Hello readers! It is almost the end of the week so it’s time for our second edition of AI for Business. To freshen up the format, we will introduce a figure of the week and then 5 interesting reads on the different topics within the AI field.
This week you will learn about: two misconceptions companies might have when working on AI, the decision whether to build an AI team or to buy an AI solution and some use cases on the impact on the healthcare system. To finish the reading, let's have fun with some strange applications of AI.
FIGURE OF THE WEEK
25%: this is the percentage of CFOs that have implemented AI in 2019, up from 7 percent in 2018 in a survey done by Grant Thornton in collaboration with CFO survey shows. This survey revealed that CFOs are ready to invest heavily in emerging technologies such as AI as well as in digital transformation. This survey also shows that 91% of finance leaders feel it’s the CFO’s job to ensure technology benefits are realized, this by calculating the return on investment before engaging in a project. Are you surprised by these numbers?
MISCONCEPTIONS WITH AI
- AI will create millions more jobs than it will destroy by Byron Reese for Singularity Hub
There is this big fear among people and businesses that Artificial Intelligence will take our jobs and thus we should be scared of it! This is not the case, several studies have shown that artificial intelligence should be seen as a tool that helps employees make better decisions, rather than replacing them.
- Why data science teams need generalists not specialists - by Eric Colson for Harvard Business Review
What we see today in data science teams is that labor is being ordered by each employee’s specialty. One person sources the data, another models it and a third one implements. But this method was designed by Adam Smith to produce an exact product with strict requirements. The role of the workers in this aspect was to execute on those requirements as quickly as possible. This is completely different with data science; the goal is not to execute but rather to learn and develop profound new business abilities. This is why it is very important for a data science team to understand the impact of the models and since there is no blueprint on how to work, one should learn from previous models and implement these.
TO BUILD OR TO BUY AI, THAT'S THE QUESTION
- The build or buy decision by Peter Droege for Layer7AI
A lot of companies are still recovering from the investments to digitally transform their company and now a new technology is in front of them that is showing its value. The big first question a company will ask themselves is: Do we build a team around this new technology or do we buy a solution from a third party? Artificial Intelligence is slowly showing its full potential, thus companies want to jump on this opportunity! This article sums up the pro and cons of each decision, because it is not a black and white story. Depending on the quality of your IT department, the long term of your company and the type of solutions you need, the decision will change. If you are looking for a top notch AI firm, stop looking and lets get in touch!
AI IN PRACTICE
- How AI can make doctors more human – By Ron Winslow for Onezero
In a new book a prominent cardiologist argues that AI could help doctors become human again and connect better with their patients. This is a large issue because there is lack of the deep empathy and that is necessary to build a trusting and caring patient-doctor relationship. The message the cardiologist wants to give is: A.I. could significantly augment human performance, doctor performance, clinician performance, and at the same time empower consumers and patients to take charge of their health.
- The weirdest uses of AI - By Thomas Macaulay for Techworld
Since the rise of the buzzword Artificial Intelligence, there have been a lot of companies trying to embrace it to the fullest. This may sometimes result at first glance in weird use cases, but that in the end also found their usage on the market. Examples of these are: creating inspirational quotes, flipping burgers, finding Waldo, creating perfumes, etc.
That's it for our second week! I hoped you enjoyed the readings! Feel free to give your opinion on this format and check out our other articles in the Articles section.
See you next week!