Last updated on August 5th, 2024 at 10:44 am
As we navigate the digital world of today, the surge in artificial intelligence (AI) has truly taken centre stage and they are shaping our everyday moments.
With the remarkable rise of AI, organisations worldwide are eagerly embracing its capabilities, pushing boundaries to innovate, differentiate themselves, and offer top-notch services to their customers. Imarticus, one of the leading Edtech companies in India, in association with top-class educational institution, IIM Lucknow, is offering AI training programs and leading the charge in AI knowledge dissemination.
In this article, we will understand what is artificial intelligence, how it works and what role is being played by artificial intelligence in management.
What is Artificial Intelligence?
Artificial intelligence (AI) is an emerging field in the field of computer science that aims to create machines capable of intelligent behaviour. It is the scientific investigation of creating intelligent algorithms and systems capable of doing jobs that normally need human intellect. This involves problem solving, speech recognition, language translation, and decision making. AI applications range from providing aid as voice assistant on the smartphones to complicated algorithms that control financial and healthcare decisions.
Categories of Artificial Intelligence
Following are the 3 most-important categories of Artificial Intelligence:
- Narrow Artificial Intelligence: This is able to perform only one specific task
- General Artificial Intelligence: This is able to multitask like humans
- Artificial Superficial Intelligence: This type surpasses human capabilities
Subsets of Artificial Intelligence
Artificial Intelligence is a very broad term. The field itself comes under many different names, some of which you might be more familiar with than others. The subsets are all part of AI, but focus on solving specific problems, and are much narrower concepts than AI itself. These are:
- Machine Learning (or ML)
- Deep Learning
- Natural Language Processing (or NLP)
- Computer Vision
- Cognitive Computing
How Artificial Intelligence Works?
Artificial intelligence now works with a significant amount of information and data that the machine may learn from and act on. AI can analyse data in the same way that a human brain can, thanks to advances in mathematical algorithms and computations. This implies that it can analyse, learn from patterns, make judgments, and solve complicated problems.
Artificial Intelligence in Business Management
Artificial intelligence in management for business is more than just a buzzword; it's the new normal. AI is revolutionising company operations, from chatbots for customer service to supply chain management. According to a McKinsey analysis, companies that have successfully incorporated AI have experienced a 20% increase in earnings before interest and taxes (EBIT).
Possibilities of AI to Use in Business
Here are the possible applications of AI in business – from the ones that are obvious to the ones that most of us are unaware:
- Customer Analytics: It gives data-driven insights regarding a group of customers.
- Recommended Systems: These are personalised products or service suggestions for the users
- Chatbots: It offers improvised customer service that is available 24/7
- Image Recognition: It makes sense of the visual data
- Price Forecasting: It helps adjusting the price of a product to the present market needs.
- Churn Prediction: It aids in pinpointing the customers who are likely to restrict using a service.
- Text Analysis: It uncovers valuable insights from text-based data.
Benefits of AI
Here are the advantages of AI that business owners can gain after implementing them:
- Automated processes and operations
- Data-driven business insights
- Personalised user experience
- Enhanced customer service
- Improvised accuracy
Conclusion
The advent of AI is relentless and promises a shining future fulfilled with possibilities. The emerging trends underscore the importance of responsibly understanding and harnessing the potential of artificial intelligence in management. By staying updated and constantly upskilling, individuals and businesses can ensure they ride the wave of AI evolution rather than being overwhelmed by it.
One of the AI training programs, the Executive Program in AI for Business by Imarticus, is intended for professionals working in the field of artificial intelligence. It was created in conjunction with IIM Lucknow to provide the greatest possible learning experience for those seeking to be AI and Machine Learning leaders.
