How AI Impacts Business and Society at Large

We’re living in the artificial intelligence (AI) era. An era where automation is enforcing strategists to transform the way they handle businesses.

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.

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.

Source URL: https://datafloq.com/read/how-ai-impacts-business-society-large/12466

--

--

--

AI Researcher, Writer, Tech Geek. Contributing to Data Science & Deep Learning Projects. #coding #algorithms #machinelearning

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Solving the Unity OTC: The Emotional Learning Solution?

FastEmbed: How to compute efficient high dimensional PCA embeddings?

SAE Level 3 Remains A Challenge

PDF Download^!

Many media published articles about the demonstration experiment of our human-like AI assistant…

Focusing on disaster response with Amazon Augmented AI and Mechanical Turk

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Albert Christopher

Albert Christopher

AI Researcher, Writer, Tech Geek. Contributing to Data Science & Deep Learning Projects. #coding #algorithms #machinelearning

More from Medium

Google Research 2021 — how does it really impact us in our daily lives

The Myth, the Machine, the Legend: the Robot

5 Emerging Tech Predictions For 2022

AI ETHICS AND THE LIMITS OF CODE(S)