Soaring Investments in Artificial Intelligence and Machine Learning


Over the years, over 83% of companies were found to have increased their AI and ML budgets. It was also found that the average number of data scientists these companies employed have increased by 76% year-over-year.
ai and ml investments

And, according to a report by KPMG, business expenditure on AI and ML is expected to soar up to $232 billion by 2025. Fact is that these changes came to existence even as organizations tightened their overall spendings and refocused on their stretegic priorities amidst 2020’s disruption and uncertainty related to the pandemic. Such companies aren’t just momving forward with AI and ML initiatives, in fact, they are doubling down their investments.

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This is because organizations are starting to figure out that AI and ML is critical to remain competitive in the rapidly evolving times and conditions. During the time of lockdown and after, companies said that AI and ML mattered way more to their businesses than they’d previously realised. This only makes it evident that the rise in AI and ML investments is justfied.

Now that you have an insight on the rising investments in AI and ML, here are reasons that can tell you why it’s rising so quickly:

Automated Insights: Every activity of a business is recorded and used by AI to bring around real-time insights and reports.
Relationship Mapping: AI identifies non-intuitive relationships between securities and market indicators and also gives you ideas to make it correct with multiple case scenarios which brings us to our next point.
Alternative Datasets: Analyzing fluctuating data such as weather forecasts and shipment movements, monitoring search engines for words on specific topics to structure hedging strategies is and AI specialty.
Operations Intelligence: Automating functions makes business easy and this is possible with the use of machine learning.

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Powering Risk Performance: AI-based algorithms and machine learning monitor suspicious transactions, and trigger response protocols for safety
Reporting and Servicing: AI uses data and its techniques to efficiently generate reports for clients, portfolio and risk commentary, and marketing material using natural language processing.
Growth Opportunities: It uses the corporate website traffic to gauge future growth by bringing customized solutions in accordance with clients’ behavioral patterns.
Client Outreach: AI uses its analytical power for smart client outreach and demand generation, using alternative data sources such as social media data, etc.
On-Demand Reporting: Chatbots and machine learning are used to respond to employee or investor queries and simultaneously a report on-demand is generated.

Conclusion: All things said and done, there is still a certain percentage of businesses who lag behind and the reason for that is because they make the mistake of thinking that AI and ML does not apply to their company. This means they lose out on massive potential opportunities like growing revenue streams, etc. This is why such companies need to change because with the second wave of AI and ML adoption growing this rapidly, it’s time that all companies synced with the expected crest in AI and ML growth in 2021. Your competitors are doing it and it’s easier than ever to get started today!

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