Here’s How Business as Usual is Changing Thanks to AI - MBAnetbook.co.in

Tuesday, June 5, 2018

Here’s How Business as Usual is Changing Thanks to AI

Artificial intelligence technology isn’t science-fiction anymore. Innovations in fields like machine learning have yielded sophisticated AI systems with the power to dramatically transform how organizations throughout the world do business.

Unfortunately, pop culture has made many people fear this technology. That hesitation can prevent them from taking advantage of all it has to offer.

That’s why it’s important to gain a more thorough understanding of AI. The more you know about this technology, the easier it is to realize how it can transform your business for the better. Something as simple as integrating a chatbot marketing strategy can completely revolutionize your sales team.

Where AI is Now 

There’s a good chance you’ve already encountered AI in your daily life, although you may not realize it. Some basic forms of AI, like chatbots and image recognition programs,are relatively commonplace these days. 

That said, you’ve probably never been exposed to an AI that could be considered entirely sentient. Most AI tech still relies on a substantial degree of human programming. It doesn’t yet have a true mind of its own, and is unable to learn completely new and unrelated skills. 

Current AI allows many software programs to perform their intended functions more effectively, but it doesn’t permit them to significantly expand their own capabilities, independent of any human assistance. However, that’s not to say we aren’t moving towards that kind of independence. 

How Business as Usual is Changing with AI
For instance, according to the Artificial Intelligence Index’s 2017 report, AI currently performs better than humans at tasks involving pattern recognition.This makes sense, as being able to recognize patterns requires analyzing data points. AI is simply capable of analyzing many more data points than a human can, and at a much faster pace as well.

In other words, AI is developing and improving rapidly. Will businesses be as quick to adopt it? Possibly. A survey of experts reveals that AI could take over certain basic jobs – like laundry folding – by 2021. By 2027, it may be driving trucks. In 2031, AI could potentially get its first retail job.

There’s a good chance businesses across a wide range of industries will soon begin implementing AI. The companies that benefit will be those that learn how to leverage this technology now.

How to Look at AI

Too many people make the mistake of assuming that AI’s main benefit to a company would come in the form of branding. They believe that simply marketing a product as “AI-equipped” will be similar to marketing something as “organic” or “green.”

That perspective is limiting. While most AI products geared towards consumers do rely, to some degree, on the novelty factor, there are plenty of “behind-the-scenes” applications for AI. 

For instance, healthcare providers may soon be using AI to help diagnose illnesses in patients. While a product designed for this purpose may not be the consumer gadget of the year, it could end up being much more valuable. It’s important to keep this in mind when considering how your organization can harness AI.

Industries Using AI

Some industries have already begun to embrace AI. In the financial industry, analysts are starting to use AI to make more informed investment decisions. Obviously, AI plays a key role in self-driving cars. Major law firms are also starting to implement AI to more efficiently review documents.

Any industry where companies benefit from increased security or more efficient data analysis can make use of AI. These early adopters will by no means be the only industries to embrace it.

Why You Need AI Now

A brief study of history indicates that businesses can’t fight against the tide of tech revolutions. Refusing to adopt AI solutions will hinder your company from growing and thriving in the changing business landscape.

Luckily, many of the fears people have about AI are unfounded. Instead of worrying about a dystopian sci-fi scenario playing out, your organization should focus on all the potential ways it can benefit from AI. By making use of this technology now, you’ll get a major head start on the competition, and you’ll signal to customers that you’re willing to embrace the future.


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