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Obizcoin - Artificial Intelligence will change the way we manage our Business
The advent and growing stature of technology have made a big influence in the modern world and economy.
In a layman's term, a computer technology which makes the computer think and act 'smartly', much like the human brains. In other words, it can reach a conclusion in a similar way to a human. The most important thing to understand is that the machine will not give you all the possible answers; rather it uses what it has learned to create new answers. Evolution of AI logic evaluates human characteristics, intellect, and behavior to astonishing levels. The perfect examples are the recommendations that pop-up when we are browsing or shopping online. AI technology is used to analyze our past browsing histories to show us adds that we might be interested in.
Impact of Artificial Intelligence in Business
Many businesses today acknowledge that AI is the way of the future. Applications like image recognition, speech processing, and translations will be the key to future marketing.
AI now tops the list of in-demand technologies for companies across the universe. Healthcare is one sector which is heavily utilizing the AI techniques to a big extent. Other sectors which are increasingly using the technology are retail, manufacturing and financial services. Nowadays, just buying a product is not important anymore, minute product details, transparency and creativity effects buyers decision. AI can help to achieve this, as it is the key to business growth and stability in changeable economic times. Decision-making strategies are implemented easily by reading patterns and analysis.
explore more on how AI can affect our business landscape:
Higher ROI: The competitive advantages of AI are fairly evident which allows the business to operate more productively and efficiently. This technology is able to anticipate the on-going and the future needs of the business and proactively identify the potential risks which help to prove a higher ROI than ever before.
Stringent cyber security: Evolution of AI software's ensures unprecedented levels of cyber security ensuring improved data integrity and information safety for business all over. They have a better chance to examine and predict scenarios of cyber attacks and find loopholes in cyber security.
Minimize human effort and error: AI enabled tasks are more efficient, convenient and delivered at less cost when compared to tasks completed with manual intervention. Furthermore, this technology ensures optimum quality with minimal wastage of resources by eliminating the possibility of human error.
Transparent business landscape: An AI methodology encourages transparency in business. Automated and processed data can provide precise information which will be helpful in understanding the changing market trends.
Along with companies like IBM who are the pioneers in AI, there are a lot of organizations who are bit confused or in the loop to implement AI tasks within their business operations. Below points can be useful while incorporating AI into daily business:
Strategic objectives: The foremost step is to ensure that the AI tasks are in sync with the core strategic goals of your business. Integrating AI techniques is not an isolated process and hence it's crucial to understand your goals and then build strategies accordingly.
Skills and resources: This concept is still new and many businesses are in a 'wait-and-watch' mode. However, along with adopting AI processes, you have to identify the skill gap in your organization and understand what skills and resources they require to build up internally. Although many companies are making substantial investments in AI today, very few have developed the relevant skills within their business.
Communication and readiness: Any major change in an existing business impacts a lot and hence the decision is crucial. You need to convey and build trust among all the relevant stakeholders. Accordingly, all the control and quality regulations and policy frameworks should be in place, prior implementing the AI systems.
AI Operating model: Identifying the need for the technological change plays a very important role in this process. Simply implementing an AI model is not going to help you anyway. Proper evaluation should be in place to measure outcomes, identify potential risks and also look out for new opportunities once they are in regular operations.
Future of Artificial Intelligence
Majority of the sectors acknowledge AI's workplace impact as a crucial supplemental force for the next few years. Examples include anticipating future purchases, quickly reconciling mass overnight transactions, or by giving some extra breathes to HR professionals by having an integrated on boarding process for new joiners. Steadily, organizations are realizing the significant impact of this force. Analyzing the trends of increasing digital disruption across industries, AI will be a key component of an organization's strategy. The future scenario of humans working along with smart machines can bring both positive and negative changes, however, the fact that technology can't match the judgment and level of human interaction is to be widely understood by everyone. Therefore, the human involvement is never going to cease or minimize. Smart machines will be in place to assist the process and make it faster and better.
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Page Updated Last on: Nov 23, 2017