Is Artificial Intelligence in the Here and Now?

Is Artificial Intelligence in the Here and Now?

Here at Expex, we are all about artificial intelligence. We use AI to improve visibility into future cash flow and automate data capture from vendor bills. Combined together, our use of AI not only automates tasks, but brings valuable insights into the future of your business cash flows, allowing you to make better financial decisions.

Artificial intelligence has not yet hit its stride. We came upon this great article by EDOARDO CAMPANELLA, The Real Payoff From Artificial Intelligence Is Still a Decade Off. The article was published on on August 9, 2018, and Mr. Campanella writes, “The robot revolution hasn’t started yet.”

It has been 21 years since IBM’s Deep Blue supercomputer checkmated chess champion Garry Kasparov, marking a historic moment in the development of artificial intelligence technologies. Since then, artificial intelligence has invaded everyday objects, such as cell phones, cars, fridges, and televisions. But the world economy seems to have little to show for the proliferation of smartness. Among advanced economies, productivity growth is slower now than at any time in the past five decades. National GDPs and standards of living, meanwhile, have been relatively stagnant for years.

This situation poses something of a riddle: Previous waves of technical innovation have come with rising productivity and, in turn, leaps forward in economic growth and well-being. For example, once electricity became widespread in the United States in the 20th century, labor productivity started growing at an annual rate of 4 percent—almost four times higher than the current rate. Read more…

It is interesting that the term AI is used so often and can invoke such fear and concern when discussing its application to improve efficiency and productivity, yet it appears it is nowhere near as widespread as thought. Mr. Campanella closes the article with the following great advice:

But be patient. If history is any guide, the payoff from artificial intelligence will come at some point—probably not before 2030. So, until then, use the time to learn skills robots will not yet be able to master.

We could not agree more! Take your time to understand AI and how it can benefit your organization, big or small. It doesn’t always lead to reduction in staff. In our experiences with new clients, it equates to happier employees spending their valuable time doing valuable tasks.

Come take a look at Expex and see how together Expex and AI can improve your productivity and performance.