What’s the real business value of AI-powered automation, and what are the challenges and opportunites? Read the IDC report
The events of the past 12–18 months have accelerated the economy to its digital destiny.
Technology (and, more specifically, software) is seen to be an incredible potential source of value. Business leaders are ramping up investments in digital transformation initiatives.
As a result, we saw the CEOs of some of the largest organizations announcing major new technology investments for 2021 and beyond. For example, Brian Moynihan (CEO, Bank of
America) announced that the bank would be spending $3.5 billion on net-new technology spend in 2021 (as part of a broader total technology budget of $10 billion), and artificial
intelligence (AI)-focused investments are integral to it. One of the bank’s most prominent applications of AI is Erica, which is an AI-based virtual financial assistant. Bank of America
reported that just in the first three months of 2021, clients interacted with Erica 100 million times, driving increased client engagement, whereas it took 18 months for Erica to reach the first 100 million interactions.
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