‘AI Dossier’ details top business use cases for AI
The report, called “The AI Dossier,” is intended to help business leaders understand the value AI can deliver today and in the future so that they can make smarter decisions about when, where, and how to deploy AI within their organizations.
“Artificial intelligence has made the leap to practical reality and is quickly becoming a competitive necessity,” says Nitin Mittal, U.S. AI co-leader and principal, Deloitte Consulting LLP. “Yet, amidst the current frenzy of AI advancement and adoption, many leaders are questioning what AI can actually do for their businesses. The AI Dossier can help these leaders understand the value AI can deliver and how to prioritize their investment in AI, today and in the future.”
The report illustrates use cases across six industries:
- consumer
- energy, resources and industrial
- financial services
- government and public services
- life sciences and health care
- and technology, media and telecommunications
For each industry, the report highlights the most valuable, business-ready use cases for AI-related technologies – examining the key business issues and opportunities, how AI can help, and the benefits that are likely to be achieved. The report also highlights the top emerging AI use cases that are expected to have a major impact on the industry’s future.
According to the report, six major ways AI can create value for business include the following:
- Cost reduction: Applying AI and intelligent automation solutions to automate tasks that are relatively low value and often repetitive, reducing costs through improved efficiency and quality.
- Speed to execution: Reducing the time required to achieve operational and business results by minimizing latency.
- Reduced complexity: Improving understanding and decision making through analytics that are more proactive, predictive and able to see patterns in increasingly complex sources.
- Transformed engagement: Changing the way people interact with technology, enabling businesses to engage with people on human terms rather than forcing humans to engage on machine terms.
- Fueled innovation: Redefining where to play and how to win by using AI to enable innovative new products, markets and business models.
- Fortified trust: Securing a business from risks such as fraud and cyber, and improving quality and consistency while enabling greater transparency to enhance brand trust.
Last year, Deloitte’s “State of AI in the Enterprise, 3rd Edition” study found that 74% of businesses are still in the AI experimentation stage with a focus on modernizing their data for AI and building AI expertise through an assortment of siloed pilot programs and proofs-of-concept, but without a clear vision of how all the pieces fit together. By contrast, says the organization, only 26% of businesses are focused on deploying high impact AI use cases at scale, which is where AI can create real value.
“While AI adoption rates and maturity vary widely across industries,” says Irfan Saif, U.S. AI co-leader, Deloitte Risk & Financial Advisory, and principal, Deloitte & Touche LLP, “AI is driving new levels of efficiency and performance for businesses of all sizes. Organizations have the opportunity to unlock the full potential of AI when they embrace it and deploy it at scale throughout their enterprise.”
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