How AI Impacts Business and Society at Large
From research to innovation and market deployment, AI strategists need to closely start working on reshaping business models.
Recognizing the significance of artificial intelligence professionals in businesses, many organizations have started hiring practitioners and experts from varied fields like AI and data science.
- In July 2020, a think-tank, “Financial Times Future Forum” directed panel discussions around the topic, “The Impact of Artificial Intelligence on Business and Society.”
The panel comprised of multiple experts sharing their thoughts on the realities of AI — What it can and cannot do, and what it means for the future. While the discussions broaden, AI was also defined as any machine that performs what any brain would do. But if so, we were to define intelligent machines under the same category — it would still have many limitations. We can say, we’re still far from the cyborgs shown in movies like the “Terminator.”
In reality, these machines are yet to exist. They lack self-awareness and are yet to understand the context and language for that matter. Even if taken at the operational level, such machines are still limited by the historical data through which they’re learning. Additionally, they’re still restricted to function even within the given parameters.
As pointed out by Rose Luckin, author of Machine Learning and Human Intelligence and a professor at University College London Knowledge Lab,
AlphaGo for sure conquered a board game by winning against a human player, but the same machine won’t be capable of driving a car or diagnose diseases like cancer.
Having said that, intelligent machines are yet to unseat humans soon. However, with the emergence of neural technology and data collection, they can be projected as important tools to streamline repetitive tasks.
AI taking over the business
More so, if utilized efficiently such machines can improve the outcome for products and businesses alike.
Not to mention, the finance sectors have extensively adopted AI in their business functions.
- Around 80 percent of banks are aware of the AI’s potential for their businesses, says a report, Insider Intelligence’s AI in Banking.
- By 2021, around 75 percent of all the commercial enterprise apps will start using AI extensively, said a report by IDC. As AI expands, the world will soon experience the need for more artificial intelligence engineers to support their AI initiatives.
Uncover the advantages of AI in business
Most companies tend to take a conservative approach toward the customer-facing engagement technology, probably, because these companies are not matured. For instance, Facebook found out that their messenger bot cannot answer 70 percent of the customer queries without having a human involved. Thus, Facebook along with other firms has been restricted to the chatbot interface.
Here’s what AI could do for your business:
- Optimize internal business operations
- Improve decision-making process
- Pursue new markets
- Boost features, functions, and services of the company’s products
- Create new products
- Reduce headcount using automation
- Free workers by creating more automated tasks
- Optimize internal marketing such as marketing and sales
As organizations become more familiar with the way AI works, they have started experimenting with AI more closely to reap maximum benefits out of it.
Organizations can now use the below framework to integrate AI technologies to support companies in achieving their objectives. They are:
- Understand the technology
- Create a portfolio of projects to evaluate the need and capabilities of the organization
- Launch proof of concept pilots to find a suitable initiative that will generate business for the company
- Scale up to achieve the desired goals set by the company
Perhaps there can be a few bumps on the road but there should be complacency when it comes to implementing AI technology for the greater good.