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How Artificial Intelligence is Changing Business

How Artificial Intelligence is Changing Business

Whenever we heard the word Artificial Intelligence, normally it reminds people about ““The Sci-fi movies and novels” they grew up with. And the most common imagination of AI is robots taking jobs & Doing business of humans, and ultimately of the terrifying future where humans are enslaved by evil robot overloads.

These
impressions are understandable: Popular culture has done a pretty
good job of making us wary of AI. Think of all of the movies where an
artificial intelligence system goes awry and starts harming people.
It’s all rather unsettling when you think about it, but that is
Hollywood’s idea of artificial intelligence technology.

In reality, machines have not taken over, not yet at least. AI can be used in boundless ways in any field you pick starting from improving customer service with a Facebook AI chatbot to turning on your lights at the home with Amazon’s Alexa. Knowingly and unknowingly we are using or we are being served by AI.

Let’s
understand the meaning of AI first,

Original
Artificial Intelligence system means a
system that can learn on its own.
Here
we are talking about neural networks from the likes of Google’s
deepmind, without depending upon pre-defined behavioral and
psychological algorithms, it should be able to make connections and
reach meanings. A True system can learn from past interactions, being
aware and getting smarter, allowing it to expand its capabilities and
knowledge.

Andrew
Ng
’s
famous quote that “AI
is the new electricity
.”

We
can agree that this is actually making sense, the way electricity
transformed the world, and AI in near future will do the wonders in
same the manner. And people will think like how we managed to
function before AI – Similarly today we think about electricity.

The best Applications of Artificial intelligence we are using today is Siri, Alexa, Tesla, Cogito, Boxever, John Paul, Amazon, Netflix, Pandora, and Nest.

1. AI in the World of Business

Today,
Most of the businesses have doubled their investment in AI research
understanding the future importance. The Fact is, 90% of the data we
are using today was created in the past 2 years only!

Artificial intelligence is shaping our online experiences, the way we shop, the way security is increased of banking transactions, the way we are getting things of our interest easily, and this least is endless. Through advancements like the increasing availability of parallel processing, the expansion of cloud computing, and newer training techniques for machine learning, AI is expected to see amazing growth in the near future.

Businesses are using this technology to drive high-level decisions and they are applying machine learning to sort through vast amounts of consumer data. Most of these opportunities would not have been there just a few years ago.

2018
has been one of the biggest years for investment in AI. A recent
report
 showed
that 80% of enterprises have already invested in AI systems and that
many companies expect to dedicate a role for Chief AI Officer in the
future.

It’s
no surprise that companies like Google, Microsoft, and Apple have all
invested heavily in AI technology, but it isn’t just tech companies
that are getting in on the game. There has been a huge rush to invest
in and buy AI companies and that includes the likes of automotive
giant, Ford Motors & Tesla. In 2017, Ford
announced
 plans
to invest $1 billion dollars in Argo AI. It is a five-year deal that
Ford plans to use as a means to develop autonomous vehicles.

2. How Businesses are Using AI

All of the advancements in technology and large investments have interesting implications for the future, but artificial intelligence is already having a major impact on the business landscape. Companies are using AI to help inform major business decisions, and they are using it to improve the products and services that we already enjoy.

Here
are a few ways actual AI could change your business:

  • Cheaper
    analytics
  • Hiring
  • Customization
  • Anticipation
  • Security
  • Customer
    service
  • Marketing
    & Advertising
  • Mobility

  • As
    one of the most popular on-demand video services in the world,
    Netflix.
    Todd Holloway, the Director of Content Science and Algorithms at
    Netflix, and his team use machine learning to gain insights into
    consumer viewing habits and preferences.

This
plays a major role in how Netflix invests the billions of dollars
that they spend on content for the service. Along with that, Netflix
users encounter artificial intelligence every time they look at their
recommendations. With the integration of AI into their research,
Holloway presents Netflix users with better viewing suggestions while
acquiring more information for greater audience targeting.

  • IBM’s
    Karolin Nakonz said that 85% of the customer to business
    communication will be through Chatbots
    in the coming future
    .
    Virtual representatives are there and becoming smarter, but still,
    there’s a character that is missing for them to match the
    branding.

For
detail, a military chatbot for providing details about life in the
Army is given a soldier personality that connects with people in an
appropriate way. On the other hand, if you were to use a chatbot in a
hospital, this should have a contrasting approach, as the setting is
serious & sensitive.

  • There’s
    also discovery platform, Pinterest, which is using machine learning
    to help people find the content that will be most interesting to the
    individual. On Pinterest, content recommendations are driven by an
    algorithm that uses machine learning.

By
parsing billions of user interactions, the site can deliver the right
content to the right person at the right time. It even goes beyond
recommending content that you know you are interested in: the
algorithm can also deliver suggestions that the user may have not
even known they would want.

When
machine learning is utilized, it can adapt to learn
customer behavior

to the point of going beyond exact searches, and provide material it
believes the user would prefer without specifically asking for it.

We
are starting to see a shift to where we are talking to computers and
smart devices instead of typing commands. This would include personal
assistant devices like Amazon’s Alexa, Google assistant, Amazon
echo, Apple’s Siri site etc.

A
big hurdle for many of these AI systems is Natural Language
Processing and Generation. Machine learning is being used by many
companies to improve the ability of machines to process language and
generate responses. This will make for voice command systems that can
understand more complex commands and provide a wider range of
potential responses.

Conclusion:

AI
has established a space in every industry. Starting from the simplest
task such as suggesting customers products of their interest to
complicated tasks like running software tests and completing vast
problem-solving
procedures for industries

such as debt collection.

Every
industry has to adapt AI to survive successfully in this competitive
era; failing in it would be a downfall. The
companies that are looking to the future are investing in AI now, and
they are the companies that are going to have an edge in the markets
of tomorrow.
We should see AI as a tool, which will help to reach the destination
which will be helpful to automate complicated tasks and help to make
the right decisions. So let’s appreciate AI and contribute towards
standard change.

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