Artificial intelligence is a big buzzword in the business world. It seems like everyone has an opinion on how artificial intelligence will change our lives, but what does that mean for businesses? In this article, we take a look at some of the most popular views on the impact of AI on entrepreneurship.
Many people fear that artificial intelligence will replace jobs. It is true that many low-skilled human workers could be replaced by AI programs if they became smarter and more efficient than humans at performing certain tasks.
Many people believe that we will see a shift towards entrepreneurship as it will be very difficult for the average employee to find work as robots take over all low skilled positions. It is believed that this will also increase the self-employment rate, which could lead to a business boom when combined with changing societal values about capitalism and wealth distribution.
Others predict that some sort of universal basic income system or welfare state will have to be created at some point, as unemployment rates have risen in recent years and are expected to deteriorate.
This is in contrast to the idea that AI creates new jobs, as artificial intelligence could be used for management purposes or for tasks such as market research where a human was previously needed.
An increase in social isolation is also forecast as people do not need outside help from other people to complete simple daily routines in their home or at work; instead, they’ll just do robots.
Many believe that this technological revolution has not started yet, but many experts say that we are facing some big changes as AI will soon be smarter than humans to do certain goals and tasks flawlessly, which makes it even more valuable than before.
Artificial intelligence is still being debated in business, but it’s safe to say that this technology will have a big impact on the workplace.
WHAT IS ARTIFICIAL INTELLIGENCE?
Artificial intelligence is the simulation of human intelligence processes by machines, particularly pc systems. Specific applications of AI embrace skilled systems, linguistic communication processing, speech recognition and machine vision.
What is artificial intelligence in business?
Business artificial intelligence simply involves using intelligent computer software with human-like capabilities to increase sales, improve customer experience, increase productivity and efficiency, and drive the growth and transformation of the business.
What is Machine Learning?
Machine learning is a branch of artificial intelligence (AI) and computer science that focuses on using data and algorithms to mimic the way people learn and gradually improve their accuracy.
What is Deep Learning?
Deep learning is a subset of machine learning that is essentially a neural network with three or more layers. These neural networks attempt to simulate the behaviour of the human brain, although it is nowhere near its capacity, and enable it to “learn” from large amounts of data.
Deep learning vs. machine learning
Since deep learning and machine learning are usually used interchangeably, the nuances between the two should be noted. As mentioned above, both deep learning and machine learning are subsections of artificial intelligence, and deep learning is a subsection of machine learning.
Deep learning consists of neural networks. In deep learning, “deep” refers to a neural network made up of more than three layers that comprise the input and output, and can be thought of as a deep learning algorithm.
TYPES OF AI
- Weak AI: Term used to describe systems that have a limited form of intelligence, for example, the ability to play chess.
- General Artificial Intelligence (AGI): Systems that indicate general artificial intelligence capabilities, including reasoning and knowledge representation.
- Superintelligence: The ability of a machine or computer program that is as intelligent as a human. This includes things like recursive self-improvement that leads to an explosion. incapacity, sometimes called “the singularity”.
WHY SHOULD COMPANIES USE AI?
Business processes in the 21st century are characterized by a high level of complexity, which is associated with stressful and inefficient human tasks. Business in today’s world is dominated by the age of data. Drive growth through data.
Therefore, in today’s business world, the need for businesses to clearly understand customer needs and preferences is invaluable; To be successful in tough competition and to stay relevant. With the use of artificial intelligence in companies, companies can now understand and engage customers in unique ways, automate business processes, improve productivity and revenue, while reducing operating costs.
EXAMPLES OF ARTIFICIAL INTELLIGENCE IN BUSINESS
The current data age has spurred the advent of many enterprise AI applications, including data analytics, personalized business offerings, and automation.
Artificial intelligence in business can be seen in the following ways:
AI IN CUSTOMER SERVICE
Another controversial artificial intelligence example is replacing humans with computers. With the advent of chatbots, customers can now interact with companies in real-time to resolve complaints, place orders, get information, and do pretty much anything that would require a conversation with a personalized employee representative.
According to Gartner, 85% of customer interactions will be human-free by 2020. This disruptive AI innovation in business will reduce the need for people to interact with customers, lower business costs, and exponentially improve customer service accessibility and conversational experience.
With the increasing amount of business data available, extracting insights from data can be challenging. This has driven the routine introduction of artificial intelligence into business intelligence to extract valuable insights from data.
These insights help companies improve marketing effectiveness, better understand customers, segment them to create personalized experiences, and develop business strategies to support business decisions and use artificial intelligence in business management.
There is currently a whole range of tools that involve the use of artificial intelligence in business intelligence. Popular tools include Microsoft Power BI, which helps companies gain critical insights to understand which strategies and decisions have a big impact on business metrics. In addition, the integration of machine learning functions in Power BI can help companies create machine learning models to make valuable forecasts and predictions from data and automate business processes.
PERSONALIZED AND TARGETED MARKETING
The key to increasing business revenue requires knowing what consumers want and what to market to each consumer In our world of growing digital engagement, customers have extremely little time with too many companies that trying to market their products This explains the growing need to only market what attracts each customer, and also to know who to market each product of a company.
With data from customers’ online activities, companies can now use AI to predict and target who to market a particular product to while increasing sales opportunities and the effectiveness of marketing activities, while reducing overall marketing. Costs.
PRODUCT RECOMMENDATION AND LOOKING INTO ANALYSIS
In order to increase the effectiveness of marketing efforts and customer loyalty with a company’s product, companies must be able to recommend products that keep their customers interested and meet customer needs. like Netflix, Spotify, Amazon etc are now using AI to understand customer habits/behaviour in order to predict which product to recommend.
About 75% of what users watch on Netflix comes from these recommendations, and the company’s AI recommendation reduces spending by about $ 1 billion each year. Banks and fintech companies also use artificial intelligence for predictive analysis, fraud detection, and determine which customers are likely to repay loans before approving loan applications.
NATURAL LANGUAGE PROCESSING
If you’re certainly considered one among people who ask: “When will machines be capable of reading, write and recognizing languages like humans?” Well, the answer is NOW! With the advances in natural language processing, companies are now offering intelligent digital assistant products to aid users with routine tasks.
Organizations these days use AI to generate automatic commercial enterprise reviews without human supervision and additionally to carry out sentiment evaluation to recognize the belief in their brand via numerous online comments, tweets etc. about the company.
By means of sentiment analysis, companies can constantly understand how people perceive their products and services and thus contribute to improving the quality of services and the personalized product range.
BENEFITS OF ARTIFICIAL INTELLIGENCE IN BUSINESS
The benefits businesses stand to gain from the usage of AI is limitless and includes:
- Automation of processes
- More tremendous outcomes from advertising activities and extended revenue
- Better information of clients and progressed experience of services offered
- Fraud detection
- Improved and extra reliable consumer service
COMPANIES THAT MOVED TO OPERATIONS WITH AI
Most of the world’s leading companies have radically embraced the use of AI. Here are some of the top companies using the power of AI.
With the incorporation of AI into its business operations, Alibaba is using AI to predict the products customers might want to buy and to automatically generate product descriptions
Another big company that is transforming the world of business with AI is the Taxi giant rides, Uber. Uber uses artificial intelligence to predict demand, shortening the estimated time of arrival, and efficiently matching passengers and drivers, reducing the rate of the church. Uber’s one-click chat feature lets drivers communicate with Uber drivers with a single click through auto-reply recommendations to the passenger. Contributions.
Other large companies that have transformed business operations with AI are:
- Amazon with its AI recommendation, automated factories and the digital assistant Amazon Alexa
- Tesla with its autonomous vehicles
- Microsoft with Power BI and the machine learning platform Azure
FUTURE AI TRENDS
With a view to the exciting future trends of AI, we should expect in the near future:
- AI-generated songs and films from entertainment companies
- Fully automated factories that do not require human supervision
- The use of AI to generate high-quality training data yourself, address data scarcity and bias, and more.
- For the first time, the future potential of AI will give humans the real power to shape the future exactly as we want it.
THE IMPACT OF AI ON SOCIETY
- The effects of AGI are unpredictable, but many believe it will lead to significant advances in all sectors including health, transport, power generation etc, as well as an increase
- Many fear more inequality through Robots taking on low-skilled jobs or rising unemployment rates among lower-paid workers.
According to Accenture, the impact of artificial intelligence on companies has the potential to increase productivity by 40% or more. With World Economic Forum statistics on the impact of AI by 2022, AI will replace more than 75 million human jobs. At the same time, 133 million jobs will be created, refuting the misunderstanding that the introduction of AI will make more people unemployed.