ARTIFICIAL INTELLIGENCE IN BUSINESS

ARTIFICIAL INTELLIGENCE IN BUSINESS

You cannot deny the fact that artificial intelligence has substantially impacted every industry in the world. You name an industrial sector, and you will observe drastic transformation there,  post-implementation of artificial intelligence.

Coined in 1956 by John McCarthy in a conference, artificial intelligence has evolved from being a primary artificial neural network to shifting its objectives approach from being driven by knowledge to being inspired by data. If we talk significant milestones in artificial intelligence, we have to mention the Microsoft’s effort to incorporate human-like intelligence in a computer, named  Kinect, which was enabled with tracking 20 human features to allow people to interact with the computer through movements and gestures.

Another prominent achievement which signaled towards the heightened capabilities of artificial intelligence was displayed in 2016 when a Reinforcement learning agent AlphaGo defeated the world’s best Go player in 2016.

AI across industries

The passing years saw Artificial Intelligence noticeably shaping almost every other industry. Say, for instance, education where aside from changing the way students are earning information, artificial intelligence is helping to automate the paperwork and administrative tasks, thereby supporting the whole institution. Similarly, AI is assisting healthcare in performing efficiently by assisting in medical procedures and aid faster diagnosis of diseases that are often confused.

When I was thinking of materializing my digital marketing venture, the world was abuzz with a revolutionary component of artificial intelligence, i.e., the deep learning. It is basically a tool to teach computers behave like human by feeding them copious data. Now you will find various examples of deep learning around; for instance: autonomous vehicles, generating texts, recognizing the language, automatic translation, etc.

AI in business

Talking specifically about business, if the reports by The Economist Intelligence Unit and sponsored by Microsoft,  Intelligent Economies: AI’s Transformation of Industries and Society are to believed then 90% of executives think that Artificial Intelligence is the way to forge ahead in business and corporate.

Artificial intelligence has been helping businesses predict consumer behavior and enrich their experience by providing easy access to insightful data. AI is assisting in sorting out the analytics results to identify and utilize the patterns. Digital marketing and online shopping have become more convenience with the AI-powered chatbots.

Deep-learning and artificial intelligence have helped in automating business processes which not only enhances the workforce’s efficiency and boost productivity but also helps in cutting down the expenditure. There have been some crucial development in deep learning implementation that has helped businesses power through, like a better understanding of what is contained in the image to generate an appropriate response to user’s search.  Another prominent breakthrough is the ability to comprehend the following data and produce new data. We all know of Apple’s Siri and Google translate, which is based on the deep learning sequence-to-sequence architecture that optimizes language translation.

What business leaders can do to gain a competitive edge with artificial intelligence is enhance their decision making capability with AI-based analytics. Businesses can also streamline their supply chain management by incorporating machine learning algorithms. Businesses can promote inclusion by improving how they dispense their services to consumers with disability with AI supported applications.

Artificial Intelligence has been simplifying our personal as well as professional life on a large-scale. Businesses have high hope for AI and its ability to transform the global economy, and that cannot be overlooked.

Share your thoughts on how you feel artificial intelligence will help the business grow further.

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