Artificial Intelligence: A Strategic Program and Project Component
I recently asked: Artificial Intelligence Systems Are Going Mainstream...Are You Ready? Now it's time to continue the conversation with an organizational focus.
AI is one of the highly disruptive emerging technologies of the next few years. All indications are that it has moved from the research and development labs into the workplace. In fact, it appears multiple organizations believe that the development and implementation of AI is strategic.
The strategic applications are for internal use as well as for (or integrated within) an organization’s products and services. It also looks like AI is expected to create a new suite of applications, products and services that dramatically improve the effectiveness, efficiencies and performance of the workplace by augmenting work done by humans.
Here are some important statistics to keep in mind with AI and two of its offshoots:
- The 2025 AI market is projected to be slightly over $190.5 billion USD. That is up substantially. It is projected to have a compound annual growth rate (CAGR) of over 36.6% from what it was back in 2018 (when the global AI market was put at less than $21.5 billion USD).
- Machine learning (ML) is a sub-component of artificial intelligence that gained widespread attention in 2020. ML is defined as the application of computer software and algorithms that work to advance and become more
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