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AI’s Impact on Businesses and How it is Changing the Scenario



Kirjoittanut: Khaldun Shahran - tiimistä Crevio.

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Whether we like it or it, Ai is happening! We all have got the taste of it; it sure looks fascinating and frightening. Ai will have an impact on every technological aspect that we can think of and experience in our daily life. The possibilities are endless and of course, this also means that businesses in the future will be more likely to be implementing Artificial Intelligence solutions as much as possible. Businesses are already trying to bring success in the three most important areas with AI. More intelligent products, More Intelligent Services & more intelligent Business processes. I think Ai is more likely to be serving as a supplement to human capabilities to bring out more unique and outstanding results in businesses.

Machine Learning for Businesses


Machine learning is a very important type of Ai and the most vastly used Ai now. Machine learning analyzes and processes a vast amount of data in a very short time which is very difficult to do for the human mind. The more data the machine learning algorithm gets the more improvement it does to provide better results. For example, for a production/manufacturer if the machine learning analyzes the historical production data, inventory and supply chain data, quality control data, Maintenance records etc. the manufacturer can get valuable insights, data-driven decisions, optimize the production process, and improve product quality and overall production efficiency. Machine learning is useful for putting vast troves of data – increasingly captured by connected devices and the Internet of Things – into a digestible context for humans (Uzialko, 2023). Machine learning is already been used in a lot of well-known brands production facilities like IBM, Microsoft, Nvidia, and Aws. 

 

Ai-Powered Customer Experience

Ai technologies empower businesses to provide more personal, efficient and convenient interaction with their customers. Technologies like chatbots, personal assistants, and personalized services have been evolving rapidly with AI. We don’t even realize that a lot of these services that we encounter every day on the internet are mostly Ai technology powered now. Chatbots and personal assistants are providing quick answers, frequently asked questions, and related articles on an issue with your Windows network problem are very easily recognizable. Recommendations on the feed of every social media, Netflix is also a very personalized service that shows you based on your watch history or usage history what type of content you might like, and what movies you can watch. Voice-powered personal assistants like Alexa and Siri are also using Ai algorithms to perform certain tasks, giving recommendations, and reminders by adapting to individual customer needs. The competition is to provide great customer services, improve customer satisfaction and lead to business growth.

 

Ethical Considerations and Challenges

This biggest concern of the 21st century is now our data privacy concern. We all are aware of the consequences our data can bring to our life if fallen into the wrong hands. And the most unlikely thing about Ai is it requires a lot of data to provide these all awesome conveniences. But do we trust these companies with our data for protection? The trust is very thin since there has been always news about data breaches in big firms like Google, Microsoft, Meta, etc. However, businesses must ensure proper data protection measures, informed consent and transparent data handling process. A balance between privacy and personalization should be built to maintain trust with customers. 

 

The automation capabilities of Artificial intelligence are threatening a lot of industry workforce. In a recent interview, Ai researcher and developer Richard De Vere said that Ai will most likely replace 20% of the workforce in the coming years (Waugh, 2023). Organizations who are considering the implementation of Ai technologies should consider the impact on their current workforce and take steps to upskill or increase capabilities to ensure that there is a balance. 

 

The impact of Artificial intelligence on businesses is going to be transformative and revolutionary. It will shape how companies operate, produce, provide service, and interact with customers. It’s good how Ai can ease the process for businesses to analyze large amounts of data to make the business process more efficient. Also, Ai powered customer experience can actually redefine how companies provide better services with an intelligent assistant like Alexa, siri or chatbots. However, with all the advancements and opportunities Ai brings a lot of ethical considerations and concerns about data privacy and job replacement. It tough to balance everything, but I think legislators, stakeholders, researchers, policymakers can work as a team to come up with solutions to address all the aspects of it and harness the power of artificial intelligence for the greater good of humanity.

Reference

 

Uzialko, A. (2023, February 21). How Artificial Intelligence Is Transforming Business – businessnewsdaily.com. Business News Daily. Retrieved May 20, 2023, from https://www.businessnewsdaily.com/9402-artificial-intelligence-business-trends.html

 

Waugh, R. (2023, January 20). ‘AI will take 20% of all jobs within five YEARS’ expert warns. Daily Mail. Retrieved May 20, 2023, from https://www.dailymail.co.uk/sciencetech/article-11655443/AI-20-jobs-five-YEARS-expert-warns.html

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