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How Artificial Intelligence Is Affecting The Business World

September 23, 2016 • Artificial Intelligence, Sponsored, Top Stories

Classic shot of the ENIAC

Classic shot of the ENIAC

Artificial Intelligence

Recent advancements in technology have resulted in the rise of artificial intelligence. Since it was started in 1950, great strides have been made by incorporating cognitive ability while building these machines. These machines are built with the ability to independently make decisions and operate in a way that enables them to attain certain programmed goals. This development is characterized by a number of companies providing open source intelligence solutions to cater for different fields, such as for example Expert System.

 

Impact of Artificial Intelligence in Business

The number one users of this technology are in the health care sector. A lot of money in health care companies is invested in the technology and the figures keep rising each year. The other sectors which are increasingly using the technology are retail, government, manufacturing and financial service providers. Businesses are nowadays utilizing artificial intelligence to aid them in achieving their goals. Artificial intelligence utilizes internet data to collect and analyze information at a high speed. The machines’ cognitive strength is portrayed by their ability to implement decision making strategies by recognizing patterns and conducting analysis. The best artificial intelligence is one that is barely distinguishable from human performance in terms of customer service, communication and general human interaction.

The growth and success of a company is largely attributed to customer experience. It is no surprise therefore that the development of artificial intelligence technologies is mostly in customer engagement area. A remarkable customer service encourages customers to have confidence in a company’s products or services. This technology is greatly transforming the business world by improving customer service. This is possible because the machines can predict trends in customer behavior. By knowing customer preference trends, a company can improve product quality, fasten production and improve on customer interaction.

Most businesses especially those dealing with machinery have shifted from selling products to offering services too. The machines such as aircraft engines by GE generate and analyze data and handle maintenance. Automated design will change how e-commerce is conducted completely. Companies can have a new production line that is created by considering customers preferences and purchase history. Interaction with an e-commerce site can thus enable the system to create and print a 3-D design which is custom designed for the customer

 

 The Future of Artificial Intelligence

The rise of artificial intelligence can bring both positive and negative changes in the future. This technology will leave a social change creating some jobs while eliminating others. Human beings will be working side by side with smart machines. Despite having accurate and efficient machines, technology cannot automate some skills such as creative thinking, human interaction and judgment. Therefore, human beings will not become redundant and their desire for human connection, experience and interaction is unlikely to change.. This means that as much as jobs get destroyed, others will be created and enhanced in other areas where human beings have an advantage over the smart machines. Fields such as sports, arts, culture and hospitality will flourish.

As technology advances each day, so will artificial intelligence. Business owners should prepare for this artificial intelligence era by making their businesses digital. To carry out their businesses online, they need to build a business website and automate as many actions as possible. There is also the need to improve on the customer experience of their products or services and finally create a wide business network.

 

Mary Davis

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