For more than a quarter of a century the fundamental drivers of economic growth have been technological innovations.<\/p>\n\n\n\n
General-purpose innovations have literally transformed nearly all industries and the lives we lead. These include innovations such as the steam engine, electricity and the internal combustion engine \u2013 all of which have transformed the world as we know it.<\/p>\n\n\n\n
As for our digital era, the most important general-purpose technology is artificial intelligence \u2013 in particular, machine learning (ML). In layman\u2019s terms, machine learning pertains to a machine\u2019s ability to keep improving its performance without the need for human supervision or involvement.<\/p>\n\n\n\n
Firms use ML today to perform trade execution, drive recommendations, risk and pricing, data centre cooling and order dispatching, to name a few.<\/p>\n\n\n\n
Amazon, for instance, is getting to the stage that its prediction accuracy is good enough to start profitably shipping (as opposed to merely recommending) goods to consumers that it thinks they (the consumers) want. Amazon has created the ability for consumers to shop in the comfort of their own home, and return anything they don\u2019t need or want.<\/p>\n\n\n\n
The investment in AI by large companies is massive, with strategies being as broad as \u201cclose your eyes, imagine your company of the future and turn the dial\u201d.<\/p>\n\n\n\n
Companies that wait to implement AI may never catch up.<\/p>\n\n\n\n
The fast-follower IT strategies of the past will not work with AI, as there will not be a generic fit all, instead your knowledge domain will require re-architecting, your organisation will require restructuring, and your solutions will require time to learn.<\/p>\n\n\n\n
It is my view that late adopters will not catch up, as there are too many facets and complexities. Ultimately, the winners will take all.<\/p>\n\n\n\n
Adopting AI is also a requirement today, with the craziness of starting multiple projects across the organisation resulting in certain failure without some form of effective intelligent intervention.<\/p>\n\n\n\n