AI technology has been a major buzzword in technology and various sectors, including business and economics.
In recent years, many businesses and organizations have adopted AI to improve its business efficiency and overall productivity. AI technologies can provide a wide variety of uses in business. There’s a high probability that you’ve interacted with some forms of AI implementations in business daily.
For example, if you’ve ordered Uber or Lyft, they actually determine your ride’s price based on AI technologies. If you’ve been a flight passenger in recent years, most likely, the plane is also utilizing AI on its autopilot technology.
Thus, artificial intelligence is already disrupting virtually all kinds of business processes in every industry. Adopting AI is no longer a luxury for bigger enterprises but a necessity for all businesses that want to maintain their competitive advantage.
What Actually Is Artificial Intelligence?
Before anything else, we must be on the same page regarding the term ‘AI’ or ‘Artificial Intelligence.’
Artificial Intelligence—or machine intelligence— is actually an umbrella term that can be used to describe any program/computer software that has the ability to analyze its environment and make decisions based on the results of the analysis.
A common mistake is to think that AI is a program that deals with humanlike activities. Still, the key to whether a program can be called AI or not is in its capability in analyzing data to make a decision. This, in essence, makes it humanlike since it allows the program to have some degree of autonomy, eliminating the need for human intervention in achieving its objectives.
Machine learning is a branch (or subtype) or artificial intelligence and is actually the most common type of AI in development for business purposes at the moment.
The main characteristic of the machine learning AI is, as the name suggests, the ability to ‘learn’ on its own. It can analyze data and patterns and use the analyses to reprogram itself into a better version. This essentially eliminates the need for human intervention to update or reprogram the AI.
The more data we give to the machine learning AI, the better it will improve itself.
For example, in a business implementation, machine learning can collect and analyze a constant stream of data and identify patterns and anomalies in a conveyor belt. When the conveyor belt is, for instance, working on a reduced capacity, the machine learning algorithm can immediately recognize it and make the necessary adjustments (or notify the human decision-makers) about the issue.
Deep learning is a newer, more advanced type of machine learning that utilizes artificial neural networks to engage in non-linear reasoning. So, it can analyze more data varieties simultaneously to allow more detailed decision-making in use cases where several factors must be analyzed and contextualized in real-time.
For example, in self-driving vehicles, deep learning algorithms can analyze various factors while the car is moving to predict where the car will be in the next few seconds. With this capability, deep learning opens the doors for more creative implementations in business, and it is expected that more businesses will start adopting deep learning implementations shortly.
Below, we will discuss the impact of AI, machine learning, and deep learning in business.
Impacts of AI in Business
- More Informed Decision Making
One of the key and most important impacts of AI in business is its ability to analyze and interpret mountains of data much faster than any human ever could. In turn, businesses can use this capability to build more personalized and highly-optimized decisions specific to each use case. As a result, we can better allocate budget and resources based on the AI’s insights.
AI integration also offers the capability to allow fully-automated decision-making, eliminating the need for human decision-making, which can save costs and lower human errors.
- Automated Recruitment Practices
In the past couple of years, there have been many different implementations of AI in HR, and AI is expected to replace 16% of HR jobs in the next few years. For example, AI can quickly access and analyze a candidate’s social media posts and online presence instantaneously while checking whether this candidate is a good fit for the company culture.
AI can also analyze a candidate’s behavior by analyzing an interview video using psychometric and biometric analysis like assessing the candidate’s micro-expressions, tone of voice, and body language.
- Improved Customer Service
Many businesses have adopted various AI solutions to improve customer service; one of the most common is the implementation of chatbots on many websites and apps. AI solutions also allow businesses to quickly detect customer’s tone (in writing, voice, video, etc.) to respond more effectively to concerns and complaints.
In short, integrating AI into customer service can help your business to provide better, faster, and more dynamic customer support.
- Enhance Cybersecurity
Cybersecurity threats are now a major concern for all businesses with an online presence—both big and small—-, and AI technology can help businesses track and identify behaviors, especially those incoming from malicious botnets, consistent with fraud and malicious cyber attacks.
Various software solutions for businesses have also adopted machine learning to regularly self-adjust themselves as they learn from data and patterns over time. AI technologies have been and will be even more vital in protecting networks and systems, preventing customers’ sensitive data from being stolen by hackers.
- Streamlined Supply Chain
There are many different ways we can implement AI and machine learning/deep learning technologies to improve supply chain efficiency and productivity. Starting from AI-equipped machines to smart, automated vehicles to automated detection and decision-making software.
For example, AI can now power automated warehouse carts to automate the delivery and retrieval process. At the same time, an AI-powered inventory tracking software can track the movements.
An ongoing concern across many businesses is whether AI will replace humans in performing our business processes. However, AI implementations can help humans improve their productivity and help us work smarter and more efficiently.
AI can obviously gather and process data much faster than people, and people should use this capability to be more productive in achieving the business’s objectives. Use AI to improve your business’s efficiency, streamline decision-making processes, and eliminate human errors.
Mike is passionate about all emerging technologies in the IT space and loves to write about all of them. He is a lifetime marketing and internet expert with over 10 years of experience in web technologies, SEO, online marketing, and cybersecurity.
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