Look at four specific areas of Artificial Intelligence in business, I think it’s really useful to explore when you want to understand how AI is relevant to your own organization.
Impact of Artificial Intelligence in business:
- Make Better Use of Your Data
- More Intelligent and Personalised Services
- Smarter and More Intelligent Products
- Optimize Your Business Processes
1. Make Better Use of Your Data:
Where we look at How can we use Artificial Intelligence to make better use of our data and understand trends? We now live in a world of Big Data we have more data than ever before, less than 1% of all the data that organizations have is ever used, let alone used to inform any meaningful decision making. What AI allows you to do is to run on your data and see are there any important patterns, so without you consciously saying is this a business question, Who are my most profitable customers. The ai can do some of this for you, So Modern Cloud Computing infrastructure already has the capability to basically automate some of your analysis. This will happen more and more that AI’s will pick up certain trends. If you’re a retailer, for example, they might say okay, there are certain products that seem to go up more people want to buy toilet paper, now more people want to buy biscuits, alcohol sales are going up and down without you having to actively look for this. This is becoming increasingly important so Artificial Intelligence can Automate your insights from data for business.
2. More Intelligent and Personalised Services:
The second area is where Artificial Intelligence can help you provide better more intelligent and personalized services. This is actually linked to the first one because, if you have better customer insights or better customer understanding this then allows you to provide intelligent services. If you think about companies like Amazon they are using the Insights and the data they’re collecting to automatically recommend the best products. To you, Netflix does something similar they are getting more and more intelligent, so they’re not only recommending a particular film because you like to watch it. They are now trying to fine-tune this and say is this the right time where you would normally watch the film. They might also even give you a title that is more attractive to you so for example if you like Robert de Niro and you have watched lots of films with Robert de Niro and they’re not saying this film might also be interesting in but the poster hasn’t got him on the title on the poster, because he only plays a tiny little role in it they might give you a different tile as a preview.
This makes it more enticing for you to watch, so we want more of this we want more personalized services that are customized for the needs that we have at any given point in time, and Artificial Intelligence enables that for business. Look How Amazon Is Using Artificial Intelligence (AI)?.
3. Smarter and More Intelligent Products:
Use Artificial Intelligence in business to make our products more intelligent, and smarter. We now have AI built into our phones, into our TVs, into our Cars, into our watches, and so on. What I predict is that soon we will have ai in almost all products that you can imagine. I already see this with toothbrushes, you now have a toothbrush that usually uses artificial intelligence and sensors to see how well you’ve brushed your teeth, and you can then use your app to see which part of your mouth you need to clean a bit better.
We now have this in cars that are becoming increasingly Autonomous. At the moment they’re helping us to detect blind spots, watch what’s going on around us, make sure we stay in the lane. In the future, they will drive for us, so all products from Toasters to Fridges that cannot understand what’s within them and can make a recommendation of what wines to use with the food you’re planning to make to yoga mats that give you feedback on your positions automatically. Are now using artificial intelligence and soon a product without this intelligence will simply find it difficult to compete.
4. Optimise Your Business Processes:
Artificial Intelligence can be used in a business is to optimize your Business Processes and streamline lines, that streamline them and and automate parts of your organization. If you think about this ai can now be used to make machines intelligent, and they can do work for you so we have intelligent robots that are even aware of their surroundings. If you have ever seen the latest Iphone factory or car factory you realize that all of this is being automated, but this now happens across the supply chain where warehouses are automated, production plan are automated, the deliveries are automated. This will happen more and more that we are thinking about how do we improve and Automate our business processes, and it’s not only our physical process but also our, more Clerical Managerial tasks.
We now have robotic process automation in business that is enabled by artificial intelligence, so if you run a Call Center for example, and someone rings in with a particular plot problem and then what then happens is that the call center operator needs to go into a certain database pull up this document, go somewhere else, pull this up to compare them and then give you the answer.
We now have Artificial Intelligence that can watch what is happening and if these patterns emerge over time, say this is the same problem the same kind of processes you need to do the same data you need to copy across they can do this for you. Increasingly businesses are now looking at how they can do this. They are the four areas of of any business where you should really seriously consider Artificial Intelligence, for and use it making more intelligent decisions, smarter services, more intelligent products and more intelligent business operations.
FAQ: Impact of Artificial Intelligence in business
Example with Tesla,In order to do this, we need to train those Algorithms and we need to collect the right data to help train these Algorithms and these AI’s. So what Tesla is doing very well is it’s basically crowdsourcing all of this data from the 1 million-plus vehicles that are now on there on the roads or the tesla cars and what it does is will monitor using lots of sensors inside and externally to the car to monitor what the car is doing but also what the driver is doing, even where we’re touching the steering wheel what we’re touching in inside the car.
1. Make Better Use of Your Data
2. More Intelligent and Personalised Services
3. Smarter and More Intelligent Products
4. Optimize Your Business Processes