Can Artificial Intelligence be the future of doing business

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Technology has grown in leaps and bounds within the last 10 years. Things that the human race considered unimaginable now seem possible with the use of technology. These advancements present simultaneous growths in the various aspect of human life. Technology has completely changed the way human beings communicate and do business nowadays. Just 10 years ago, if an individual wanted to communicate with someone in another country, it will have taken extremely high call rates or costly technology. Now it costs next to nothing to video chat with friends and family around the world. This is just one example out of billions of ways that technology has completely changed the way we do business.

Artificial Intelligence is the ability of computers or other devices to think and process information like humans. As superb as technology seems, it lacks the ability to develop itself. This is the one thing that humanity holds above technology.  A computer or device can only act based on the information that it is supplied with. This makes it very cumbersome for businesses to advance. However, with the use of Artificial Intelligence, businesses will have the ability to advance at a rapid pace. Take for example a mobile commerce application. With the use of artificial intelligence, such an application can study the given wants and needs of consumers by itself, and then come up with improvements of the app itself. All of this can be done without human intervention. Think about the world of good it will do businesses, and the amount of money that can be made. A lot of people are still shaky on the subject of Artificial Intelligence, so lets take a moment to dive into it.

What is Artificial Intelligence?

By now, anyone reading this article should know about SIRI, the automated response system on your iPhone. This is a perfect example of mini Artificial Intelligence. The concept relies upon a computer or device that is able to think and act like a human being. When SIRI recognizes your voice and answers the most mundane things you ask her, that is a perfect example of Artificial Intelligence. However, it goes a long way beyond this. For businesses, it represents the ability of much larger systems to detect consumer patterns and behaviours and deal with it appropriately, without the workers even having to move a muscle.

 

What will be its advantages?

Artificial Intelligence presents a lot of advantages for businesses, and it just may be the future of doing business. Lets take a look at some of the advantages it can bring to regular businesses:

1. Speed: This is a major benefit of AI. It gives a business the ability to tackle issues head on and solve problems relating to consumers within just minutes. You will no longer have to spend hours on solving consumer related problems when a computer can do that for you. For example, a consumer looking to track his purchase can simply make a query and the computer will automatically track the product and give reasons why it has not yet been delivered. All of this can be done without a member of staff even moving a finger.
2. Saved expenses on manpower: The last statement from the point above spoke about how members of staff will not have to move a muscle. This means that there will be no need to hire loads of people. This can drive your wage bill down by millions per annum. Do you know how much a lot of multinationals spend per annum on their employee wages?
3. Interpretation of market trends: Artificial Intelligence provides businesses with the ability to interpret market patterns and trends from a vast and more assorted data field. Information which will take people a significant amount of time to process is now interpreted in shorter time frames with the use of Artificial Intelligence. This greatly helps business owners in the decision making process, enabling them make the right decisions at the right time.

What are its disadvantages?

Everything that has advantages has its disadvantages. They include:

1. Lacks the human element: No matter how effective a computer is with its solutions, it simply cannot trump human innovation. This innovation by humans gives every business that extra edge over its competitors.
2. Labour prospects: This can be seen as a disadvantage but also has its upsides. Artificial Intelligence creates a ‘shake-up’ in the labour structure of industries. While this can be to the detriment of some, it also gives room for the thought of re-distribution of labour, which can have positive prospects.

Artificial Intelligence can truly be the future of doing business. However, it needs to be combined effectively with human efforts in order to achieve the desired goals. Businesses need to learn to embrace technology, and leverage upon them in order to gain better results.

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