When Artificial Intelligence (AI) Enters
the
World of Business
You may have
remembered hearing of artificial intelligence (AI) in films such as Ironman
with his AI assistant J.A.R.V.I.S. or Terminator with an AI robot used to
assassinate a person. Though these AI concepts are only seen in movies, we see
AI all around us. AI is most commonly used in the business world, where it has
a large impact by increasing efficiency, streamlining workflow, and
productivity.
This blog explains the uses of AI in businesses and how they are using AI effectively, the benefits; and also the challenges in using AI. According to SEM Rush, AI is anticipated to significantly increase business value and worker skills. Predictive analytics, deep learning, chatbots, and image recognition are just a few examples of how AI and machine learning are revolutionizing how businesses are able to engage with customers and deliver more in less time. “In 2021, the increase in AI usage across businesses will create $2.9 trillion of business value and 6.2 billion hours of worker productivity,”
How do Businesses use AI Intelligence?
As said above, AI is fondly heard in movies specifically in Terminator and in Ironman. However, in today’s time, though it may not be the same as what we have understood in the movies, AI today has been a role factor, or rather playing behind the scenes to assist businesses in enhancing their efficiencies, having a smooth workflow, and thus, improving and increasing productivity. Because as we know, those 3 factors (efficiency, workflow, and productivity) are one of the key components in running a successful business industry. Moreover, according to Connect.Comptia.Org the following are the things businesses are using with AI Intelligence: Personalization, Process Automation, Customer Service, Increase Output and Data Analysis
Personalization
With personalization, AI makes it possible to enhance the experience of the customers. So what does it really mean? It means that for every customer, the experience of what one can get from AI varies from one customer to another. For example, AI helps businesses in retailers when it recommends its products to customers based on their shopping history and their interests when going online shopping.
Process Automation
Robotic process automation (RPA) is referred to as intelligent process automation (IPA), which is the use of artificial intelligence and associated emerging technologies such as computer vision, cognitive automation, and machine learning. Leading businesses like Deloitte, IBM, Microsoft, and LinkedIn frequently automate repetitive processes using RPA.
Customer Service
Online research and contactless alternatives are becoming the main driving forces behind the purchase process. Many businesses have used AI to offer a more streamlined approach to customer service as a result of other e-commerce consumer trends including hyper-personalization, comparative shopping, and convenience of purchase. AI may take many different forms, including chatbots for customer care, self-service for customers, machine learning to evaluate customer data, NLP for voice recognition and help, and many other scenarios.
Increase Output
In our era, today in the rampant development of AI technology, many leading companies are now maximizing and taking advantage of the artificial intelligence’s skill to increase and to continue ramping up their goods and products. Thus, with the use of AI technology, it helps the workers to work more efficiently and effectively not to mention that it can save a lot of time for them since the AI technology is lessening their work for them to continue producing more outputs. Furthermore, according to connect.comptia.org Nissan is now plotting to use AI technology to design new models in real time and hoping that it could shorten the time to market these new models.
Data Analysis
It is one of the commonly used AI applications in today’s world of business. With the use of predictive analytics and data from multiple sources, Google is now able to perform tasks with AI based on the analysis information, stated by Comptia.org (2021). One good example of which is when you input your data to Google such as address, calendar entries, maps and flight information, with the power of AI, Google can now recommend you on when you should leave for your flight, with the perks of having a cheap plane ticket or avoiding bad weather conditions during your flight.
AI is at the heart of a new venture to develop computational intelligence models. The central premise is that intelligence, whether human or otherwise, can be represented in terms of symbolic structures and symbolic operations that can be programmed in a digital computer. These artificial intelligence examples only scratch the surface of the vast array of AI applications available today. Currently, the technology is being used in a variety of industries, including transportation, manufacturing, finance, health care, education, and urban planning.
To summarize, AI is used in business in a variety of ways that benefit both the company and the people to whom the products are catered. AI not only creates a more productive and efficient product, but it also takes less time to deliver more. AI is being used effectively in business, which benefits both the company and the customer.
