What is and Why Artificial Intelligence

AI or Artificial Intelligence is a collective term that we use for "computer systems that can sense their environment, think, learn, and take action in response to what they’re sensing and their objectives."
Source: PWC Research


Examples of AI include, digital assistants, chatbots and machine learning amongst others.
What does AI look like with human in the loop?
What does AI look like with non-human in the loop?

What does the Value Gain from AI look like?

Why this progression towards AI?

Over the past decade, almost all aspects of our work and our life – from retail to manufacturing to healthcare – have become increasingly digitized. "The internet and mobile technologies drove the first wave of digital, known as the Internet of People."
 
However, analysis carried out by PwC’s AI specialists anticipates that the data generated from the Internet of Things (IoT) will outstrip the data generated by the Internet of People many times over. "This increased data is already resulting in standardization, which naturally leads to automation, and the personalization of products and services, which is setting off the next wave of digital. AI will exploit the digital data from people and things to automate and assist in what we do today, as well as find new ways of doing things that we’ve not imagined before."

 
With the initiation of 'American A.I. Initiative', the potential uplift to American GDP from AI will be "amplified by the huge opportunities to introduce more productive technologies, many of which are ready to be applied. And the gains will be accelerated by the advanced technological and consumer readiness for AI, along with the impact of rapid accumulation of assets – not just technology, but data touch points and the flows of information and customer insight that come with them."
 

What is the potential impact of AI in your sector? --
Healthcare, Automotive, Financial Services, Transportation and Logistics, Technology Communication and Entertainment, Retail, Energy and Manufacturing.

AI, the Big Game Changer

"AI is likely to be, and how much value potential is up for grabs. AI could contribute up to $15.7 trillion1 to the global economy in 2030, more than the current output of China and India combined. Of this, $6.6 trillion is likely to come from increased productivity and $9.1 trillion is likely to come from consumption-side effects."

Further Reads
MIT Sloan Management Review
How Big Data and AI Are Driving Business Innovation.  February 6, 2018.
How Big Data is Empowering AI and Machine Learning at Scale.  May 8, 2017.
Companies Brace for Decade of Disruption for AI.  January 29, 2017.

Harvard Business Review
Big Companies Are Embracing Analytics, but Still Don’t have a Data-Driven Culture.  February 16, 2018. How Machine Learning is Helping Morgan Stanley Better Understand Client Needs. August 3, 2017. How Companies Say They are Using Big Data.  April 30, 2017.

Forbes
A Rising Crescendo Demands Data Ethics and Data Responsibility. November 4, 2018.
Every Company is a Data Company.  September 30, 2018.
The State of Machine Learning in Business Today.  September 19, 2018.
The Chief Data Officer Dilemma.  January 30, 2018.