Work discussions on artificial intelligence (AI) elicit a wide range of sentiments. One end of the spectrum fears job losses spurred by a bot revolution. Opposite is excitement on the over blown prospects of what’s possible with machine augmentations.
Businesses can seamlessly adopt AI in what already exists. The 1st piece of AI, artificial neuron was developed by scientist William McCulloch & logician Walter Pitts in 1943. We’ve come a long way since in understanding & creation of new business models for incomparable comprehension, prediction & analysis.
AI is used in broad business applications like automation, data analytics & natural language processing. Across industries, these fields of AI are streamlining operations & improving overall efficiencies. Automation alleviates repetitive, even dangerous tasks. Data analytics provides deep insights like never before. Natural language processing allows intelligent search engines, helpful chat-bots & better experiences for people.
Common AI in business is cross-referencing huge data, consumer behaviour forecasting, product recommendations, fraud detections, personalised marketing & enhanced customer services. AI has made a great impact in supply chain management or manufacturing. AI in finance & banking is on the rise. Health care, education, transportation, smart cities can all be made more effective with solutions that automate, predict, analyse & respond when humans can’t.
There’s a lot of skepticism on AI’s current capabilities & future potential. But, the more we learn about technology, the more we understand that AI is a powerful game-changer. For companies to leverage AI, the 1st step is to look at parts of current operations that can be transformed. Can we dream of a magic bullet solution?
Amazon was an early adopter with the virtual assistant Alexa! With a robust AI empowered system, Amazon made a successful foray in the food industry (Whole Foods) using Amazon delivery. Any place with multi-layered process dynamics can be improved by AI. Jobs can be created by knowing what we can actually do & what we can do better with AI. An ultimate collaboration between machines & humans!
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