AI in business today serves as a replacement for human intelligence. It is also a supporting tool in managing a business in many ways. Before looking at how it can transform a business, it’s important to define the term artificial intelligence.
What is Artificial Intelligence?
Artificial intelligence, in computer terms, is the ability of a computer to execute a task that is normally carried out by humans. AI is the backbone of innovation in modern computing, unlocking value for individuals and businesses. This includes planning, learning, and solving problems.
Examples of AI in Business Management
Some examples of AI in business are as follows:
The use of AI in customer service in place of humans is another example of artificial intelligence in business. With the application of chatbots, customers can now communicate with companies and also lay complaints, place orders, get information and do almost anything they would require for having a conversation with a human customer care service.
With the increasing availability of business data, finding insights from the data can be quite challenging. This has driven the routine adoption of AI in business intelligence to obtain valuable insight from data.
This helps companies improve the effectiveness of marketing and understand customers better.
Personalized and targeting marketing
The key to elevating a company’s revenue requires knowing the wants of customers and knowing what to market to them. Customers have limited time with so many industries trying to market their goods to them. With the use of AI, it’s easier for a company to market its product to customers around the world.
Natural language processing
With the advancement in natural languages, companies now make use of AI in processing languages for customers around the world. this Makes it easier for customers to understand what the company is offering and advertising.
Types of Artificial Intelligence
Artificial intelligence can be divided into different types; there are mainly two main categories, which are based on capabilities and functionality.
AI Type 1: Based on Capabilities
Weak AI or Narrow AI
This is the type of AI that can perform a specific task with intelligence. This is the most common and currently available AI in the world of artificial intelligence. However, it cannot perform beyond its limits because it is only programmed for one specific task.
Examples of narrow AI are playing chess, making purchasing suggestions on e-commerce sites, self-driving cars, speech recognition, and image recognition.
This is a type of AI that is modified to carry out any task with efficiency like a human, the idea behind general AI is to produce a system that could be smarter and think like a human on its own. Currently, no system could fall under general AI.
Super AI is the level of intelligence of systems at which machines could surpass human intelligence and perform any task better than humans with cognitive properties; it is an outcome of general AI.
Some key functions of super AI include the ability to think, reason, make decisions, and communicate of its own free will.
AI TYPE 2: Based on the Functionality
Reactive machines execute basic operations. This level of AI is the simplest. This AI system has no memory, and it is designed to carry out a specific assignment. Examples include spam filters.
These AI machines can store past data for a short period of time, but the data stored by the machine can only be used for a limited amount of time. Examples of limited memory AI are self-driving cars, the distance of other cars, the speed limit, and other important information to navigate the road.
Theory of the Mind
The theory of mind capability refers to the machine’s ability to attribute mental states to other entries. It consists of various aspects like behaviors, emotions, human nature and feelings, and much more. This is considered one of the critical technological developments that sort people’s emotions and thoughts.
The types of AI above are precursors to self-awareness or conscious machines. systems that are aware of their state and that of others as well. That is to say, this AI is at the same level as human intelligence and can mimic the same emotions and desires.
Common uses of Artificial Intelligence
Artificial intelligence has a wider role in business today. Some common uses of AI are as follows:
- Machine learning
Machine learning can rapidly analyze the data as it comes in, identifying patterns and anomalies. Machine learning is useful in putting the vast troves of data increasingly captured by connected devices and the Internet of Things into a digestible context for humans.
The use of AI in business can help recognise cyberattacks and other cyber threats. It helps in looking for holes in computer network attacks.
- Internet and data research
Identification of people’s search behaviors and providing them with accurate information regarding their circumstances.
- Digital and personal assistants
AI can be used as a personal assistant to help Manage your emails, answer important questions, and provide recommendations to customers. This provides extra time for the management to implement and focus on other strategies to improve their business.
Application of Artificial Intelligence in Healthcare
The application of artificial intelligence in health care has been of great benefit to society today, although most individuals feel these machines could take over their jobs in the coming years. But it’s not reducing job opportunities. AI is leading to the creation of job openings that did not even exist a few years ago.
AI provides several advantages over the traditional methods of analytics and making clinical decisions.
Some applications of AI in health care are
- Accurate cancer diagnosis
Path AI offers some of the best machine learning in health care and allows pathologists to obtain accurate diagnoses. This AI reduces errors during the process of cancer diagnosis and offers new techniques for medical treatment. With the increase in accurate diagnoses of cancer in patients, patients can be looked after or cured at an early stage, saving many lives.
- Customer service chatbots
With the introduction of a customer service chatbot in healthcare services. It is easier for patients to raise queries regarding appointments, make payments, and also communicate with patients regarding their illnesses.
Customer service chatbots also assist in offering the patient the required solutions. Furthermore, reducing the workload on medical professionals
- Robot assistant surgery
Robotic assistance in surgery has helped many hospitals complete tasks that require precision, control, and flexibility. It is used in tasks like open heart surgery that exceed human capacity.
Surgeries that are assisted by AI reduce pain, resulting in fewer complications, and lead to a quick recovery for the patients.
- Virtual health assistant
Virtual health assistants are responsible for responding to the queries of patients via calls and emails. taking care of the medical information of patients and covering important data.
It reduces the constant visit to the hospital, benefiting both patients and healthcare experts.
Importance of Artificial Intelligence in Business
Artificial intelligence helps in handling tasks at a scale that humans can’t match. At the same time, by removing such tasks from human workers’ responsibilities, AI allows these individuals to move on to higher tasks that these machines can’t do.
Some of the importance of AI in business
- Saving time
When it comes to working, machines are far more efficient and quicker than humans. AI machines can operate 24/7 without getting tired or bored. They also do not sleep or take breaks as humans do.
This means they can function at any time you want them to. Therefore, AI saves time and works more efficiently than humans.
- Generate business insight to make smart decisions
AI machines are efficient at quick data processing to generate accurate answers to any questions relating to business. They offer accurate predictions when the need arises. No human can be as fast or perfect as an AI machine in predictive analysis.
- Improving customer experience
AI chatbots enable businesses to provide 24/7 customer care and attend to customers’ needs and complaints very quickly. This has helped companies automate communication through emails, online chat, and phone calls.
The good thing about AI in business is that it can reach out to as many customers as possible and respond to their requests effectively.
- Reducing errors
Artificial intelligence is by far more accurate than humans at cash flow forecasting. Mostly, its accuracy ranges from 97 to 100 percent, even for very urban systems. In any company, the most consuming process yet prone to human error is cash flow forecasting.
AI can help increase accuracy in cash flow forecasting without manual interference. This gives a business a higher chance of achieving success.
Frequently Asked Questions
What are the disadvantages of artificial intelligence?
With the advantages of AI, it seems like a no-brainer to implement AI in your business immediately, but it is also very important to consider the potential disadvantages of making such a decision.
But some of the disadvantages include:
Cost of implementation.
Lack of emotion and creativity.
No improvement with experience
Reduces jobs for humans.
Where can artificial intelligence be used?
AI can be used in various departments like
Finance and its regulation.
Finance and its regulation.
Retail customer service.
What is the application of artificial intelligence in everyday life?
Artificial intelligence is revolutionizing industries with its applications and helping solve complex problems. Expanding business and making work easier for both customers and employers.