Many individuals still associate Artificial Intelligence (AI) with science-fiction dystopias or Orwellian literature. However, it is worth noting that characterization is gradually waning as AI develops, matures, and becomes more commonplace and important in our daily lives. Today, artificial intelligence and other similar technologies, such as machine learning, are household names – and at times, even a household presence (hello, Alexa!).
Like explorers embarking on a quest for the unknown, businesses, including startups, are venturing into a new era powered by artificial intelligence and machine learning. AI is transforming businesses and companies, irrespective of niche, and taking them on an exhilarating journey of unprecedented growth and success.
However, when you think about artificial intelligence and its business application, your mind may jump to automation. After all, it is the first thing that pops into most people’s heads. Although some applications and uses cases of AI do involve automating business processes and procedures that were originally managed or executed by humans, this phenomenon only scratches the surface of what AI, deep learning, and machine learning can do.
Not only is artificial intelligence helping people become more productive and efficient, it is also revolutionizing how we do business. Did you know that 86% of CEOs say that AI is now a mainstay in their offices? You will be surprised to learn that it is not in the form of futuristic robots or complex machinery, but rather software to run their daily operations.
From predicting consumer behavior and buying habits to lowering manual data entry, artificial intelligence in business has become indispensable in ways never imagined before.
In business, AI has a wide range of applications and uses. Actually, most people interact with AI technology in some form or another daily. From dull and menial to breathtaking, artificial intelligence and related technologies are already disrupting virtually every business process in almost every industry.
For example, the MD Anderson Cancer Center’s ambitious “Moonshot” project harnessed IBM’s Watson to transform cancer treatment. Just as the popular cancer center embraced AI in different capacities, executives, entrepreneurs, and business owners are gearing up to embrace this valuable and revolutionary technology.
As various AI technologies proliferate, they are quickly becoming imperative to maintain a competitive edge. Let’s explore how this tech innovation is reshaping and transforming businesses, one step at a time.
What is Artificial Intelligence?
Before we examine how AI technologies, such as deep learning, are impacting the modern business world, it is vital to define the term. “Artificial intelligence” is a branch of computer science and a broad term that refers to any kind of computer software or program that engages in human-like activities, such as learning, planning, and even problem-solving.
However, note that calling specific applications “AI” is like calling a car a “vehicle” – while it is technically correct, it does not cover any of the specifics. So, it is important to understand the details.
Artificial Intelligence aims to create machines and systems, such as predictive analysis and forecasting systems, which can perform tasks that typically require intuition or human intelligence. It entails developing computer programs and algorithms that enable robots or machines to learn from experience, and adapt to new inputs. That is fascinating, right?
Machines and programs are also trained to perform tasks with human-like intelligence, like problem-solving, natural language understanding, decision-making, speech recognition, and image recognition.
AI systems are powerful and can analyze large datasets and recognize patterns. They can also make predictions or recommendations on the basis of the data they have learned from. AI algorithms meticulously sift through colossal amounts of data, sorting out hidden patterns and nuggets of wisdom. This is an impressive feat!
Whether it is predicting market trends or understanding customer preferences and habits, AI turns raw data into powerful and actionable insights, empowering decision-makers to make strategic and informed choices.
Companies like Amazon and Etsy use AI and machine learning to analyze customer behavior, optimize pricing, and recommend products. On the other hand, Netflix wields AI to suggest binge-worthy shows and movies, keeping viewers glued to their screens like die-hard fans cheering for their favorite team!
