Artificial Intelligence — How Companies Benefit from It
Artificial intelligence is a badly overused buzzword. It is being used today in much the same way that big data was in its early days. AI comprises several technologies, including speech recognition, natural language processing, semantics, machine, and deep learning, as well as swarm intelligence. Also, chatbots and voice bots as well as “optimized hardware” are in the mix.
Relevant to every industry
Technology can profoundly transform every business in every industry. However, many organisations are currently focusing too much on complex AI projects and neglecting simple projects that could quickly bring returns. In most cases, engineers are the driving force behind AI investments because most other business units struggle to see the resulting opportunities.
In a study of AI executives from nearly 1,000 companies, 83% agreed that AI had new tasks and created new roles in their organisations. This is contrary to popular opinion that AI will lead to massive job cuts in the short term. The use of AI has led to increased sales by over 10%.
Why use AI?
Importance of AI
Artificial intelligence (AI) enables machine-assisted functionalities. This technology encourages machines to have autonomy. Because of this, iterative tasks are faster and more efficient. It enhances the creation of a new generation workplace where there is synergy between the system and individuals.
The following are the primary advantages of AI:
AIs reduce the duration to perform a task. It enables multi-tasking and eases the workload for existing resources.
· AI enables difficult tasks to be done smoothly.
· AI operates 24x7 without interruption or breaks and has no downtime
· AI augments the capabilities of differently abled individuals
· AI has mass market potential; it can be deployed across industries.
· AI facilitates decision-making by making the process faster and smarter.
Reasons for using AI
There are many reasons for using AI. In addition to sales increases, this improves operational efficiency and customer satisfaction. It also helps gain new insights and better analytics related to the business overall. The Dutch airline KLM uses an AI-assisted agent to improve customer service, which solves 30% of the support cases that arise.
One of the most promising areas of AI is machine learning. It allows computer systems to predict, classify, sort, make decisions and, in general, extract knowledge from data without the need to explicitly define the rules for performing these tasks. A very powerful subset of machine learning is deep learning, in which there are multiple layers of components that extract “abstract” features from the data and build representations from them during training without external guidance. This approach allows us to find features in our data that are not obvious or that we might miss using other methods. Through artificial intelligence, we find new relationships and dependencies representing opportunities to improve how we do business.
AI allows organizations to build steps into processes that are usually not considered due to complexity or excessive costs. It also helps to address sentiment analysis or social network impact, anomaly detection, power consumption optimization, and logistics optimization.
We currently master the capabilities of Narrow AI solving specific, well-defined problems through specialized architectures with some generalization possibilities. With deep learning, your data tells a story that can be read in much greater detail than before, providing insight and information about the core components of your business. Traditional analytics (BI) has helped make decisions in your business, but with AI and big data, you will be able to make the best decisions and differentiate yourself from your competitors.
New jobs for higher qualified employees
Based on a study, four out of five companies (83 percent) have created new jobs through artificial intelligence technologies. These are primarily jobs for experienced staff, two out of three positions are created in the management environment. In addition, more than 63 percent of companies that are implementing AI at scale said that AI is not eliminating any jobs.
AI saves the time that people have previously spent on repetitive tasks and allows them to focus on the tasks where human intelligence adds value — for themselves and for customers. Accordingly, the majority of the organizations surveyed (71 percent) actively train their employees in retraining and further education. Among those who use AI at scale, the vast majority believe that AI is complex. Work will be simplified (89 percent) and intelligent machines and people will coexist in their companies (88 percent).