The Future of Business
By Mahika Pahuja
Artificial intelligence … I’m sure you’ve heard about it but do you know exactly what it is?
Artificial intelligence is basically a machine with human intelligence. These machines can do everything a human does and is one of man’s greatest inventions. According to me, it’s the most useful in the business world.
You may ask why?
Because, imagine living in a world where you just instruct a machine and it completes the task for you. For example, in a factory, you use Artificial Intelligence and your production will never defer, products will be identical and your efficiency will be more than optimal . They don’t need tea and coffee breaks or holidays like humans. Your factory could function 24/7, increasing the production capacity immensely.
From various virtual platforms to driverless cars and robots in workplaces, Artificial Intelligence will transform the way we live, work and do business. PwC estimates that AI could add as much as $15.7 trillion to the global economy by 2030. More Companies are innovating and putting time and effort into new technology. Artificial Intelligence is the future of business and it will contribute greatly to the increase in productivity and global economic growth.
How Artificial Intelligence is useful for business
AI UNLOCKS OPPORTUNITIES:
Artificial Intelligence unlocks the true power of analytics and will help to automate business processes and add intelligence to products. Accuracy is a very important aspect for a business and AI will help to achieve this.
HUMAN RESOURCE TASKS:
If managers or employees don’t have the skills required or the experience to do a particular task, the business can get a trusted technology partner on-board to start analysing how to implement solutions.
SAVES TIME AND MONEY:
AI machinery can survey a proposed construction site and gather enough information to create 3D maps, blueprints, and construction plans. A process that would once take weeks can now be accomplished in a single day. This helps the firms to save both time and money in the form of labour
Using predictive analytics, AI can increase customer loyalty by predicting future events and results. AI will help to get insights into the behaviour of the company’s target audience and can predict what they are likely to look for. Whenever a customer takes any action, views an item, purchases an item or leaves a review, deep learning algorithms record it. This will help to create specific customer personas and incentives offered to the customers can also be personalized.
Leaders need to adapt to changes:
A recent survey of 5700 Harvard Business School Alumni found that 52% of even this group believe that companies will employ fewer workers three years from now. The introduction of AI opens the door for a wide range of opportunities but also provides unique challenges for the leaders. AI will help to reduce the burden and bureaucracy by eliminating middle management positions thus saving time. Both leaders and workers will have to be ready to embrace the growth of technology and Artificial Intelligence. The leaders will require a different skill set in order to succeed. AI will take over the decision-making process with data driven and contextual decisions. In this ever-changing world leaders will have to learn how to unlearn so that they can be open to new ideas and new approaches. The future leaders will be agile visionaries building strategies that adapt to the various changes. It will lead to a drastic difference in approach mandating a change in the leadership attitude and managing cultural alignment towards technology.
Artificial Intelligence will benefit the consumers:
Customer experience is the root of digital transformation. Some of the problems that customers face are delays and lack of availability when they need help after business hours. The greatest satisfaction comes when they realize they had greater control over the situation and even better that they received the help they needed without having to wait for long. Artificial intelligence is transforming the customer experience with personalized content. From recommended products on Amazon to recommended shows and movies on Netflix and videos on YouTube it is providing customers content related to their needs and wants. Companies are using Alexa and other robotic AI to make customer lives easier. Siri, Apples intelligent voice assistant was added as a feature to a new generation of apple products. It can even up a call to the emergency services. Undoubtedly, its greatest benefit is that it builds customer loyalty. There is no risk of human errors which increases the customers confidence. Salespeople, call centre agents and employees in other customer-facing roles cannot be expected to understand a customer’s entire history and derive their own insights from it in real time. Automated systems cannot be hand-programmed with rules to handle every conceivable customer history. Delivering a consistent experience across all channels requires finding patterns across an overwhelming number of data points in which AI is useful.
Let’s take a look at companies using Artificial Intelligence in fascinating ways:
UBER, based in San Francisco, operates in over 900 metropolitan areas worldwide. In the United States, Uber has a 67% market share for ride-sharing and a 24% market share for food delivery. It is at the forefront of AI using it for fraud detection, route optimization, matching drivers and riders and driver onboarding. Uber uses batch making to connect rides with drivers. AI research at Uber has led to significant improvements in demand prediction and more seamless pick-up experiences.
Byju’s, the creator of India’s most popular K-12 learning app, offers highly adaptive, engaging, and effective learning programs for students. Think & Learn Pvt. Ltd., which operates the online tutoring app Byju’s, acquired a Palo Alto company called Osmo, which made educational games for children. This $120 million acquisition brought Byju’s a complement of experts in artificial intelligence and machine learning. The app offers watch and learn videos, assessments, online interaction and real time feedback. The app will however become 3 times more powerful using advanced Artificial Intelligence in the future.
AI is at the heart of some of Amazon’s most popular efforts. Amazon’s approach to AI is called a flywheel. It means the innovation in one part of the company fuels the other teams as well. AI has been used to enhance customer experience and for predictions but the most important aspect where AI has been incorporated by Amazon is Alexa, Amazon’s voice-controlled virtual assistant which employs natural language processing as well as machine learning for handling user queries and executing actions such as ordering products or managing smart home devices.
Apple has always been devoted to Artificial Intelligence. As the iPhone X was introduced, Apple added a neural engine to its A11 processor to accelerate AI-specific tasks. A significant place where Apple used AI is in case of Siri, it’s virtual assistant. It is like a digital personal assistant that enables users to get answers to questions, to check the weather, complete various actions, to make calls and to send messages. If you’re abroad and you don’t know the emergency number of the country you’re in, Siri will contact the correct one for you.
In short, from mobility, marketing, advertising to customer service and security, AI can help with nearly every aspect of the business. The use of AI in businesses is certain to continue at a fast pace with time, companies should understand the value it has to offer and thus, use it to improve their business operations as it will help them to reach greater heights.