AI For Business Growth
Artificial Intelligence (AI) is a concept that has been around for about five decades but only in the last two we realized its full potential and started to include the plethora of its applications to our everyday lives and into our businesses.
What is Artificial Intelligence?
Artificial Intelligence (AI) is a concept that has been around for about five decades but only in the last two we realized its full potential and started to include the plethora of its applications to our everyday lives and into our businesses. AI is a broad term that refers to the ability of software computers-machines to engage in human-like activities and learn and respond on their own.
Such activities include:
- speech recognition;
- machine learning;
- natural language processing;
- deep learning.
How can AI improve the workplace?
Despite the fact that AI is a term that fueled a lot of dystopian material (books, movies etc.), we need to take a step back and think of how businesses and employees can benefit from its applications. Artificial intelligence can perform tasks that usually a human would undertake in a workplace. Companies use AI to increase productivity for their employees, it can also increase data and information security, and help understand complex data. But if we want to understand how artificial intelligence can lead to business innovation we must dive into the many different ways it is used in companies:
Finding the right candidate for an open position can be a rigorous task for the HR department, that’s why more and more companies benefit from the use of AI technologies to help them. The right AI tools can scan through thousands of resumes, detect the perfect candidate and even screen out those who lack basic qualifications for the job. This technology can sort applications to different hiring managers, analyze the applicants’ demographic and send automated messages to the candidates informing them about what stage their application is at. Now the recruiters have the best data available in order to continue with interviews and find the person who would be the right match for their organization.
Businesses use AI technologies so they can increase their staff productivity by letting applications such as AI bots and virtual assistants do the automatic repetitive tasks so employees can focus on solving more complex problems, find creative solutions and focus on more impactful work. A field that benefits a lot by the use of AI is customer service, as it keeps growing and customers become more demanding. The use of chatbots and creation of automatic call centers is a fast, reliable way to fill customer complaints, gather information, eliminate human error by reducing administrative tasks, answer common questions and forward more pressing concerns to human employees. Chatbots are also cost effective because they can work 24/7, everyday, and make affordable technology for companies.
Maybe one of the most important things a company should be aware of, is data security breach which can lead to a leak of vast amounts of personal information; most of the time these breaches are due to human error and can become a crucial problem for a business. So AI tools can filter out spam or phishing emails and suspicious links before employees open them, thus reducing the risk. Therefore, artificial intelligence is the best ally to the fight against cyberattacks as it can recognize a threat by monitoring the data input and once it does that, it can find the right source to prevent similar dangers in the future.
Data and personalization
What is a business without data? A failed one! Companies collect data on consumers from social media, cookies, customer surveys and get an insight in user behavior. Artificial intelligence uses big data to identify patterns in people’s search behaviors and provide them with more customizable options. With the correct algorithms and analyzing vast amounts of data, AI tools can understand consumer behavior, recommend products you may like or people with profiles similar to yours. This helps marketers to offer personalized services and tailor made campaigns. So it is crucial for a modern business to use AI technology and analyze big data drawn from algorithms and use it for personalized customer experiences and stage specific marketing campaigns!
Machines & Humans working together: Work for success >>> Business Innovation
With the increase of AI technology in businesses there is a valid worry from employees formed in questions such as: “Will I be replaced by robots?” While many disagree, some experts claim that in the future this might be a pressing problem and some jobs will be replaced. Machines and humans will work together because AI will do all the automatic and repetitive tasks, so humans can focus on the people within organizations rather than bureaucratic processes, making the workplace more humane.
Artificial intelligence can create better automation for easier life and a knowledge-based economy, therefore whatever opinion you may have on the matter, one thing is for sure; the structure of the workforce is changing and those who do not adapt to changes will become redundant , while the others will become more efficient and increase productivity. These technologies are generating value in businesses as they are used to personalize marketing campaigns and product recommendations, identify security breaches and automate processes, while simultaneously saving cost. Furthermore, AI is a field that constantly keeps growing and new generations are being developed every day.
What is the industrialization of Artificial Intelligence?
AI tools right now are customized by each application’s developer, so the problem is that for every update or change in the system only the developer himself can manage them. So what happens when the developer of those tools leaves the company? What effect will it have for the business? If the creator leaves there is no one else to maintain and update the application system and that leads to a loss of AI investment for the company.
To avoid that, we should industrialize AI which is basically a democratization of the technology. By industrializing AI we ensure uniform quality for mass production using standard common tools and processes that can be controlled by all practitioners; that doesn’t mean that customization will be completely gone, but that industrialized platforms that automate the AI development process will make artificial intelligence accessible to the masses. Finally, industrialized technology will enable reusability and safety, and consequently support the acceleration of AI growth!