AI in Business
Artificial Intelligence (AI), is a revolutionary technology that is designed to simulate human intelligence and is changing lives both in our personal spaces as well as in the business world. AI in business is prevalent in a lot of applications and software and it plays a very big role in revolutionising business practices, workflows, and entire sectors by modifying the way we work, analyse data as well as access information.
The use of AI in Business is spread to almost every sector and department; from advertising and marketing to product innovation, customer experiences, maintenance, and more. In current times, Artificial Intelligence undoubtedly holds a lot of influence on how we do business and will continue to have an impact in the future as well.
Keep on reading to get an insight into the benefits of AI in business as well as AI in business examples.
Use of AI in Business
The use of AI in business is spread to various business areas and offers increased productivity and efficiency while also promising scalability, insights, and growth. The various departments and applications where the use of AI in business is making an impact are as follows:
- Accounting: Various accounting tools use AI to categorise transactions or create cash flow projections, with applications for payroll, tax, and financial forecasting.
- Content Generation: Generative AI is gaining a lot of traction as a tool that can assist in writing, researching, and editing as well as creating graphics, videos, and other media.
- Customer Service and Support: Callbots and Chatbots offer an easy and convenient way to extend their current customer service capabilities and increase the volume of customer inquiries that their team can respond to.
- Cybersecurity: Cybersecurity tools that are AI-powered can monitor systems activity against cyber attacks and can help by detecting risks and areas of vulnerability.
- Information Technology (IT) Operations: AI can be used to streamline data and maintain IT infrastructure, automating tasks like performance monitoring, workload scheduling, and data backups.
Benefits of AI in Business
The benefits of AI in business are varied and this technology has the potential to deliver significant advantages across different departments and business functions. Some of the major benefits of AI in business are:
- Reduce Costs: The use of AI as well as machine learning in a pricing system can help in increasing revenue and if companies take up an integrated approach, it can lead to a definite growth in their revenue as well.
- Reduce Human Error: Making mistakes is human and even the most skilled, experienced, and professional employee can make a mistake. This is where artificial intelligence can assist and help in avoiding these mistakes. Autonomous artificial intelligence is AI that can manage operations independently.
- Avoid Fraud: In AI self-learning neural networks help examine and analyse user behaviour, identify suspicious transactions, and create algorithms to prevent financial losses. This helps the system become less vulnerable, which is crucial to establish customer trust.
AI in Business Examples
Some of the world’s biggest tech giants are in a race to become the leaders in Artificial Intelligence and they truly are the trailblazers who have embraced AI to give the world some of the most revolutionary products and services. The top AI in business examples are:
- Alphabet –Google: Alphabet is the parent company of Google and Waymo which is the company’s self-driving technology division, and wants to bring self-driving technology to the world not only to move people around but to reduce the number of crashes as well. Autonomous vehicles by Waymo are currently shuttling riders around California in self-driving taxis.
- Apple: One of the biggest and most respected technology companies globally, Apple uses artificial intelligence (AI) as well as machine learning in its products like the iPhone which enables the FaceID feature, or the HomePod smart speakers, which enables the smart assistant Siri. Apple is also expanding its services through the use of AI by helping you find your photo in iCloud or to recommend songs on Apple Music.
- Alibaba: World’s largest e-commerce platform, Alibaba sells more than eBay and Amazon combined and AI is a crucial part of its daily operations, predicting what customers might want to buy. Alibaba also uses AI in its City Brain project to create smart cities and uses AI algorithms to help reduce traffic jams by monitoring every vehicle in the city.
- Amazon: Amazon is at the top of its AI game with its digital voice assistant Alexa, however, there are various other aspects of its business where artificial intelligence is a key player. Amazon offers a new convenience store concept called Amazon Go where no checkout is required. The store uses AI technology that tracks what items you pick up and then automatically charges you for those items through the Amazon Go app on your phone.
Conclusion
The future of AI in business depends on its capabilities as opposed to technologies. AI plays a key supporting role in business in three major categories: automating processes, analysing data to gain insight, and customer and employee engagement, companies that can strategically use AI can gain in terms of efficiency, productivity, and potential savings and growth.
The career prospects in the field of AI are bright and with the right training, background, and education, there may be potential job opportunities in the field of artificial intelligence. The Executive Program in AI for Business in collaboration with IIM Lucknow, offered by Imarticus Learning provides the best possible learning outcomes for individuals aspiring to become AI and Machine Learning leaders. This AI and ML course is aimed at professionals working in the field of Artificial Intelligence and can help them climb the corporate ladder in the most successful manner possible.
