AI and business: what does the future hold?

Technological advancements have defined civilizations for centuries. However, one of the most significant technological evolutions has recently been of great concern and intrigue. Artificial intelligence (AI) – has long been discussed, yet few of us know what it is, how it is used, and how we plan on using it in the near future. That said, millions of us are already using AI and intelligent machines in our homes – and in our businesses, too!

Despite this, AI has become somewhat synonymous with danger, as various representations and fears have led many of us to believe that it is something to worry about. This appears to be dissipating, however, as more and more businesses (small and large) are keen to harness the power of AI to help make processes more efficient and accurate. What’s more, AI could help reduce overall operations costs. If there’s a risk of human error, AI could effectively erase such dangers altogether.

It’s hardly surprising that more and more companies are looking into AI applications in business to help enhance throughput and boost their bottom line. Let’s take a closer look at what the future may hold for companies adopting AI in the years to come.

AI and business – the basics

Many of us will be aware of artificial intelligence in one form or another, either through pop culture or our daily use of technology. Millions of us use AI via smartphones (e.g., Siri on Apple devices) and smart home devices such as the Amazon Echo.

AI can be trained to replicate human efforts in various ways – which is why it is increasingly popular with businesses of all shapes and sizes. Consumer demand is increasing across all industries – particularly for delivery efficiency and product quality.

While many may see AI as a threat to some livelihoods, it is helping to enhance business performance and the customer experience in different ways. In many industries, AI is helping to support workers, not hinder them.

Even outside of business operations, millions of us have experience with AI. The chances are that you have interacted with a business’ AI system multiple times in the past. 

For example, AI is commonly used for personalized customer service and relations. In retail, AI can be used to make recommendations for products based on a client’s personal shopping history, interests, etc. You may find that it is deployed to help convert casual online shoppers into frequent buyers.

Even closer to home, you will notice that your favorite streaming platforms frequently make suggestions based on the content you have viewed. This, too, is thanks to AI. By considering the content you view, research, and how long you watch, your chosen system can deduce what other shows and films might interest you and thus make educated suggestions. 

Even the social media platforms that you visit use a form of AI. The ‘For You’ pages and ad suggestions have all been curated by a smart AI system that has followed you around the web. It considers all the content you watch, the shopping you do, the places you look at, and the various searches you make. It then chooses specific ads and videos that it thinks will suit you best. 

AI is frequently used for RPA (Robotic Process Automation) and data analysis. It can be used to make predictive analyses. Predictive analytics exists across various industries, including healthcare, sports, social media, retail, and weather forecasting. By following the data sourced about past weather, information from satellites, and more, AI can produce far more accurate weather reports than we have ever seen before. Therefore even the weather app you frequently use on your phone is boosted by AI insight. 

AI is being used more and more by large companies to increase their output of products. The idea is to use AI to make the manufacturing process more efficient, thus creating more products and increasing the amount available to sell. There is less need for human oversight during design and manufacturing processes, and therefore there is less chance of human error.

AI also has a firm place in customer care and aftersales. Whether you have a question, a complaint, a return, a refund, or simply an appreciation to give online, chatbots and AI agents will take the place of human staff. Take Amazon, for example. No matter your issue or concern, you will be led through a base series of questions that will automatically lead you to a straightforward solution based on your specific issue. It is very rare to have human contact with a professional at Amazon, as the AI system typically finds both efficient and effective solutions!

The benefits of using AI in business 

As we previously saw, AI has made its way into multiple sectors for various businesses and has proven to be ultimately beneficial. While there has been growing concern over AI’s place in unseating human workforces the world over, the benefits of using machine learning and AI in day-to-day business running and preparation far outweigh the potential drawbacks.

Using AI can help reduce the potential daily cost impacts a generic business may face. For example, in cases where human error may result in a shortfall of care or product reliability, AI can be deployed to follow set templates and plans to ensure that production is 100% satisfactory in every case.

AI can also help to reduce costs in the case of outright paying for manual labor. An assembly line previously reliant on engineers to help build products for shipping, for example, may only need to deploy AI to take care of these processes to remove the need for staff salaries. Effectively, when used in the right ways, AI could help to save some businesses thousands of dollars each year.

It has also been shown to increase productivity and customer satisfaction – and has even helped businesses to make educated guesses based on current trends and upcoming events that could provide insight about the market, etc. Therefore, customer needs and expectations can be met with greater ease, reducing the need to open extensively on market research or completely edit or refine any work already produced. AI can help protect reputation, boost efficiency, and cut costs.

With all its benefits, it is essential to note that AI in its various forms is still very much in its infancy. It’s all the more reason businesses keen to harness its power are taking their time to learn more about how it may impact everyday processes, customer expectations, and more.

Are there any drawbacks to using AI in business?

Although we have already discussed certain drawbacks to the current forms of AI, only one truly sticks out today, and that is us, the consumer. 

Generally speaking, many people still distrust AI in its typical form. While statistics may show that such fear and distrust are widely unfounded, many assume that with the improvement and incorporation of AI into our various industries, more and more jobs will be taken over by these non-sentient machines, leaving us humans without careers.

However, there is also the counterargument that AI has proven to advance industries in ways we did not foresee. If the improvements in technology continue to grow, the general hope is that so too will the industries evolve. That will likely lead to new jobs and an entirely new workforce that many may not have anticipated. While AI may be taking over many roles front-of-house, there is a growing need for AI and machine learning specialists behind the scenes to ensure such programs continue to run at pace and with the expected quality.

Replacing our jobs is not the only issue many have with AI. One of the significant issues facing millions today is that of privacy – such as, for example, through online usage tracking. Companies we do not usually engage with have access to our personal data, even our geo-locations. This creates an instant contradiction between the businesses trying to gain their clients’ trust and the clients trying to shield themselves from the invasion of privacy. However, measures such as the GDPR in Europe are helping to define these boundaries so that consumers still have control over their data.

Moreover, businesses around the globe are trying to define AI measures and limits to ensure their consumers and customers have the cybersecurity they demand without impeding their profits. While we do live in a day and age where AI is commonplace and is quickly becoming essential to growing businesses, it is not without its drawbacks that are still being addressed.

AI in the here and now is proving to be a very positive phenomenon from a corporate perspective; however, with AI evolving at a blistering pace, there is still the need for reassurance for both potential adopters and everyday consumers.

What does the future look like for AI in business? 

The truth is that the future of AI is still very much uncertain – while still highly exciting! AI is already helping businesses to tap into customer behavior and production shortfall that may otherwise have proven challenging to attend to from a purely manual perspective.

What’s more, AI already appears to have grown in ways that we did not expect, or at least not at the rate we’re currently witnessing. Who, for example, may have anticipated robotic assistants to have become so commonplace in our homes by this time?

When it comes to replacing human workforces, there is very little to be concerned about – as history has shown, technological evolution typically leads to an explosion of new and exciting job opportunities. Businesses will always need people, and AI remains on a tight leash right now.

It is believed that we still have a very long way to go before Artificial Intelligence reaches anywhere near human-grade intelligence. Therefore, any sci-fi theories about AI potentially taking over the world remain purely fictional – and even if we are centuries away from that, we will still likely have some form of human control in place to rein it all in.

Conclusion 

Due to the uncertainty of the future of AI’s place in our world, many of us are still not reassured by its evolution. But there is plenty of room for us to become more accepting.

There is no denying that AI has a firm position already and has significantly impacted how we conduct our business for operators and consumers. And, whether we are at ease with AI, it will continue to evolve and change how we work. 

With its evolution, AI will likely become more and more user-friendly, thus allowing for broader competition using various tools and interfaces. In fact, healthy competition in various industries nowadays partially revolves around our willingness to acclimatize. Alongside the rise of digital currency in our competitive world, it’s fair to assume that AI is seeping into our everyday culture at a similar pace.

Embracing AI in any of its forms and applications could make the difference for your business between growth and failure. It could also make a massive difference for your customers. Are you struggling to grow your customer base? Is your business falling prey to human error and rising costs? Even if you could merely benefit from streamlining your operational schedules, AI could help transform how you monitor and manage your enterprise.

There’s little need to worry about going ‘full adoption’ and immediately replacing all your services and stations with AI. Even a tiny script or code here and there could work wonders for your competitive edge. You may even find that cutting a few corners with AI could help to delight your customer base in new and unexpected ways.

Huynh Nguyen

Inter Reviewed is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@interreviewed.com. The content will be deleted within 24 hours.

Related Articles

Back to top button