Software

How Artificial Intelligence is Changing Business

Just Total Tech
05 Dec 2017

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 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 not real 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.

We are using or we are being served by AI in our every day activities knowingly or unknowingly.

Meaning of AI

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  the same 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.

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.

artificial intelligence in business stats

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  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.

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.

how business is using artificial intelligence

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

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

Lessons to learn from Giants in their own Area

Let’s take a look of few most popular platforms, who transformed business through AI:

  • 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. It gives 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, An Algorithm drive content recommendations by using machine learning. By parsing billions of user interactions, the site can deliver the right content to the right person at the right time.

Other than this, it goes beyond interested recommendations. The algorithm can also deliver suggestions that the user may have not even known they would want.

How AI is making business effortless:

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. Many companies use machine learning 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 to complicated tasks 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 looking forward to the future are investing in AI now. And these are the companies that are going to have an edge in the markets of tomorrow.

We should see AI as a tool. It 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 changing trend.