- Cloud and AI top the list of innovation investments by companies according to the latest Transforming Business poll.
- Companies are still figuring out all the applications of these technologies.
- Racial and gender biases in AI applications are issues no company can ignore.
- Visit Insider’s Transforming Business homepage for more stories.
Companies continue to prioritize AI and cloud as key investment targets as they strive to innovate and drive growth into the future, according to the most recent Transforming Business poll.
Actionable data insights are a key outcome for these applications. “Many businesses are looking to streamline their operations and make them more efficient, as well as find new insights and connections in their data,” said Victoria Petrock, principal analyst at eMarketer. “They are turning to AI to help them achieve competitive advantage.”
While it might seem like AI and cloud are ubiquitous and widely utilized, companies are still figuring out all the ways it can change their business. Laura Urquizu, CEO of Red Points and one of the 100 People Transforming Business in Europe, wrote in an article for Insider that AI and machine learning had vastly improved customer experience by creating more personalized shopping experiences and increasing brand loyalty.
But the insights available via tools like AI and the cloud can do much more than some companies have figured out. “No matter how important customer experience is, however, it is a mistake to believe it is the only operational area that can (and should) be transformed using technologies like these,” Urquizu wrote. “The efficiency of your internal operations – your support team, supply chain, production, inventory, quality control, human resources, and so on – can all benefit from applying AI and ML technologies.”
The opportunities vary by industry, of course, and the global pandemic has created opportunities to put AI to the test as never before. BenevolentAI, whose CEO Joanna Shields is one of this year’s Transformers, used its technology to analyze vast quantities of scientific research, ultimately surfacing a drug treatment that has been used to treat moderate-to-severe COVID patients.
“One positive outcome of COVID-19 is that it has united science and tech for good, accelerating data-sharing agreements and encouraging the open publication of research results.” Shields told Insider. “This new environment of collaboration has provided a glimpse of the beginnings of a more open and adaptable R&D model that can accelerate the delivery of innovative and life-changing outcomes for patients.”
Innovation has not come without problems, however. AI applications have come under fire, demonstrably shown in some cases to reflect racial and gender bias in hiring tools, and voice and facial recognition.
Tech companies and their customers are under pressure to address these injustices with a appropriate urgency.
“[Businesses] must find a way to provide AI with the right data inputs, and give it instructions to behave in the most ethical way possible, ignoring and unfolding historical biases and to be confident in leaving the business’ past behaviors behind,” Michael Feindt, a 2020 Transformer and strategic advisor at Blue Yonder, a digital fulfillment and supply chain solutions provider, wrote for Insider.
It is possible, Feindt said, to apply these tools to actually combatting discrimination and inequity.
“Simply put, it’s down to us whether AI is a force for good or a force for bad. If you can provide it with data and instructions that are designed to shape the world in a certain way, AI will do that,” Feindt wrote. “So if businesses are willing to put in the time and effort to set things on a fairer course, AI can set about fighting discrimination and injustice.
This SurveyMonkey Audience poll targeted individuals who work in a management capacity at their company according to the Audience panel. They included respondents from Hong Kong (n=50), Singapore (n=50), The United States (n=207), Canada (n=104), France (n=52), the United Kingdom (n=51), Germany (n=50) and India (n=50), with local translations in Germany and France. Respondents are incentivized to complete surveys through charitable contributions. Generally speaking, digital polling tends to skew toward people with access to the internet. SurveyMonkey Audience doesn’t try to weight its sample based on race or income. Polling data collected total of 614 respondents March 3-4, 2021.