By Jeffrey Howell
Today when anybody speaks of artificial intelligence, what comes in our minds is the science fiction inspired genre of movies of robots and machine-ruled world completing the manual tasks of human beings. Most of us think that Artificial intelligence is a part of the future world. In reality, it is already a part of our daily lives. Its just not limited to our smartphones, laptops or cars, it is everywhere around us!
So what does Artificial Intelligence exactly mean?
Artificial intelligence is the set of technology that enables machines to sense, learn, comprehend and augment human activities. Since the past few years, AI is used in every industry. From health care management to manufacturing to retails and more are considering to make artificial intelligence a part of their business activities.
Business researchers claim that AI is likely to increase the productivity of businesses by 40% or more by 2035. Although AI is still a work in progress, it is perceivable what it is capable of and how beneficial it is to companies. Many companies use AI to increasing sales efficiency, minimize the operational cost, enhance the customer’s experience and improve revenue.
There are many other possible scenarios in which artificial intelligence showcase its most exceptional applications and businesses, big or small, are taking advantages of it in the service industry. AI has changed the overall landscape of the business industry since the 90s and is still evolving.
As mentioned above, many countries are using artificial intelligence to increase the output of their company. Today AI is actively contributing in the human accomplishments. With its vast applications in various industries, AI is likely to become boisterous five years from now.
Prospects of AI across industries
Artificial intelligence in businesses is used to solve business problems. Through its wide range of applications, It can detect, frauds, enhance business sales and automate work process and provide predictive analysis.
For example, AI can improve the health care services by inventing tools for early diagnosis. It can help the logistic companies in inventory and delivering problems. Similarly, AI can automate the work process through machines in manufacturing improving the production and decreasing the human errors.
Likewise, Cortana of Microsoft, Apple’s Siri, Amazon’s Alexa and Google’s home are some more examples of artificial intelligence based algorithms that have made our lives easier. These technologies will be more prominent in influencing the future of consumer actions. Apart from that, most of the transactions will be completed by the chatboxes and virtual assistance.
The potential of artificial intelligence
Implementing artificial intelligence in business can result in better outcomes. It can have a considerable impact on the organization’s efficiency by automating the work process and reducing human errors.
Many businesses are recognizing the significance and benefits of using artificial intelligence along with a competitive edge it can gain from it. They are ready to explore their possibilities and use AI in making practical decisions.
For example, many soft drink companies are planning to add a virtual assistant in the vending machine. Other than that, coca cola releases a new flavor drink on the basis of AI-based product analysis.
Using AI in marketing
Today many companies are using artificial technology for marketing purposes. They use platforms such as Facebook and Wikipedia to promote their brands. They create Wikipedia page or a facebook page and add their information on it for promotion. In such cases, Artificial intelligence decreases the time utilized to analyze data and work out the issues.
Artificial intelligence will help different industries in analyzing more than just their potential clients and work to match their interests.
It can help out in figuring the business needs and understand risks
AI is designed to achieve better outcomes by eliminating risks and human errors. Although it is a work in process, many companies are already using AI for better development and determining the pain points of the company so they can be eliminated by using AI-based solutions.
AI automates the work tasks and helps you figure out the right objectives for your company. It is intended t figure out the risk factor and giving you the data that you need to make better decisions in the future.
AI in IT management and software development
From producing surveys to customer support to software development, AI has set its claws in all fields. To begin with, AI is competent in figuring out the basic problems and a great customer support tool in IT service management.
Apart from serving in a complicated place, it is also used by software engineers to develop new and modern tech. It has enabled them to run various tests faster with errorless results. It is a primary tool used in software development.
Artificial intelligence is the most reliable tool used in the cyber industry which is helping the security sector fight cyber crimes. Apart from this, strides are being made to enable AI-based software to fight back automatically so it can help fight bigger and complex criminal activities in the future.
As per the reasons discussed above, there are many business big and small who consider Artificial intelligence for the development of the business. The bottom line is there are many possibilities yet to be discovered. No one can really say how Artificial Intelligence is going to change the future of businesses and various growing industries. but with continuous development, the future of business is only going to get better, faster and stronger.
Jeffrey Howell is an American blogger who is a teacher by profession. He was born in Orlando, Florida and moved to New York city for doing his masters in marketing from the Fordham University, New York. He is well known for his work and has good research skills due to the fact he provide consultancy to Wiki management Inc to create and edit Wikipedia pages and also works as a Wikipedia Service provider as freelancer.
AI stock photo by Blackboard/Shutterstock