Artificial intelligence and automation are changing the business environment across industries, by delivering new opportunities through intelligent and automated products. Some companies are in high competition while others are struggling with their adoption of the technology.
The Board members and decision-makers are aware of all the benefits of Artificial Intelligence and automation, but the question still arises: ‘Is AI right for my business? How does it solve a problem which is related to my business? With the rise of this technology into business operations, it also brings some challenges and potential risks to the human workforce. This feature of AI will examine all these aspects and hope to give you an overall look at Artificial Intelligence into your business.
Artificial intelligence is clearly a growing force in the field of technology. AI is taking centre stage at conferences and showing a potential across a wide variety of industries, which includes retail and manufacturing too. New products are being featured with virtual assistants, while the chatbots are answering all the customer queries from your online office supplier’s site to your web hosting service provider’s support page. Meanwhile, huge companies such as Google, Microsoft, and Salesforce are integrating AI as an intelligence layer across their entire technology stack. Yes, AI is definitely going to high levels.
DEMYSTIFYING ARTIFICIAL INTELLIGENCE IN THE DIGITAL AGE
Artificial intelligence (AI) is rapidly emerging as the most important and transformative technology of our time. AI can help accomplish many business activities with higher accuracy and at a fraction of the time, it would take humans to do the same work.
AI also offers a substitution for human judgment because it is capable of forecasting which is based on patterns in data that are undetectable by humans. These features can change what businesses and the managers do but also how they do it in profound ways.
The effects of Artificial Intelligence will only be observed in the coming decade, as industries transform their core processes and business models to take advantage of its capabilities. Rather than missing the momentum, business leaders need to understand and act on these opportunities which AI offers to their industry. They need to consider what is possible now, what will be possible tomorrow, and what other industries are doing that could translate their business to give them a competitive advantage.
AI for Business is designed to give businesses and its managers an understanding of the growing deployment of AI in business, so they can witness what it can and cannot do for their organisation.
WHY ARTIFICIAL INTELLIGENCE IS IMPORTANT FOR YOUR BUSINESS?
The true promise of AI is to unleash the actionable insights that would be trapped in a huge amount of data. Much of that data is unstructured data. The data is usually generated by written reports and business documents, videos, photos, social media posts or even email messages.
Artificial intelligence technologies can automate important yet manual and time-consuming tasks, allowing employees to focus on higher-value work. AI will be used to extract new insights, transform the decision-making process and drive improved business outcomes out of it. A recent PwC report indicates that almost 72% of business decision-makers believe that AI provides a competitive edge to their business.
Artificial intelligence in businesses can be used to for-
- Increasing competitive advantage and improve efficiency
- Advances automated interactions with customers, partners and workers
- Multiplying productivity gains by automating processes
- Power smarter machinery, vehicles and structures
- Enhancing customer intimacy and thereby increasing consumer demand
- Improves analysis of videos and audios in real-time
FUTURE SCOPE OF ARTIFICIAL INTELLIGENCE
Artificial Intelligence is the booster of human intelligence by machines. In simpler words, it is the method by which a machine demonstrates certain aspects of human intelligence like learning, self- correction, reasoning, etc. Since its introduction, AI has demonstrated unprecedented growth. Going by the bounds of progress AI has been making, it is very clear that AI will be present in every sphere of our life. Listed below are the various ways in which AI can change in the future.
Breaking-through science– The scope of AI in science is the largest. The possibility of AI playing a bigger role in the field of science in the future, not just merely for augmentation. Automation using AI for drug discovery is a field that is rapidly growing, mainly because machines work much faster than humans. Taking all this into consideration, AI is sure to transform science as we know it.
Cybersecurity– The future application of AI in cybersecurity will ensure in eliminating the risk of hackers. The incidence of cybercrime is an issue that has been escalating for many years. Credit card frauds are one of the most recurring cybercrimes. Despite there being detection techniques, they still prove to be ineffective in eliminating these hackers. AI can bring a remarkable change to this issue.
Face recognition– The launch of iPhone X with face recognition features was a step towards the future of AI. In the near future, iPhone users might be able to unlock their phones by looking into the front camera. Authenticating their personal content is not the only use of facial recognition. Governments and security forces also use this feature to track down the criminals and identify citizens. In the future, facial recognition tech can go beyond physical structure to emotional analysis. For example, it might become possible to detect whether a person is stressed, angry or happy.
Data analysis– One of the best ways AI will benefit businesses is in the field of Data Analysis. AI would be able to perceive patterns in data that humans cannot do. This enables businesses to target the right customers for the right product. An example of this is the partnership between Fluid and IBM. Fluid, a digital retail company uses Watson which is an AI created by IBM for better product recommendations to its customers.
Transport– Self- driving cars are already popular in the market; however, a driver is required at the wheels for safety purposes. With Google, Uber and General Motors trying to take them at the top in this market, it will not be long before driverless vehicles come into reality.
Artificial intelligence has been helping out businesses in a good way. It has leveled down the need for manual work and human brainstorming. AI is the best technique a company adapts in order to run efficiently. Thus, AI is a need for almost all types of organisations in order to run smoothly.
AI systems provide businesses with a wide range of benefits. It includes personalised marketing, inventory management, operational automation and recruitment.