AI has changed the world and it is not going to stop. It’s time for you to know what it offers.

Artificial Intelligence has grown and been adapted to become a game-changer for conducting businesses in the 21st century. From eliminating guesswork from your decision making to making repetitive and mindless tasks redundant, AI has already become a major attraction among the biggest businesses in the world. As good trickle-down effect works, the rest of the world is also going through this inevitable development.

Let’s begin and understand what makes AI the need of the hour and where it drives our future.

In simple words, Artificial intelligence is the technology that enables computers to store, process, and analyze humongous amounts of data and make instant decisions based on that. How much data do you ask? Here is an analogy, we make decisions based on our memory which is roughly  2.5 petabytes or 1 million gigabytes or 3 million hours of TV shows. Based on patterns found in the data, AI has also evolved to interpret and make decisions even when the information is incomplete.

The major impact of AI on business has been in automating processes, acquiring insights through data analysis, and engaging with employees and customers. Accordion to the Harvard Business Review, the three broad classifications are

Robotics cognitive automation

It makes repetitive tasks redundant and free from any human intervention. Some applications of this are transferring call data or email in the system, reading documents to extract useful information, and much more. A recent example was when NASA launched four AI robots who did 86% perfect transfers without any human intervention.

Cognitive insights

This kind of AI is used to predict the probable outcome where there is a lot of data to analyze. In business cases, it can predict the priorities and likings of a customer, identity frauds, automate personalization, machine learning, deep learning, provide accurate information wherever necessary, and much more.

Cognitive engagement

This type of AI can provide information upon request instantly. Examples of such AIs are agents at 24/7 customer service, chatbots, health treatment recommendation systems, augmented reality, product and services recommendation system, and many more.

Our future with AI

How industries like transportation, security, social media, entertainment, and communication have adopted it, it can easily be noticed what changes are to be followed. Self-driving planes, self-driving cars, four-digit auto-generated pins, face detection, and fingerprint scanners, everything is powered by AI. Even your shopping experiences have been transformed due to its impact. Recommendations you get on youtube and other media platforms, all are real-life examples of AI. Here is what AI holds for businesses in the future.

Customer service

Customer service, data collection, and transfer of information have been revitalized with the intervention of AI. Chatbots have made it possible for SMEs to collect insights from each user, analyse that data and provide solutions accordingly. There is no doubt companies are going to make their customer interaction better with the help of AI while keeping the cost low. This can eliminate the need for human intervention in collecting, storing, and transferring data.

E-Commerce

Anyone who shops online can testify that shopping isn’t the same as it was 20 years ago. Today every visitor on an eCommerce app or website has a unique shopping experience. AI takes patterns of your preferences and analyses those to match you with the product you will prefer over others. AI has revolutionized supply chain and logistics through its fast data analysis. With virtual and augmented reality in play now, there is doubt that eCommerce will make full use of AI in the future as well.

Healthcare

From finding specialists, laboratories, and medicines to conducting the most intricate surgeries, AI has made significant leaps in the healthcare sector. Many doctors and medical-technology experts believe that AI will be crucial in the coming days enabling real-time discussions, information sharing, remote skill transfer, and preventing misdiagnosis and malpractice from taking place.

Security

AI has already made online transactions and data sharing safer via behaviour-analysis, location tracking, and smart passwords. With more and more banks, government agencies, and public organizations taking up digital channels, the application of AI for their safety is also going to multiply.

How close are you to AI?

Many people raise concerns that AI will wrap up humanity. The least I can say is, there is no evidence to that theory but there is evidence to the fact that it will make machine-only jobs automated. It will boost the creativity and individuality of humans, taking care of all the mundane and repetitive tasks. Those who have taken the initiative will indeed be leveraged by it first but if responded quickly, you can also adopt it for your good. It is high time for you to understand the impact of AI on business in more depth and integrate your goals with it.

The future is knocking on your door and if you won’t open it, somebody else will. Explore what AI is bringing to the table and what can you take from it because it is not here to leave.