AI-Enabled Analytics for Business

CHAPTER 1A Primer on AI-Enabled Analytics for Business

Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives.

—James Madison¹

Artificial intelligence (AI) dates back over 75 years. Alan Turing, a mathematician, explored the mathematical possibility of AI, suggesting that “humans use available information as well as reason in order to solve problems and make decisions,” and if this premise is true, then machines can do so too. This was the basis of his 1950 paper “Computing Machinery and Intelligence,” in which he discussed “how to build intelligent machines and how to test their intelligence.”²

So, what is artificial intelligence? Very broadly speaking, it is the ability of a machine to make decisions that are done by humans. But what does that mean, what does AI look like, and how will it change our lives and society?

We all know that AI, sooner or later, will be part of all businesses. But when it is part of the business is entirely dependent on what each executive knows and understands about AI and analytics. And here lies the chasm between the early adopters and the rest of the pack.

According to Grant Thornton's 21 May 2019 report “The Vital Role of the CFO in Digital Transformation,” the 2019 CFO Survey of Tech Adoption covered several technologies, including advanced analytics and machine learning. 38% of respondents indicated that they currently implemented advanced analytics, ...