In the past decade, we have seen rapid progress in technology or Artificial Intelligence. We have seen some extraordinary innovations. All these advancements in technology are focused to make our lives easier and getting work done more accurately. With the help of technology, we have minimized the possibility of human error and thus maximized productivity.
Mankind has truly benefited from science and technology. The most interesting part is that it is just a start. Mobile phones and laptops are constantly improving and we cannot think about survival without them.
Therefore, it would not be wrong to say that technology has become an integral part of our lives.
With all the innovations and discoveries in the information technology world, we are seeing something very exciting and that is machine learning. You might have heard the world artificial intelligence by now. To clearly describe this to you let me explain it in simple words.
Artificial intelligence is a branch of computer science that helps machines to learn with the initial data given to them. With the inbuilt learning capabilities of the machine, we try to create machine intelligence which can minimize human effort.
Types of Artificial Intelligence:
We could divide machine intelligence also known as artificial intelligence into four basic types. These types include reactive machines, self-awareness, the theory of mind, and limited memory. Irrespective of the type A.I. systems are designed to learn with time-based on the initial given data.
One could say that with A.I. computer systems possess the intelligence to solve problems, make decisions, and perform other operations. The biggest advantage of artificial intelligence is that machines do not have emotions and the decision they make are based on past experiences.
Therefore, you could expect them to make better decisions than the human brain. However, this is a very debatable statement and the current computer A.I. capabilities are not even close to the human brain.
Benefits of Artificial Intelligence In the Business World:
Artificial intelligence has truly improved the business world but this is just a start. Therefore, you might be wondering how A.I. could help your business in the short term and long term. Most of the business companies often lack the importance of artificial intelligence. At what scale they could benefit from the use of A.I. Therefore, we will discuss ahead some ways artificial intelligence could affect your business.
Inform Decision Making:
The most important thing for every business is to make the right decision at the right time. That is why companies invest in software that could tell them about the yield of an investment. These software algorithms are designed to make exact predictions and they undoubtedly play a vital role in business success.
However, with the improvement in artificial intelligence, you could expect them to analyze and interpret data in a more proficient way. With a better understanding along with faster interpretation, the business would be able to launch more profitable and personalized campaigns. Therefore, with A.I. companies could make better budgets and utilized their resources optimally.
Supply Chain Management:
The supply chain is the backbone of every business and companies are always looking to improve this particular part of the business. However, with artificial intelligence, they could certainly improve this aspect of the business.
A.I. can help to streamline the whole process, add more agility, and even replace the old manual process with automation. With the help of drones and self-driven vehicles, A.I can transport inventory without human intervention.
Inventory tracking software, anomaly detection software, and the use of smart tech is making supply chain management less fallible than ever. In the future, every businessman has to invest in robotics, deep learning technologies, and natural learning processing techs to reap the benefits of Artificial Intelligence.
The Popularity of Smartphones:
Modern smartphones do have some artificial intelligence features. But in future smartphones would come with an Artificial Intelligence built-in chip set or processor.
Some of the most popular features you could find on such phones is real-time speech translation. But the question is how a smarter A.I in mobile devices could help businesses?
The answer to that question is very easy. Being a businessman, you would have access to different market places. The opportunities for using global applications would open up more opportunities for ROI.
Furthermore, companies would optimize their sites for mobile users so that target a bigger and global audience.
Every B2C enterprise relies on humans to engage more customers. Where customer relations are an essential part of their business, they have to provide 24-hour customer support. However, with artificial intelligence, customer support is expected to get completely altered.
A self-learning machine that understands the sentiment of the customers would eliminate the need of humans. These Artificial Intelligence customer support software would be so powerful that they would respond according to the customer’s voice tone.
Therefore, such software’s customers would always have a pleasant experience. Their queries and complaints would be dealt with more adequately.
The use of Artificial Intelligence in customer experience strategies such as automated live chat software will bring more leads. Moreover, A.I would help you to cut down man-hours and have a stronger relationship with customers.
In this world of technology, your business data needs the ultimate protection. Even the biggest companies in the world suffer from cyber security. As the cyber-attacks are increasing the use of Artificial Intelligence could protect against them.
The common use of Artificial Intelligence in business is to track and identify any fraud. As these apps are cleverer and they tend to learn over time therefore they could identify any security breach.
Incorporating A.i in your business would not even keep your data safe but also protect your customer’s data. This helps to develop trust with your valuable customers and deliver true business values.
However, you should know that Artificial Intelligence can be used on both sides. It could also be used to create dangerous cyber-attacks. Therefore, you should always prepare yourself to defend such attacks.
Every person in the world gets terrified by something which they do not understand. The rapid pace at which artificial intelligence is evolving people is terrified with its usage.
But the points mentioned above truly demonstrate how it could be beneficial for mankind. Therefore, it would not be wrong to say that nothing is entirely good or bad. It is the human usage of the technology which decides its future.