“The Impact of AI in the Changing Business Landscape” -An Overview.
How is AI Changing the Business Landscape?
The potential benefits of Artificial Intelligence are huge, so are the dangers – Dave Waters
Artificial intelligence (AI) is a wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence. AI is an interdisciplinary science with multiple approaches, but advancements in machine learning and deep learning are creating a paradigm shift in virtually every sector of the tech industry.
Why is the world moving in the direction of this new tech tool? Isn’t it because it has the super power to resolve every challenge, confronted in the business, finance or human relations industry, with the help of technology? From voice based assistants on your phone to self-driven cars, amplifying Human Intelligence to Artificial Intelligence has the potential to help human kind. Artificial Intelligence is able to catapult human efforts with greater speed and accuracy. From smaller sized companies to larger corporation, everyone is slowly tapping into the benefits of Artificial Intelligence. Though the term AI was coined in 1956, it got a fillip with increased data volumes, advanced algorithms and improvements in computing.
Benefits of AI
1. Customer services become more efficient – Better customer service is equal to better customer retention. By reducing human effort in servicing customers leads to lesser errors and better customer experience.
2. Data Analysis is easier – Using AI in data analysis helps the company make decision faster. It helps to reduce advertisement cost by measuring results and also collects customer data to predict consumer behavior.
3. Financial decisions are made faster – This is one area where we cannot let human emotions cloud our judgements. AI can predict patterns in the stock markets and give out financial advice.
4. Fraud prevention is made possible – Ecommerce platforms are vulnerable areas where authenticity of the seller or buyer comes into question. Here AI can be utilized to track fraudsters and blacklist them.
ARTIFICIAL INTELLIGENCE EXAMPLES
1. Smart assistants (like Siri and Alexa)
2. Disease mapping and prediction tools
3. Manufacturing and drone robots
4. Optimized, personalized healthcare treatment recommendations
5. Conversational bots for marketing and customer service
6. Robot-advisors for stock trading
7. Spam filters on email
8. Social media monitoring tools for dangerous content or false news
9. Song or TV show recommendations from Spotify and Netflix
Artificial Intelligence is widely used in different sectors.
1. Healthcare – Personalized assistants reminding to take pills, exercise and acting as life coaches.
2. Retail – Assistants who can help you locate and choose apt products based on your browsing history or give recommendations based on past purchase. It can be widely used in stock management and layout designs.
3. Manufacturing – AI helps streamline the manufacturing process by helping to forecast demand and sequencing.
4. Banking – AI enhances the speed and precision and increases human effectiveness. They help to track fraudulent transactions and automate manual tasks.
Though AI boasts of so many benefits, it is not lacking in its limitations. As AI learns from data, inaccuracies in data will lead to distorted learning and intelligence. It is trained to do clearly defined tasks; hence it cannot perform multiple functions as they are very task specific.
Very aptly Professor Klaus Shwab has dubbed it to be part of the “Fourth Industrial Revolution”. If not used wisely, it can be a one way ticket to doom. Artificial Intelligence should be used to empower and not to overpower.
“Everything we love about civilization is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilization flourish like never before – as long as we manage to keep the technology beneficial.“
Max Tegmark, President of the Future of Life Institute
Author: Mark John; Co-author: Benila Jacob