TECH, BUSINESS AND CAREER INSIGHTS

How Artificial Intelligence Can Improve Your Business

By: TSP Blog | @TSProckstars

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In the 1980s, many people thought that by 2019 there would be robots, flying cars and holograms. While several of these predictions have become reality, no one predicted the new form of technology that’s taking the business world by storm, artificial intelligence (AI). Artificial intelligence is defined as the theory and development of computer systems able to perform tasks that normally require human intelligence.

Many conversations are happening surrounding the fear that technology will replace human labor. For many people, artificial intelligence is only a concept — something that will happen tomorrow, but it's already making its way into the workplace. Whether you realize it or not, it’s not only in your smartphones, laptops and cars, it’s everywhere. While it might sound scary, AI can improve your business in more ways than one.

OVERVIEW
For the past few years, artificial intelligence has turned heads in every industry. Companies big and small are considering AI to solve real business problems. The high-speed growth of AI makes it more accessible to startups and younger businesses. These companies will be able to embrace the technology earlier than their corporate colleagues. According to a PwC report, the global economy can see a potential contribution of $15.7 trillion from AI by the year 2030.

OPPORTUNITIES
If you think AI can’t help your business, you’re wrong. Artificial intelligence, in all its forms, can be used to solve problems across all industries. For starters, it can help increase sales, detect fraud, improve customer experience, automate work processes and provide predictive analysis. Specific industries like health care, automotive, financial services and logistics can reap the benefits of AI implementation. Unlike its human competitor, artificial intelligence programs are able to manage multiple tasks simultaneously with more accuracy.

With the help of AI, financial services can detect fraud, logistics companies can improve inventory and delivery management, retail stores can map consumer behavior and utilities can use smart meters and smart grids to decrease power consumption. The rise of chatbots and virtual assistants like Amazon Alexa, Google Home, Apple’s Siri and Microsoft’s Cortana are all a result of artificial intelligence-based algorithms to make life better.

In short, implementing machine learning and AI can improve your organization’s efficiency. These services can automate a great amount of work and help reduce the risk of human error, resulting in better outcomes.

IMPLEMENTING
What are the current pain points of your business? Taking a good look at the ways AI can improve your business is the first step in deciding whether or not to invest in artificial intelligence. Of course, implementation of any new technology comes with risks, but the only way to master the technology is by learning from your mistakes. Lucky for you, there are AI developers.

Due to the fast-growing AI industry, developers are a scarce resource. While implementing artificial intelligence in a business isn’t a walk in the park and doesn’t come cheap, there are services available that make AI app development accessible and affordable for businesses. You can use these services to fast-track your AI efforts.

Although artificial intelligence can fix most problems your company is facing, to win any technology war, you need the right people and the right culture. Even though it is expensive to invest in new technology and new talent, it can be worth it in the long run.

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