Artificial intelligence (AI) may sound like an adversary in a science fiction novel but in reality it has become an extremely valuable business tool. Companies can now process mammoth amounts of data to discern trends and develop insights that help them make real-time decisions and more accurate forecasts.
- From March 2015 to September 2017, the number of S&P 500 companies making AI-related comments on earnings calls rose over 1,100%. We expect this trend to continue as more and more companies harness the vast potential of AI.
- The Health Care industry has already experienced 30%-50% higher productivity for nurses using AI tools. Retailers report 30% less stocking time as a result of employing autonomous vehicles in warehouses and utilities companies have enjoyed a 20% increase in energy production due to machine learning technology optimizing how much output can be extracted from a resource.1
- AI has become a rapidly growing investment theme and is a potential opportunity for growth equity investing.
1 McKinsey.