Artificial intelligence in the business world
Although artificial intelligence has become a household name, it is not a new concept. The modern artificial intelligence journey began in 1956, but it took decades of work to make it a technological reality. We interact with some form of artificial intelligence on a daily basis.
Artificial technologies have disrupted all business processes in all industries. As artificial intelligence technologies grow, they become imperative for companies that want to rank high in competitive advantage.
Definition of artificial intelligence
Before examining how AI technologies are changing the business world, we must define and understand the term.
Artificial intelligence refers to any software that can perform human-like activities. Such tasks are; engage in conversation, learning, problem-solve, planning, organizing, and analyzing data in depth.
Artificial intelligence technology is disrupting many industries, and employees are worried about losing their jobs to machines. To better understand AI, we’ll dig deeper.
Types of artificial intelligence
The types of artificial intelligence vary with the sector to which it is applied. Each plays a crucial role in improving the operation of a business. The following are types of AI:
- Computer vision
- Robotics Process Automation
- Deep learning
- Natural Processing Language / Speech Recognition (NLS)
- Machine learning
Computer vision is a form of AI that enables computer programs to analyze, interpret, and display images. Due to the increased use of photos to promote online businesses, Google has improved its computer vision to analyze photos.
In the transportation sector, computer vision is applied in tracking vehicles that flaunt traffic regulations.
Robotics Process Automation
Here, the robots are designed to perform tasks that administrative employees would primarily do in a typical work environment. This allows staff to focus on more valuable activities. Bots can detect fraud, collect data, monitor business activities, and even provide customer services.
[Also Read: How is RPA different from AI?]
This type of AI relies on sophisticated networks to do non-linear reasoning. It is usually applied in very complicated technologies, for example, fraud detection in financial institutions.
Deep learning helps institutions like banks analyze a wide range of systems and quickly understand those exposed to cyberattacks.
Driverless cars apply deep learning to operate. Deep learning algorithms contextualize information collected by car sensors, such as distance from other objects, the speed at which objects are moving, and a prediction of where they will be in 5-10 seconds.
All of this information helps autonomous vehicles make the right decisions and stay on the road.
[Also Read: What is Deep Learning: Fundamentals of Neural Network Software]
Machine learning helps smart robots collect data and process it into valuable information. Furthermore, algorithms that seem to “learn” progressively improve at what they do the more they do it. Machine algorithms can contain too much data for the human “hand”.
Organizations with large amounts of data use machine learning to manage their operations efficiently. The lack of adequate data management slows down business processes. This form of artificial intelligence has become very popular with various organizations.
Speech recognition is applied in reception and customer services around the world. Google Voice Search uses this artificial intelligence to provide the correct search result for the user. Apple’s Siri also uses speech recognition.
Applications of artificial intelligence in business?
To accelerate business operations and reap the maximum benefits for your organization, artificial intelligence has proven to be the next big thing.
Companies, organizations, and institutions train their teams on the uses and applications of artificial intelligence in business. Not surprisingly, AI has become ubiquitous. Mobile apps, websites, and various software applications use artificial intelligence to improve customer experience.
Many organizations understand that technology without AI will not drive economic growth. This is why companies like Google, Facebook, and Apple use artificial intelligence in their operations. AI doesn’t just help big companies; small and medium service companies. Integrating artificial intelligence into your business will increase your organization’s profits.
The application of AI includes:
Better technology to inform decision making
Today, organizations continually invest in cognitive software capabilities. Although only a few companies have the cash to achieve more outstanding capabilities, companies will likely invest as much in technology in the future.
AI will enable the development of powerful computer algorithms that will play an essential role in companies in all industries in the future.
The AI will be very competent to analyze and interpret the huge amount of data in much less time. This will allow companies to create better and profitable campaigns. Faster Big Data collection and analysis will enable better insights and decision-making processes.
We currently have AI applications that offer automated decision-making capabilities, enabling a more productive business. These applications facilitate data management and customer relationships.
The hiring process is often hectic. It is slow and consumes many resources of an organization. To make matters worse, some organizations end up hiring the wrong person for a position.
Wondering what the best way to hire is? It would help if you didn’t worry anymore. In the next few years, artificial intelligence is expected to replace around 16% of HR jobs.
Integrating AI into your hiring process could make it easier and faster to identify the next bright candidate for your business, saving you time and money.
AI will not only help you identify the right candidate for your position, but also the most suitable person. AI will accomplish this by quickly assessing the candidate’s online presence and matching it to your business’s spirit.
Meanwhile, artificial intelligence-powered video interview platforms will use psychometric and biometric analytics to assess candidates’ tone of voice and body language.
Why not continue with the old way of hiring, which is just as effective? I know that is the question most people will ask. The old-fashioned hiring method is much slower and will give your adversaries a chance to snatch the market’s best candidates.
Since the advent of the Internet, the world has experienced some of the worst cyber-attacks. These include the WannaCry Ransomware that infected around 300,000 computers worldwide.
AI has played a critical role in identifying and preventing such threats in recent years. In the coming years, AI will be crucial in systems surveillance to help identify and prevent cyberattacks. However, it is essential to understand that AI can be used by either side of a cyberattack (i.e., those seeking to attack and those seeking to defend themselves).
[Also Read: What is Cybersecurity? Everything You Need to Know]
It is important to remember that AI is not here to replace humans but to help us make life easier. As business organizations, we must appreciate that AI is here to improve the way we deal with our daily challenges.
AI has been beneficial in enterprises, including improving customer relationships, managing data, and automating workloads. Today, we have AI in robotics, which performs the most complex tasks in a company, leaving humans to handle the least tiring and manageable workloads.
AI is expected to improve business experiences in the future by enhancing cybersecurity, enabling informed decision-making, and in the hiring process, among others.