How can artificial intelligence benefits business?
Artificial Intelligence (AI) is steadily passing into everyday business use. From workflow management to trend predictions, AI has many different uses in business with new opportunities. Many businesses take up Artificial Intelligence (AI) technology to reduce operational costs, increase efficiency, grow revenue and improve customer experience. AI is enabling businesses to work smarter and faster, doing more with significantly less.
There is always a potential reason for Artificial Intelligence to make changes in business operations. All it takes to start is an open-minded attitude and willingness to embrace new opportunities wherever and whenever possible. AI involves giving machines and programs the ability to think like a human. Businesses are increasingly looking for ways to put this technology to work to improve their productivity, profitability and business results.
However, while there are many business benefits of artificial intelligence, there are also certain barriers and disadvantages. One of the main limitations of AI is the cost; creation of smart technologies can be expensive due to their complex nature and the need for repair and ongoing maintenance. Software programs need regular upgrading to adapt to the changing business environment and in case of breakdown, present a risk of losing code or important data.
There are few key areas of Artificial Intelligence (AI) worth understanding that fall under the broader category. The two types of AI technology most applicable to the business field today include:
Machine Learning: A type of Artificial Intelligence (AI) that provides computers the ability to learn without being explicitly programmed. It works by examining large volumes of data and use patterns on that data to improve a program’s understanding and resulting predictions. An example of this is your favorite video streaming service being able to predict what movies you will enjoy based on your previous views and activity.
Natural Language Processing: It is a technology that reads, understands, and responds to conversational language. An example is a chatbot. It’s valuable because it can extract data from ambiguous, unstructured data sets like conversations. Elements such as contexts and tone can also be interrupted by the computer. Common applications of this software today include translation and speech recognition.
Overall, Artificial Intelligence (AI) can change the way that almost all the areas of business are conducted. It is currently being applied in various capacities, which have shown that it has positive attributes that can benefit business operations as well as management. Therefore, the future within corporations seems promising and as we become more reliant on technology, our need for Artificial Intelligence (AI) applications will likely grow.