Similar to applied research, applied maths, or applied physics, when we say applied artificial intelligence (AI) we are simply referring to the application of AI technologies to problems in the World around us.
For example, whereas in the past it may have taken significant manual ad hoc resources to sift through credit card data to find the telltale signs of fraud, the algorithms powering businesses today are covering a much wider area, continuously, and learning through feedback.
Every industry will be impacted. Whether it's a driverless Toyota car, smarter Netflix movie suggestions, faster DHL deliveries or a healthier credit score, change is no longer just on the horizon. The systems are already becoming much smarter.
And whereas with other emerging technologies that may be a bit hyped and are struggling to find a clear, scalable use case, with AI the technology itself is unlocking business value in realtime as it identifies new insights at lightning speeds.
The appropriate application of AI can level the playing field between large and small enterprise, effectively enabling businesses to optimise and accelerate processes, assisting and scaling human capital.
So what does this mean for business owners? It means that no matter what your industry, if you're not thinking about applied AI, the chances are one of your competitors are. Put simply, applied AI creates winner takes all outcomes.