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Artificial intelligence (AI) is the most disruptive innovation of our lifetime. Its adoption has grown 60 percent in the last year, according to an April 2020 report by Narrative Science. The report’s authors say the technology is having a “significant and imminent impact on everything from company strategy, to business operations, to job functions.”
Currently, for entrepreneurs, the most popular AI-powered solutions deal with predictive analytics (24 percent), machine learning (21 percent), language processing (14 percent) and voice recognition and response (14 percent), according to the same Narrative Science report.
However, AI will also be adapted for seismic changes in business practices, health protocols and regulatory rules. In other words, companies will use AI in a way that delivers what consumers readily want. In fact, a 2017 study conducted by M.I.T. found that 84 percent of enterprises expect AI to obtain or maintain a competitive advantage, while 72 percent believe the technology will have a significant impact on product offerings.
With that kind of data in mind, how exactly do entrepreneurs like yourself stand to