Artificial intelligence is a term that still conjures images of sci-fi thrillers for the average user. While the stigma may not have fully dissipated from dystopian cinema, AI is most commonly used in the business world. Artificial Intelligence applications can be used to boost productivity and profitability.
Brands that we see with regularity are engaging in Artificial Intelligence applications and AI projects to help them become more efficient and productive businesses. Companies such as Google, IBM, Salesforce, Facebook and many others are implementing AI in everyday operations and many more are seeing the vast potential offered by machine learning and AI technology.
Artificial intelligence is a term that still conjures images of sci-fi thrillers for the average user. While the stigma may not have fully dissipated from dystopian cinema, AI is most commonly used in the business world.
Brands that we see with regularity are engaging in AI projects to help them become more efficient and productive businesses. Companies such as Google, IBM, Salesforce, Facebook and many others are implementing AI in everyday operations and many more are seeing the vast potential offered by machine learning and AI technology.
SEM Rush reports that AI is expected to create significant business value and enhance worker capabilities. “In 2021, the increase in AI usage across businesses will create $2.9 trillion of business value and 6.2 billion hours of worker productivity.”
From predictive analytics and deep learning to chatbots and image recognition, AI and machine learning are revolutionizing how businesses are able to engage with customers and deliver more in less time.
AI technology can be applied in many different use cases across industries of all varieties, including healthcare, sales, HR, operations, manufacturing, marketing and of course, technology. Commonly discussed use cases for AI include self-driving cars and other autonomous technology, internet of things (IOT), medical diagnosis, robotic assistance in manufacturing, contactless shopping, job candidate selection and so much more.
The possibilities for business are boundless. But, in order to integrate AI and machine learning technology into business, we must have a workforce that is equipped to manage the technology.
AI software has various business applications. Despite movie portrayals, this has not yet manifested itself as sentient robots, but rather AI has become a behind-the-scenes player to help businesses enhance efficiency, streamline workflows and increase productivity.
Personalization: AI makes it possible to enhance the experience for customers with personalization.
AI tends to evoke negative feelings for workers. Employees often assume that embracing AI means eliminating the human element from jobs. According to Forbes, 34% of employees expect their jobs to be replaced by 2023. With so many concerns about job stability arising from AI, much of the workforce has developed a lack of trust in the technology. While AI systems may one day eliminate jobs that are based on rote tasks (such as assembly line positions), AI actually offers the potential for more jobs, not less.
One paper from MIT titled Artificial Intelligence and the Future of Work discusses how AI will impact the future workforce. While many naysayers expect widespread elimination of jobs, workers are needed to support innovation and AI capabilities. This can be likened to any major revolutionary shift in history, such as the adoption of electricity and cars.
The paper reports that AI will actually grow the job market in ways we can’t even currently predict. According to Forbes, “AI will continue to drive massive innovation that will fuel many existing industries and could have the potential to create many new sectors for growth, ultimately leading to the creation of more jobs.”
While movies may portray AI as ultra-intelligent technology capable of human domination, real-world AI is typically only capable of singular tasks, requiring human intervention to support and apply technology in the workforce.
It’s clear that the use of AI poses significant business benefits. This is what you can expect from an investment into artificial intelligence technology.
Even though the benefits of AI are many, embracing the next technical revolution is not without its challenges.
There is lack of trust in AI technology. From expectations that AI will replace jobs to concerns about data privacy and security, there persists a lack of trust in AI technology. This presents a significant challenge for businesses as they work to instill confidence in the new technology that powers their operations and ensure that the necessary cybersecurity measures are in place to protect consumer data.
The workforce is not equipped to manage the rise in AI technology. To ensure that AI technology functions as anticipated, we need a skilled workforce to manage it. Until businesses can upskill their workforce to meet AI-focused challenges, we will likely see some stagnation in AI adoption.
AI technology requires a wealth of clean data. AI is only as good as the data we use to train machine learning algorithms. Without a vast amount of clean data sets, Artificial Intelligence applications and AI will be limited in its ability to learn and analyze.
AI requires large amounts of computing power. Analysis of billions and billions of data points requires super computing powers and that kind of technical hardware doesn’t come cheap. To truly take advantage of the capabilities offered by AI and big data, businesses will need enterprise-level computing resources.
While AI certainly offers the potential for business growth and advancement, it isn’t without challenges. In order for businesses to be able to capitalize on that potential, they will need to create an environment where AI use is trusted, safe and supported. Only then will we truly see the promise of AI delivered.
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Contents provided by CompTIA
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