Applications of Data Science, AI and ML to Industry and Commerce

Artificial Intelligence is deemed to be the main driver of the 4th Industrial Revolution. Until recently, practitioners have faithfully relied upon neo-classical models to make decisions and to measure performance, whether it’s in financial organisations or marketing corporations. AI is the new technology that offers an automated solution to these processes. It has the capability to replicate cognitive decisions made by humans and remove behavioural biases inherent in humans. Investment in AI has grown at a phenomenal rate with companies investing $26-39bn in 2016. Adoption in 2017, however, remains low. As a result, this has spurred companies from every industry to seize the trend and innovate – from virtual assistants to cyber security to fraud detection and much more. The majority of C-level executives have identified and agree that AI will have an impact on their industry. Only 20% of C-level executives admit they have already adopted AI technology in their businesses. For many industries there is an “imperative to catch-up”. The Finance industry is anticipated to lead the way in adoption of AI with a significant projected increase in spending over the near future.