Hey, we tried it once it didn't work, so why would I even try AI?

Hey, this is Grant, thank you for joining in this episode. So okay, we tried it once it didn't work. Why would I even try AI? Well, it turns out the global artificial intelligence market, I think Market Insight report estimated it to be I think it top $40 billion in 2020. That's a cumulative or compound annual growth rate at 43%. That's pretty amazing.

So there are some amazing achievements around AI. However, you know, there's still a lot of bugs to work out with this stuff. Let's take a look at some. Okay, so let's take a look at one of these failures. That was gender phi, right? 98.4% probability that the word male match to the word professor, and if you put in the word stupid and come back and say 61.7% was female prediction, oops, what the hack right? what it what a mistake. Here's another failure, right, this facial recognition, I'm sure you've heard of this one. You know, you've got some 94 year old granny who has to be held up, you know, in front of the picture, you know, in her Chinese bank, to just to get her face, right, just that there's some usability challenges there, right?

Uber course walks away from driverless citing adolescent AI, obviously, Amazon, they axed AI for their recruitment, because they found out that we've had bias at all had a lot of bias in it. And that's, you know, eventually damage Amazon engineers realize that, that the AI was indicating that the male candidates were automatically better outs. Not good. Here's another Amazon failure. Right? There facial recognition software match 28 US Congress people with criminal mug shots. Yep. Yep, that's facial recognition thing is, is tough. All right. So in short, what does AI actually work for? Right? Where does it actually succeeding? Where's it doing? Well, well, McKinsey points out that AI is shining in the area of big companies that are now reporting 20 plus percent of their revenue coming from AI insights, that's pretty big. Two thirds of those big companies are using it to increase sales. And these companies plan to invest more into AI in response to COVID.

So that's a success story seems like a lot of these facial recognition things. Heck, I think even IBM was applying it, you know, in some of the cancer, cancer use cases right, with with their Watson technology, and the doctors rejected it, claiming it was giving some some really bad advice. So the areas where he tends to do better is when it comes to the area of sales and sales planning. Now, the question is, is how do you identify the best AI project? What does that look like? Well, in typical, you know, typically, what you're looking for is something that's going to give some level of conversion, or attrition impact. So if you can increase your sales, conversion, or reduce the attrition of your people, that's typically where it tends to do well. So your sales and account management teams, typically are benefited from this. So you got to build a business case around it.

In fact, there's an article by a guy by the name of Jeff Caitlyn. This is on Forbes, he pointed out a couple things here. He said, Look, typically you're looking to predict customer churn or you're looking to handle and review or handle online reviews better or improve your messaging. But the bottom line is, you're really going to build out a business case for AI much like you would other business cases. What does it take for me to put into this, what's the effort and then can I get something out of it and the place that the large companies tend to be getting some traction with it is in this sales improvement area. So three things here. Number one, AI has been bringing positive impact to sales and Supply Chain use cases number two, identify which sales or supply print you know, supply chain problem areas that you're going to focus on.

And then number three, of course, as an SMB don't go build this out yourself. It's too costly, it takes too long to turn it around. So hey, I invite you to join me Thursday in a web class. To bring some positive impact to your sales and supply chain scenarios. Go to ClickAI.com/BreakTheTrap

Look forward to seeing you there.

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