Seventy-six percent of senior decision makers now believe that artificial intelligence (AI) is fundamental to the success of their organization's strategy, according to research. As the volume of data continues to increase exponentially every day, the need for AI becomes ever more important to process, analyze, and make predictions from that data. Business leaders, in turn, use those predictions to glean insights and enable better judgment.
Our Co-Founder and Co-CEO Aneel Bhusri chatted with Fortune President and CEO Alan Murray and Nasdaq President and CEO Adena Friedman about the promise of AI, and how it's changing the way businesses work. Below are some takeaways from their conversation:
AI remains in its infancy. People are still trying to understand how to unlock its potential. They’re starting to realize it requires very large datasets to generate predictive signals.
AI solves for prediction, but it does not solve for judgment. People will need to continue to apply judgment to a prediction to make better decisions. It’s important to recognize the partnership between humans and technology as complementary, not competitive.
Understanding how to use AI requires people to acquire a new set of teachable skills. Organizations need people who understand the underlying mathematics and also have a sense of the business process so they can look at the dataset and make an informed decision based on the leading indicators.
To successfully leverage AI, businesses must first understand the type of data they have in-house. Companies then need to figure out what problems or opportunities they’re facing that AI can help solve for. Lastly, they need to find the right partner to help execute against those opportunities so they don’t have to do it all themselves.
To learn more about AI and its impact on business, check out the full interview in the video below.