How is Artificial Intelligence Transforming Businesses?
If you're wondering about the transformative impact of artificial intelligence on businesses, we got you! Read on.
The pervasiveness of Artificial Intelligence (AI) is evident with the boom of ChatGPT. Businesses are always on the lookout for ways to derive optimum results with fewer inputs. AI has done just that. It empowers businesses to use automation, leaving more creative tasks for humans. This increases the efficiency and productivity of a business in any domain. Leadership programs like the IIM Lucknow Executive Program in AI equip you with the desired knowledge.
Scope of Artificial Intelligence
AI is slowly establishing its presence across every industry. If you have a firm grasp of the concepts, you can work for any of the following industries, among others.
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Fashion: Lenskart's try on feature is one of the examples of AI in the fashion industry. It collects user information and identifies trends. Based on this, it recommends the products that the user is most likely to buy.
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Agriculture: AI has twofold benefits in this industry. It predicts weather based on previous patterns. Also, it monitors soil health, studies soil conditions, and sprays targeted treatments.
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Tourism: Getting customized itineraries is now possible with AI. You can also use it to perform on-the-go translations and deliver virtual tour experiences.
What is AI?
Artificial Intelligence is a vast field of knowledge. Through AI, you can create systems that replace the need for human involvement. Once you create an algorithm or model, the system does the following tasks.
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Processes data
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Analyse
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Understand data
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Make decisions
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Learn from experiences
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Adapt to new situations
Technology leaders solve problems to create successful AI models. To become AI and machine learning leaders, learning the basics is necessary. AI also has applications in cybersecurity and ethics. The following section will talk about its role in transforming business.
Role of AI in transforming businesses
Businesses stand to benefit the most from AI. The following ways show how.
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Increasing operational efficiency: AI plays a major role in automating workflow. With the help of AI tools and virtual assistants, you can enable collaboration and automation. In case of common inquiries, create an AI chatbot that handles them. With the use of virtual assistants, you can perform the following tasks.
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Transcribe notes
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Schedule meetings
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Generate real-time information
The automation of tedious tasks like these allows you to make the most of the available human resources. Also, it improves communication between departments and the efficiency of the organisation.
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Optimising supply chain: Data is generated at the following levels.
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Customer demands
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Inventory
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Production
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Logistics
Using these datasets, you can create models. They reduce costs, optimize routes, and reduce delays in supply.
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Market Research: Long gone are the days when managers assigned this task. You can use AI to analyze customer feedback and social media data. Also, the tools can study your competitor's strategies. This will help you in refining your marketing techniques to meet customer expectations.
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Product Development: Companies only survive when their products meet customer demands. The process of product development utilises time, resources, and money. When the resources are effectively utilised, companies start profiting. By using AI, you can analyse customer demands, market trends, and product feedback. This helps generate a product's performance insight. By understanding the needs of consumers, your company can invest effectively in innovation.
Become AI and Machine Learning Leaders
The knowledge of AI can ensure your entry into various industries. From Agriculture to Fashion, businesses across diverse domains use it. Insights generated from these tools help executives in making informed decisions. You will also be improving your company's productivity by automating operations.
With IIM Lucknow's Executive Program In AI, people will become AI and machine learning leaders. You'll be learning the fundamentals of AI. Experts from IIM Lucknow will teach you the frameworks used for implementing AI. At the end of this course, you will also become an alumni of that prestigious university.
Interested to know more? Browse Imarticus Learning's website to explore project-based courses.
