Artificial Intelligence is cruising ahead to transform our society and the way we live. AI technology will bring massive monumental shifts in business structure and even the nature of business. AI equals efficiency! The more rightly we adopt AI to a process, the more efficient it will become. What started as research has now evolved as one of the promising technologies of the 21st century. It finds its application everywhere and will help us achieve the impossible. Today this new-age technology is growing at a CAGR rate of 40% from today’s $3.5 billion and is expected to reach $26.4 billion by 2023.
Well, what exactly is Artificial Intelligence?
To explain this one line, it’s the process of making machines intelligent. In its essence, it mimics the human brain to decide the best possible solutions in various use-case scenarios. The AI industry is booming as several companies and organizations are trying to capitalize on this future technology by applying them in multiple use-cases and deriving solutions to solve existing problems. If you are dreaming of mastering AI and landing a job in a leading company, take up this industry-grade Artificial Intelligence Training.
How should businesses approach AI?
According to a survey conducted by Harvard Business Review (HBR), companies and organizations should focus on developing AI step-by-step and forbid companies to select a long-shot goal, which will be more expensive and time-taking to achieve. They suggest adding a business touch to the development phase to make it more efficient and impactful.
AI is difficult to understand and easy to get misinterpreted. So, before jumping to research and develop AI, we should first master its subsets like Machine Learning (ML), Deep Learning, Natural Language Processing (NLP), Artificial Neural Network, etc. Because once you master these subsets, you can eventually master AI. It all starts with Data, without it no new technology could be developed. Acquiring data is different, analyzing it is different, and Data Visualization is yet another task that plays a vital role in making your stakeholder understand. Tableau is the leading Data Visualization tool that is used by many companies globally. Take up this Tableau Course and get started.
Business Use-cases of Artificial Intelligence
Since AI will mold itself in different use-case scenarios, in business, AI functions differently. Some of the business use-cases or applications of AI in business are:
- Automate workloads
- Improve Customer Service
- Prevent Outages
- Predict behavior
- Predict performance
- Increase manufacturing output and efficiency
- Manage and analyze data
- Optimize Logistics
- Improve Marketing and advertising
Now there are many more use-cases or applications of AI that will emerge in the future. Implementing AI into our current work forms will lead to job losses. But it also creates new ones. So, let us discuss the different applications in brief:
Automate workloads: You can automate the process of data collection and analysis and use ML to categorize the work, etc.
Improve customer services: Give your users real-time solutions and options using virtual assistants and interact with customers through voice or text.
Prevent outages: Deploy AI-powered software that can automatically detect the issues like IT Outage, etc., and prevent security intrusions, etc.
Predict performance: Analyze your performance by deploying AI software that will help in reducing the response time. This software will also determine the gap to your performance goals, etc.
Predict behavior: Give your users a tailored user experience and security features like fraud detection, etc., using ML to understand each of your user’s online behavior, and target advertising, etc.
Increase manufacturing output and efficiency: If you have production facilities, you can implement RPA (Robotic Process Automation) to make your workflows much more efficient. Mainly, you can focus on labor-intensive tasks. You can deploy RPA bots to the workflow, etc.
Manage and analyze your data: You can deploy AI to assist Data Analytics, and Mining to enhance providing insights to your staff, customers, and stakeholders, etc.
Optimize logistics: Implement AI-powered Image Recognition tools to monitor, and optimize infrastructure, etc.
Improve your marketing and advertising: Businesses can efficiently understand their customer’s behavior and make strategies to advertise products and services, etc.
Best examples of How Companies use Artificial Intelligence in Practice
Companies like Amazon, Alibaba, JD.com, etc., are eCommerce giants using AI in their day-to-day lives, automation applications range from customer predictions to stock predictions. AI is driving their profits.
Google, Baidu, and Facebook use Deep Learning and AI to understand the context of texts to understand the meaning to serve their customers well and more intuitively. They deploy tools like DeepMind, Deep Voice, Deep Text, etc., to understand the nuances of a human face, voice, and text.
Google spinoff “Waymo” is an automotive company only focusing on building Autonomous Cars that can drive from one point to another using AI, Deep Learning, and Machine Learning. Tesla is another example that is using Computer Vision and other accessories to solve the self-driving car problems.
Major IT giants, enterprises, and tech startups have shifted their focus to AI and their subsets like ML, Deep Learning, NLP, Neural Networks to enhance their user experience.
AI is the future now, and anyone wishing to learn and master AI, this is the time!