Artificial intelligence (AI) is migrating out of research labs and into the business world. There is an evident impact of AI in business. So, we shall discuss the pros and cons of integrating AI in business.
Across hundreds of industries, top leading companies are harnessing its power — from banks analyzing numerous data points in seconds to detect frauds to the deployment of chatbots by call centers to improve customer interactions.
During 2023, a dramatic rise in the tools, platforms, and applications based on AI and machine learning was witnessed.
These technologies not only impacted the internet and the software industry but also other verticals such as manufacturing, healthcare, legal, automobile, and agriculture.
Companies such as Apple, Amazon, Facebook, Google, IBM, and Microsoft are investing in the research and development of AI, which will benefit consumers by bringing AI closer to them.
Few AI Trends to watch out for in the future:
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Rise of AI-enabled chips
The dependence of Artificial Intelligence on specialized processors is the reason for the rise in AI-enabled chips. Even the fastest CPUs might not improve the speed of training an AI model.
To speed up the execution of AI-enabled apps, this year, chip manufacturers such as Intel, AMD, NVIDIA, and Qualcomm will be shipping specialized chips.
These chips will be optimized for scenarios like computer natural language processing, vision, and speech recognition.
For delivering intelligence, applications from the automobile and healthcare industries will rely on these chips.
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The prominence of automated machine learning
A trend that is going to revolutionize ML-based solutions is AutoML.
The main impact of automation in ML will be the empowerment of developers and business analysts to evolve machine learning models that could address complex situations without going through the typical process of training the ML models.
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Automation of DevOps through AIOps by AI
A huge amount of log data that is generated by modern infrastructure and applications is captured for searching, indexing, and analytics.
These colossal data sets can be accumulated and correlated to find patterns and insights.
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The convergence of AI with other emerging technologies
2019 could see more examples of the convergence of IoT with AI and AI with Blockchain. In fact, self-driving cars can’t be a practical possibility without IoT working closely with AI.
The programs used in decision-making are powered by AI models and the sensors used by cars to collect real-time data are enabled by the IoT.
Then, deep learning AI algorithms take action and also make decisions using this data.
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Deep learning will be the hottest AI skill
AI jobs with knowledge of deep learning are growing at a faster pace. Deep learning is a type of machine learning that develops algorithms known as artificial neural networks that work by modeling the structure and function of the human brain.
Impact of AI in Business:
Advantages of AI to businesses
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Boosting efficiency
Think of efficiency gains as an employee’s superpowers. With this, you are still doing the same number of tasks but getting more done.
Think about the most omnipresent AI example: voice recognition. Between Alexa and Siri alone, there’s massive engagement.
Almost half of Americans accept using some form of voice recognition, and there are conclusive signs of these platforms making it to workplaces. Brooks Brothers, WeWork, Mitsui USA, Capital One, and Vonage are already using Alexa for Business.
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Achieving epic breakthroughs
There are certain blind spots in the processes or products of some organizations. Breakthrough happens when someone sheds light on those blind spots.
Machine learning and AI have enabled organizations to overcome these blind spots.
In medicine, it could mean analyzing a patient’s risk or enabling a new diagnostic product into the market. In manufacturing, it means predicting defects before happening.
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Real-Time Analytics
For a business, one of the best advantages of AI is processing and interpreting a huge amount of data in real-time.
This approach allows businesses to make critical decisions and act at a faster rate, ensuring a strong competitive position for the company.
For example, in the transportation industry, drivers could get data on traffic jams based on their location and promptly adjust their routes.
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Better Customer Experience
The best part is that machines never sleep so there will be 24-hour support for the customer.
AI-based chatbots are capable of providing shorter response times and better interaction quality that will help companies increase existing customers’ loyalty and attract new ones.
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Business Process Automation
AI is capable of managing the automation of both service delivery and production operations.
For example, control and maintenance of necessary environmental conditions for storage of products, managing robotic lines in factories, processing payments, monitoring warehouse balances, registering service customer requests, and more.
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Data Security Improvement
In areas where data privacy is of significant importance, like the financial sector and banking services, AI can successfully be used in the detection of fraud and unauthorized access to personal data.
Disadvantages of AI to businesses
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Expensive Implementation
Combining the cost of installation with maintenance and repair, AI is an expensive venture. Only those with giant pockets can implement it.
Businesses that don’t have deep pockets will find it onerous to implement into their processes or strategies.
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Increased dependency on machines
With all the automation happening around us, we could be heading into a time where working without the assistance of machines will become difficult for humans.
Due to the introduction of AI, our dependency on machines will increase exponentially. Therefore, as a result, the thinking and mental abilities of humans will only decrease over time.
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Hampering on employment opportunities
There’s still ambiguity over AI creating or erasing jobs. Maybe, there will be jobs created as well as jobs lost because of it.
Any job featuring repetitive tasks will be at risk of being replaced by artificial intelligence. In 2017, Gartner predicted that 500,000 jobs would be created because of artificial intelligence.
On the other hand, up to 900,000 jobs might be lost because of it. These figures are for jobs only in the United States.
AI is possibly the most advanced tool developed, but just like any other technology, it can be used for both good and bad.
If we can properly address the issues regarding responsible, transparent, and fair usage of AI, it is likely to be a useful tool in creating a better world. therefore, the impact of AI in business can be huge, influencing every sector to adopt technology.
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