At the beginning of November over 60,000 people attended the 2017 Web Summit in Lisbon, with thousands more attending via live streams all across the globe.
To say this was a must-attend event is a bit like closing the stable door after the horse has bolted. In case you were in outer space from the 6-9th of November and managed to miss the whole thing, here is a roundup of our top five most important takeaways.
1. Data Analysis is Essential for Marketing
In his speech, Federic Oudea, CEO of the Société Générale stressed the importance of data analysis.
Only when we understand our customers and their potential needs can we build the level of intimacy that ensure solid and expanding customer relationships. This is going to become an essential part of the customer experience.
Data analysis applications are many, but the most prominent are risk management, credit distribution, compliance and fraud tracking, all of which are moving towards AI as a form of collection and analysis.
2. Data is the New Oil
Oil used to be the most valuable resource in the world. However there has been a shift, and Intel confirmed that they are now of the opinion, along with many other influencers, that data has replaced oil.
Data mining is already big business, but by 2020 the predictions suggest that an average person will generate 1.5GB of data each day.
With the predicted shift that the data of the future will be created not by humans but by machines, this daily figure is set to produce data by several terabytes each day. This will come from interaction with artificial intelligence, and their ability to learn and generate data from the initial conversations provided.
3. By 2020, Millennials Will Be 50% of the Workforce
The Millennial is reshaping the world of work!
Impatient and seeking instant results from every interaction they make, they have little regard for structure. Hierarchy is set to fade into the background as they embrace new technologies, and are readily willing to work next to AI based colleagues, harnessing the power of the bot to take care of their day to day trivialities.
Facebook is at the cutting edge of direct access to all members of the workforce regardless of status and has been shown to be ahead of the game on several occasions now.
4. Custom Bots Will Be Ubiquitous
Which is why they are so well placed to make the next prediction surrounding the progress and advancement of AI, which there is little doubt will persist as a trend for a few more years.
With communal working platforms and advancements in the home and business personal assistants, custom bots are on the increase. Before long they will be ubiquitous as customising them to meet every need you can conceive becomes easier.
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5. If a Company Doesn’t Have a Bot, They Should Get One
Which leads nicely to the final takeaway.
It is not just social giants such as Facebook pushing the importance of AI development. The use of artificial intelligence was highlighted in many of the keynotes and panels.
Without a doubt, it is the way we are headed!
To quote the pure genius that is Stephen Hawking, when he took his turn on the podium at the summit this year:
“The rise of AI could be the worst or the best thing that has happened for humanity.”
Regardless of whether this is good or bad, the VC panel reiterated the importance when they gave the no holes barred diktat that every company needs to get on this bandwagon.
And if you do not have a bot, it is time you went and got one!