How artificial intelligence will change companies You probably interact with artificial intelligence (AI) daily without realizing it.
Still, this characteristic is fading away with artificial intelligence’s development and becoming more common in our daily lives. Artificial intelligence is a common name – and sometimes even a home presence. While accepting AI in mainstream society is a new phenomenon, it is not a new concept. The modern field of artificial intelligence began in 1956, but decades of work were required to make significant progress towards developing an artificial intelligence system and making it a technological reality. From the mundane to the mind-blowing, AI already disrupts virtually every business process in any industry. As artificial intelligence technologies spread, they become essential to maintain a competitive advantage.
What is Artificial Intelligence?
Before we look at the impact of AI technology on the business world, it’s important to define this term. “Artificial Intelligence” is a general term that refers to any computer software that engages in human activities – including learning, planning, and problem-solving. Naming specific applications “artificial intelligence” is like calling a car a “vehicle” – technically correct, but it doesn’t go into any detail. We must delve deeper to understand what kind of AI dominates the business.
Machine learning is one of the most common artificial intelligence developed for commercial purposes today. Its modeling should improve if you provide a machine learning algorithm with more data. Machine learning is useful for placing massive amounts of data – increasingly intercepted by connected devices and the Internet of Things – in a human-readable context. For example, your machines are likely connected to the network if you run a manufacturing facility. Connected devices send a constant stream of data on functions, production, and more to a central location. Unfortunately, this is too much data for humans to sift through; even if they could, they would probably miss most of the patterns.
Deep learning is a more detailed version of machine learning that relies on neural networks to engage in nonlinear reasoning. Deep learning is necessary to perform more advanced functions, such as fraud detection. It can do this by analyzing many factors simultaneously.
For autonomous cars to work, many factors must be identified, analyzed, and addressed simultaneously. Deep learning algorithms help autonomous cars contextualize information collected by their sensors, such as the distance to other objects, the speed at which they are moving, and predicting where they will be in 5 to 10 seconds. All this information is instantly calculated to help the autonomous car make decisions like changing lanes.
Deep learning holds great promise in the business and is likely to be more widely used. Older machine learning algorithms tend to stagnate after capturing a certain amount of data, but deep learning models continue to improve their performance as more data is received. It makes deep learning models much more scalable and detailed; it can even be said that deep learning models are more independent.
Artificial intelligence and business today
Rather than replacing human intelligence and ingenuity, artificial intelligence is generally seen as a support tool. While AI currently struggles with common-sense tasks in the real world, it is adept at processing and analyzing data sets much faster than the human brain. The AI software can then return the synthesized action plans and present them to the user. In this way, we can use artificial intelligence to help determine the possible consequences of each action and improve the decision-making process.
“Artificial intelligence is sort of the second appearance of the software,” said Amir Husain, founder and CEO of SparkCognition, a machine learning company. Artificial Intelligence has greater freedom of decision making compared to traditional software. These features make Artificial Intelligence invaluable in many industries, whether simply helping visitors and employees navigate the corporate campus efficiently or completing a task as complex as security monitoring.
Common uses of AI
Some of the most common uses of AI are machine learning, cybersecurity, customer relationship management, web searching, and personal assistants.
Intelligent energy management systems collect data from sensors attached to various resources. Data vaults are then contextualized by machine learning algorithms and delivered to business decision-makers to better understand energy consumption and maintenance requests.
Husain said AI is even a necessary ally in finding vulnerabilities in computer networks. Believe it or not, AI systems can recognize cyber attacks and other cyber threats by monitoring patterns from data input. Once a threat is detected, it can go back through your data to find the source and help prevent future threats. This extra pair of eyes – as hard-working and constant as AI – will be a great advantage for preserving your infrastructure. “You really can’t get enough cybersecurity experts to look at these issues, given the scale and increasing complexity,” added Husain. “AI is also playing an increasingly important role here.”
Customer Relationship Manager
Programs like Salesforce and Zoho require heavy human intervention to stay up-to-date and accurate. But when you apply AI on these platforms, the normal CRM system turns into an auto-update and auto-correct system that remains at the forefront of relationship management for you.
The financial sector is a great example of how AI can help customer relationships. Dr. Hossein Rahnama, founder and CEO of Flybits concierge AI and visiting professor at the Massachusetts Institute of Technology, collaborated with TD Bank to integrate artificial intelligence into regular banking operations.
“With this technology, if you have a bank mortgage that is due to renew in 90 days or less … if you walk through the branch, you’ll get a personalized message telling you to come to the branch and renew your purchase,” says Rahnama. “If you look at a property for sale and spend more than 10 minutes there, it will send you a possible mortgage offer.
Digital personal assistants
Artificial Intelligence isn’t just available to create a more personalized experience for your customers. It can even adjust the way your company works from the interior out. AI bots can be used as personal assistants to help you manage your email and calendar and even make recommendations to improve your processes. You can also program these AI assistants to answer questions from customers who call or talk. These small tasks make a huge difference, giving you more time to concentrate on implementing your company’s growth strategy.
The future of AI
How can AI be employed in destiny? It’s hard to say how this technology will evolve, but most experts believe that these “common-sense” tasks are becoming easier for computers. It means that robots will become extremely useful in everyday life. “Driverless cars are just a reality with access to training data and fast GPUs, both of which are vital factors. Accurate data is needed to train driverless cars, and speed is essential to undertake training. Five years ago, processors were too slow, but the introduction of graphics processors made it all possible.
Glenister added that graphics processing units (GPUs) would only accelerate, streamlining AI software applications at all levels.
What does AI mean for an employee?
With all these new uses of AI, there’s the question of whether machines will force people to leave their jobs. The jury is still out: some experts vehemently deny that AI will automate so many tasks that millions will be out of work, while others see it as a pressing problem.
It may be a bit theoretical, but if you need to take care of AI and robots to replace our jobs, it’s probably mind-replacement algorithms such as business analysts, hedge fund managers, and lawyers.
While there is still debate about how the development of artificial intelligence will change the workforce, experts agree that there are some trends that we can expect.
Will artificial intelligence create jobs?
Some experts believe that when AI is integrated into the workforce, it will create more jobs, at least in the short term. Wilson said the transition to AI-based systems would likely create jobs in the economy that facilitate transformation. The changes will be felt subliminal, not overt. And meet the robot sitting at a desk now. On the contrary, it will be a little harder to find the next time the tax accountant applies for a job. Wilson said he expects AI in the workplace to split long-running workflows, creating multiple human jobs to integrate these workflows.
And after passing?
Above all, it is a transformation that will take years, if not decades, across different workforce sectors. Therefore, these predictions are more difficult to identify. Still, some other experts, such as Husain, fear that as AI becomes ubiquitous, those extra jobs (and those that already existed) will shrink. For this reason, Husain said he wonders where these workers will go in the long run. It is not so now. Why? The industry has been entirely robotic, and we can see that automation makes more economic sense.
The movement towards more specialized skills
As AI becomes a more integrated part of the workforce, it is unlikely that all human jobs will disappear. Instead, many experts predicted that the force would become more specialized. These roles will require more of what automation cannot (yet) deliver – such as creativity, problem-solving, and qualitative skills. In principle, there will likely always be a demand for workers, but their roles may change as technology advances. The need for specific skills will evolve, and many jobs will require a more advanced set of technical skills.
AI is the future
Whether pink or rocky, the future is just around the corner, and AI will surely be a part of it. As this technology unfolds, the world will witness new start-ups, many businesses, consumer applications, and new jobs being shed and created. AI can radically change the economy with the Internet of Things, but its exact impact remains to be seen. David Cotriss contributed to the writing and reporting of this article.