Everything you need to know about the Implications of Artificial Intelligence in Business

Artificial intelligence (AI) has been around for years. However, due to more incredible processing speeds and access to vast amounts of data, AI is starting to play an essential role in our everyday lives.

What is Artificial Intelligence?

In the words of Thomas Malone, “Artificial Intelligence means machines that act in ways that seem intelligent.”

Artificial Intelligence is a wide-ranging branch of computer science aimed to build intelligent machines capable of performing tasks that typically require human intelligence. It is the science and engineering of making intelligent machines and computer programs. It is related to using computers to understand human intelligence.

AI technologies aim to reproduce abilities in computational systems that are generally deemed intelligent if performed by a human. These abilities include:

• learning
• reasoning
• pattern-recognition
• problem-solving
• visual perception
• language-understanding

Artificial Intelligence in its simplest form means the human intelligence demonstrated by machines to enable problem-solving and decision-making capabilities. It also encompasses sub-fields of machine learning and deep learning, which are cited frequently in combination with artificial intelligence.

Many modern AI applications are enabled through a sub-field of machine learning.

What is machine learning?

Machine learning (ML) teaches a computer system to make accurate predictions when fed data. It is a branch of artificial intelligence based on the idea that systems can learn from data, identify patterns and make decisions with minimal human intervention.

Machine Learning uses algorithms and statistical models to perform a specific task without explicit instructions but relying on patterns and inference.

ML applications can:

• read a text and decide if the author is making a complaint or a purchase order
• listen to a piece of music and find other tunes to match the mood
• recognize images and classify them according to the elements they contain
• translate large volumes of text in real-time accurately recognize faces, speech, and objects

These insights subsequently drive decision-making within applications and businesses, ideally impacting key growth metrics. As big data continues to expand and grow, the market demand for data scientists will increase, requiring them to identify the most relevant business questions and, subsequently, the data to answer them.

Uses of AI and Machine Learning in Business:

AI research has enabled many technological advances, including:

• virtual agents and chatbots
• suggestive web searches
• targeted advertising
• pattern recognition
• predictive analytics
• voice and speech recognition
• face recognition
• machine translation
• autonomous driving
• automatic scheduling

Many of these are now commonplace and provide solutions to a significant number of business challenges and complex, real-world problems.

Artificial intelligence (AI) steadily passes into everyday business use, from workflow management to trend predictions.

Artificial Intelligence implications on Business:

Artificial intelligence in Business involves using intelligent computer software with human-like capabilities to reduce operational costs, increase efficiency, grow revenue, and improve customer experience. For the most significant benefits, businesses should look at putting the full range of smart technologies – including machine learning, natural language processing, and more – into their processes and products. However, even businesses that are new to AI can reap significant rewards.

By deploying the right AI technology, your business may gain the ability to:

• Save time and money by automating and optimizing routine processes and tasks.
• increase productivity and operational efficiencies
• make faster business decisions based on outputs from cognitive technologies
• avoid mistakes and ‘human error,’ provided that AI systems are set up properly
• use insight to predict customer preferences and offer them a better, personalized experience
• mine vast amount of data to generate quality leads and grow your customer base
• increase revenue by identifying and maximizing sales opportunities
• grow expertise by enabling analysis and offering intelligent advice and support

Whatever your reason for considering AI, the potential is to change how your Business operates. All it takes to start is an open-minded attitude and a willingness to embrace new opportunities wherever possible.

AI is an emerging technology, and it is changing at a fast pace and may present some unexpected challenges.

Artificial Intelligence vs Business Intelligence

Artificial intelligence is the field of computer science associated with making machines programmed to think and solve problems like the human brain. These machines can perform human-like tasks and learn from past experiences like human beings. Artificial intelligence involves advanced algorithms and theories of computer science. It is used in robotics and gaming extensively.

Business intelligence is a set of technologies, procedures, and applications that help us convert the raw data into meaningful information that can use decision-making. It involves data analysis through statistical methods. It combines data mining, data warehousing techniques, and various tools to extract more data-driven information. It consists of processing data and then using the data for decision-making.

Examples of artificial intelligence use in business

Artificial intelligence (AI) is all around us. You have likely used it on your daily commute, searching the web, or checking your latest social media feed.

Whether you’re aware of it or not, AI has a massive effect on your life, as well as your Business. Here are some examples of AI that you may already be using daily.

Applications of AI in business management include:

• spam filters
• smart email categorization
• voice to text features
• smart personal assistants, such as Siri, Cortana, and Google Now
• automated responders and online customer support
• process automation
• sales and business forecasting
• security surveillance
• smart devices that adjust according to behavior
• automated insights, especially for data-driven industries (e.g., financial services or e-commerce)

Artificial intelligence in e-commerce

• smart searches and relevance features
• personalization as a service
• product recommendations and purchase predictions
• fraud detection and prevention for online transactions
• dynamic price optimization

Artificial intelligence in marketing

• recommendations and content curation
• personalization of news feeds
• pattern and image recognition
• language recognition – to digest unstructured data from customers and sales prospects
• ad targeting and optimized, real-time bidding
• customer segmentation
• social semantics and sentiment analysis
• automated web design
• predictive customer service

These are only some of the examples of AI used in Business. And with the emergence of new and diverse Industry 4.0 technologies, there are many other examples of digital innovation in Business.

With the pace of development increasing, there will likely be much more to come in the near future.