This week I was invited to the official opening ceremony of the ARIC (Artificial Intelligence Center) Hamburg. The ARIC brings together companies, start-ups, research institutes, banks and politics to initiate AI-based projects and establish AI solutions on the market. Besides good conversations, I experienced interesting presentations introducing AI projects.
A very large established finance company uses AI in two ways. There are short-term (in 1 to 3 years duration) projects in which modern applications and new user interfaces are developed. In the long term, in cooperation with ARIC, completely new business areas are tackled and the old processes are fundamentally improved, e.g. in the analysis of legal documents.
A communications company presented how they use AI to evaluate and optimize the efficiency and reach of marketing methods. A consulting firm showed how AI in image analysis can be used to categorize defects in aircraft engines much faster.
There are many ideas on how AI can drive new business, and yet it seemed a bit like a playground to me. This is not meant negatively. It’s about playful experimentation. There will be many more experiments to try. And it’s about starting on a small scale and proving the value of AI solutions, as I wrote earlier.
The more AI-based business models work, the more new ideas are coming up. I can imagine that AI will become much more interesting for many companies. And faster than you might think.