Artificial intelligence (AI) is rapidly emerging as the most important and transformative technology of our time. Recent advances in machine learning — a computer’s ability to self-improve its performance — have led to a rapid proliferation of new applications that are changing the game for companies in almost every industry.

These include cutting-edge Large Language Models(LLMs) applications such as ChatGPT, as well as Generative AI applications such as DALL-E2.

AI can impact businesses and managers in many profound ways:

• Substituting human judgement – AI can forecast based on patterns in data that are undetectable by humans
• Improving efficiency and productivity to increase revenue for ecommerce players – through machine learning algorithms and predictive analytics models
• Autonomous driving – made possible by rapid advances in image recognition using visual machine learning
• Customer experience in sectors such as healthcare, finance, retail and travel – through the use of AI-powered chatbots and intelligent voice assistants
• Organisational transformation – through internal data analysis of employee engagement, networks and departures
• Creative applications – ChatGPT and other generative AI applications like DALL-E2 have begun to erode the barriers between humans and machines when it comes to creativity