Take a deeper look at our Latest Thinking on Artificial Intelligence in Everyday Business
In the current scenario, businesses in numerous fields have a vast array of uses, which includes simplifying job processes & aggregate business data. The researchers are still thinking and finding out the answer to the question "What AI means for the future of business", especially when it relates to the blue colour jobs.
By taking the amount of usage by the audience into consideration, AI is predicted to move digital technology off, of the 2D screen and into the 3D real world that surrounds a person.
So, let's take a deep dive into our latest thinking on AI as we unravel its impact on everyday business. This article is intended for business owners and employees who are interested in learning how Artificial Intelligence is changing the business sector.
Before jumping to our topic, let us understand what Artificial Intelligence is. Artificial Intelligence (AI) is the field of computer science and engineering, that focuses on the development of intelligent machines that can perform tasks that typically require human-level intelligence, such as perception, reasoning, learning, decision-making, and natural language processing.
People are considering AI as their go-to tool to enhance their productivity. It means they are considering AI tools as their supporting tool, rather than replacement tools.
“Machine intelligence is the last invention that humanity will ever need to make.” - Nick Bostrom
5 Common Uses of Artificial Intelligence
1. Facial Recognition
Facial recognition algorithms are used by our favourite devices, including phones, laptops, and PCs, to detect and identify users in order to grant safe access.
2. Spam Filters
Do you know, how external emails get deposited in the spam folder automatically? Let us tell you. Our favourite, Gmail has a highly advanced AI that refines spam emails and route them to spam folders. As a result, it makes us show only the filtered content.
3. Content Creation
In the current scenario where everything is turning digital, it becomes very easy to create content in the form of lectures, conferences, and textbook guides using Artificial Intelligence.
4. Self-Driving Vehicle
Autonomous vehicles utilize object detection and image recognition technologies, specifically Convolution Neural Networks (CNN), to identify objects in their path and determine the necessary actions to avoid collisions with said objects, such as vehicles, humans, etc.
5. Recommendations
A great way to ensure the end-users explore content or products based on their buying behaviour or viewing activity is through a recommendation system. These are critical components, driving personalised user experiences, deeper engagement with customers, and powerful decision support tools in various industries. Some of the known examples are Netflix, YouTube, LinkedIn, Swiggy, Spotify, Coursera, etc.
With all these impacts, AI also presents challenges for businesses in the years to come. Here are some examples:-
- Data privacy: As businesses collect and analyse more data using AI, there are concerns about data privacy and security. Businesses need to ensure that they are collecting and storing data in a secure and ethical manner to protect the privacy of their customers and employees.
- Bias: AI algorithms are only as good as the data they are trained on, and if the data is biased, the results will be biased as well. Businesses need to ensure that their AI systems are trained on diverse and representative data to avoid reinforcing existing biases.
- Workforce displacement: As AI automates more tasks, there is a risk of workforce displacement. Businesses need to consider the impact of AI on their workforce and invest in reskilling and upskilling programs to ensure that their employees can adapt to the changing landscape.
In conclusion, the impact of AI on businesses today is undeniable. From improving efficiency and productivity to enhancing the customer experience and enabling new business models, AI is transforming the way businesses operate. However, businesses must also be mindful of the challenges that come with adopting AI, such as data privacy, bias, and workforce displacement. By addressing these challenges and embracing the opportunities that AI presents, businesses can use this technology to drive growth, innovation, and success in the years to come. As AI continues to evolve and become more sophisticated, it is crucial for businesses to stay informed and adapt to this rapidly changing landscape to remain competitive and thrive.