What is Artificial intelligence?
Artificial intelligence (AI) broadly refers to any human-like behavior displayed by a machine or system. In AI’s most basic form, computers are programmed to “mimic” human behavior using extensive data from past examples of similar behavior. This can range from recognizing differences between a cat and a bird to performing complex activities in a manufacturing facility.DISCUSS YOUR PROJECT
What are the advantages of Artificial Intelligence?
AI facilitates the creation of a next-generation workplace that thrives on seamless collaboration between enterprise system and individuals. Therefore, human resources are not made obsolete, but rather, their efforts are bolstered by emerging tech. In fact, AI provides organisations with the luxury of freeing up resources for higher-level tasks.
Efficiency and productivity gains
Efficiency and productivity gains are two of the most-often cited benefits of implementing AI within the enterprise. The technology handles tasks at a pace and scale that humans can't match.
Improved speed of business
AI enables shorter development cycles and cuts the time it takes to move from design to commercialization, and that shortened timeline in turn delivers better, and more immediate, ROI on development dollars.
New capabilities and business model expansion
For example, autonomous vehicle companies, with the reams of data they're collecting, could identify new revenue streams related to insurance, while an insurance company could apply AI ton its vast data stores to get into fleet management.
Better customer service
AI, however, can do all that and more, leading to more customized and personalized interactions between organizations and each individual customer.
AI's capacity to take in and process massive amounts of data in real time means organizations can implement near-instantaneous monitoring capabilities that have the capacity to alert them to issues, recommend action and, in some cases, to even initiate a response.
Better talent management
AI-enabled processes not only can save companies in hiring costs but also impact workforce productivity by successfully sourcing, screening and identifying top-tier candidates. As natural language processing tools have improved, companies are also using chatbots to provide job candidates with a personalized experience and mentor employees.
Frequently asked questions about Artificial Intelligence
How can A.I. improve my business?
The first question to ask yourself when considering A.I. is what problems might be solved with the technology. An e-commerce company might use A.I. to market and recommend specific products to consumers based on their data, while a financial services company could use A.I. to better predict shifts in the market and get their clients out of risky investments before it's too late.
According to the McKinsey survey, the most commonly adopted use for A.I. by businesses in 2021 was in service operations, such as chatbots and virtual assistants. Other widely adopted uses of the technology include risk modeling, A.I.-based product enhancement, and customer service analytics. Ask yourself if automating part of your business has an easily identifiable benefit, or whether you have routine tasks that could easily be automated.
Do I have the relevant data?
After you've determined how A.I. technology could improve your business, it's time to take a hard look at your data. According to IBM, about 80 percent of work on an A.I. project revolves around collecting and preparing data, with just the remaining 20 percent dedicated to analysis and testing.
How much will it cost to implement A.I.?
Once you've determined the problem you want to use A.I. technology to solve, and you've confirmed that you have access to enough quality data, you'll need to hire some artificial intelligence talent to help in creating the algorithms that will run your A.I. programs.
Convincing A.I. talent to join your company may be easier said than done, as giants in the space like Google and Meta are able to offer large budgets for projects along with cushy benefits. To compete, employers might consider contracting A.I. consultants who can be hired on a per-project basis or researching what A.I. software applications can be purchased. You should also be sure that you have the budget to implement what could be a costly and lengthy process.
The possibilities of using A.I. in your business may seem endless, but with some critical thinking, you can determine your own personal best path forward with this exciting technology.