmaceutical research, elevating patient care, and more.
A recent McKinsey Global Survey on AI revealed a nearly 25% year-over-year increase in the use of AI in standard business processes, with a notable spike from the past year in companies using AI across multiple areas of their business. According to McKinsey, a majority of executives whose companies have adopted AI believe it has provided an increase in revenue in the business areas where it is used, and 44% say AI has contributed to reduced costs. Furthermore, a small share of companies—across a range of sectors—is attaining particularly strong business results from AI, expanding the distance between what McKinsey calls “AI power users and adoption laggards.”
Not surprisingly, investment in AI is expected to be significant in the years ahead as organizations seek to infuse intelligence into a range of processes.
According to IDC (“Worldwide Artificial Intelligence Systems Spending Guide”), spending on AI systems is projected to reach $97.9 billion in 2023, bringing the compound annual growth rate for the 2018–2023 forecast period to 28.4%. IDC projects this spending on AI systems to be led by the retail and banking industries. Additional areas that are expected to see significant investments in AI include discrete manufacturing, process manufacturing, healthcare, and professional services.
To help shine a light on innovative knowledge management vendors that are incorporating AI and cognitive computing technologies into their offerings, in this issue, KMWorld presents the KMWorld AI 50: The Companies Empowering Intelligent Knowledge Management, a list of organizations that are enhancing solutions and services with intelligence and automation.
Join us as we continue to explore a broad range of knowledge management topics and technologies in person at the annual KMWorld conference, which will return to the JW Marriott in Washington, D.C., November 16–19. And, to stay on top of the latest knowledge management news, trends, and research, go to www.kmworld.com.
A provider of graph database technology, Neo4j drives innovation and competitive advantage with a relationships-first approach that enables applications to tackle connected data challenges posed by AI, fraud detection, real-time recommendations, and master data. Nuance Communications—With de