ARTIFICIAL INTELLIGENCE IN THE BUSINESS WORLD

What is Artificial Intelligence?

Artificial intelligence is a part of computer science that emphasizes the creation of an intelligent machine that works and acts like a human. Some of the activities that you can casually see are speech recognition, learning, planning, problem-solving, and many more.

The term "AI" was first coined by ‘John McCarthy' in 1955. He is famously known as the founding father of AI. Ever since AI came into existence it never ceased to evolve. With the development of technology, the use of AI in routine life is becoming more common. It can be effortlessly found in almost every device that is electronic whether it is smartphones, robots, self-driving car, heavy machines, home assistance like Google mini or Amazon Alexa, etc.

Artificial intelligence is budding across several disciplines including science, robotics, health and medical, law enforcement, banking, and finance, etc. In all disciplines, one discipline is much common that provides a boost to every sector to further grow and embrace itself i.e. business. The most benefitted out of all disciplines is business, as it provides the silver lining to business to know its customer more effectively and make decisions accordingly.

Artificial intelligence is in its early stage of life where adolescence and maturity are yet to come. The velocity of the creation of data is kept on increasing. AI can pull together a number of different information that helps the business to observe its customer more closely and become much more embedded into the customer psyche. Hence provides the necessary output with which business can make the right decision at the right time which in turn builds a way in which an organization behaves and wants to operate. 

   

Different sectors are providing for the growth of an economy and the contribution of technologies like AI can do wonders.

The following are some of the applications of Artificial Intelligence in a different disciple.

1. MARKETING:  

Sales and marketing heads always stay active to get a new lead in the market with the application of machine learning and predictive analysis to collect and analyze the data.  It will help the business to understand ‘customers’ buying behavior, reveal their maturity stage. Also, it helps to stay more proactive on every sale opportunity as most of the customers are facing the same problem. Hence, the company can provide them with a solution through the use of a predictive marketing solution. It saves the valuable time and costs of a firm also brings more leads.

2. BANKING:      

Banking, insurance, and financial sector are heavily planning to include AI and machine learning in there day to day work processes to provide the users with an enhanced user interface. AI and real-time analytics are helping banks to develop behavioral science-driven banking, which promises to encourage better financial practices, more customers centric, more transparent, and less open to human manipulation or errors. Some of the leading banks are also using AI technology as an intelligent virtual assistant to improve its customer services.

                               

           

3. HEALTHCARE: 

AI and machine learning proves to be a great bliss for a society as it helps in the better understanding of previous medical data and helps in better-customized delivery of services to a patient which is full of quality. Major surgeries are done with the help of robotics and the inclusion of machine learning into it will provide a boost in better understanding and 100% success rate.  Simultaneously diagnosis processes, treatment protocol development, drug development will also improve.

4. ASTRONOMY: 

Science is always very desirous in exploring more. Hence, bringing accuracy in the prediction of results is something very foremost.  We look into the sky and try to find answers to all those complex questions. But still, somewhere we know our limits. This technology could/can be helpful to know the darkness of the universe that is still left to be explored.

                                         

5. SPORTS: 

Implementation of AI in sports can take athletes to a whole new level by enhancing and helping them to go beyond their capacity and deliver the best output. Not only athletes, but a normal individual can also monitor themselves to bring the desired change in their sport or physic. AI plays a very significant role when it comes to the sports industry, also there is a huge demand for AI-based applications.

6. MANUFACTURING: 

AI and machine learning are continuously making efforts to improve production processes.  Nowadays heavy machines are full of the latest technology that makes meticulous efforts to make a machine learn out of their previous error and auto-fix them for future production. It will improve the quality of products and reduce the time consumed on the same errors.

                                    

7. E-COMMERCE: 

The application of AI can be seen as more effective in e-commerce as it is an emerging sector and has a wider scope. Companies are using machine learning, AI assistant, AI chatbots, robot-advisor, smart logistics, and various algorithms to predict the behavior of the customer and analyzing the coming trends to take the first-mover advantage. The whole data is collected to enhance the customer experience, cut the cost where ever it is possible, and make warehousing more productive, achieving delivery efficiency is the ultimate aim.

CONCLUSION:

The biggest challenge with this new technology is potentially our own human nature i.e. to demand and get too ambitious while setting excessive expectations. The fundamentals always remain the same i.e. to start slow and taking small steps, to begin with, is perhaps the single biggest advice to all communities using it and about to use it.  

Hence, we can estimate the importance of AI in the coming world. According, to experts by 2025 85% of the work will be managed without human interaction. This automation process will allow the manager to understand their organizational objectives and customer needs. But it didn't mean that this replaces the human out of the process rather it allows to refocus and provides the ability to be more human than ever before. Therefore, we need to treat this emerging technology with respect.

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