Introduction

Artificial Intelligence (AI) represents one of the most significant opportunities to transform business operations in almost every industry sector. As a technology, AI is similar in potential impact to that of the Industrial Revolution. The investment that is taking place within the technology is growing significantly. Goldman Sachs estimate $200 billion is being currently invested however this appears to be a low estimate when compared to the World Economic Forum (WEF) analysis. The WEF analysis states that in the US alone, optimistic projections suggest that AI could boost annual GDP growth by 0.5 to 1.5% over the next decade. That’s $1.2 trillion to $3.8 trillion in real terms. Governments, such as the US and UK, have recently made new commitments with respect to both funding but also legal and regulatory changes to assist in the growth of this technology.  

The application of the technology also means the potential efficiency gains and optimisation will yield significant cost savings for businesses as well as providing significant operational advantages that would be difficult, or even impossible, to achieve without the application of AI.