Artificial Intelligence - Businesses Gain

Image's Source:  Pixabay

Businesses and institutions use Artificial Intelligence (AI) in their organizational setups which helps them for gaining efficiency, productivity, speed, seamless continuity in their different production stages and performing services with high efficiency, and more importantly, enterprises ensure economies of large scale with zero errors in finished products and services.

AI enabled machines and programs continue to learn from past and present experiences, develop consciousness, act, and think like human which is useful for performing repetitive and robotic tasks with zero rate of error without direct intervention of humans.

In today’s fast-paced modern world, most of the AI enabled machines and programs are based on weak AI but in future you will experience strong AI enabled machines and applications that will be acting, thinking, reasoning, and making judgement and decisions like humans.

AI supported applications and machines include driverless cars, chatbots, robots that perform various tasks in manufacturing concerns, robotic waiters in restaurants, search engines' crawlers, machined-based assistants installed in financial institutions, robots assessing job criteria of applicants, Siri, Google Home, and more notably, AI helpings in executing jobs and doing surgical operations from remote locations in real-time that are based on technology of Internet of Things that takes support from 5G, AI, and Cloud Computing technologies.

Other powerful AI enabled applications include predictive analytics which people use in various fields that are all based on algorithms set by AI, Machine Learning (ML), and Deep Learning (DL).

Moreover, according to the statistics of Semrush, the global AI market is expected to reach around US$ 190.61 billion by 2025. This projection indicates strong growth in penetration of this technology, rising level of application, and great potentials for AI based applications at present and near future. 

Businesses Gain

Applications of AI in the operational setups of companies and institutions help them in different areas such as reduction in operating costs, achievement of high speed in processing of huge volume of business data, detection of anomalies in machines and equipment.

AI installed applications get uninterrupted suggestions of visitors through websites and other devices, help in predicting about buying behavior of consumers, advise optimum inventory level and cash flow needs, and more notably, forecast about optimum level of business stocks, marketing budgets, product pricing, maintenance, and recruitments. 

Artificial Intelligence enhances value addition in production and services of enterprises and institutions, and more significantly, it performs well in all repetitive kinds of jobs with speed and accuracy, saves valuable time, keeps 24/7 interaction with customers through chat-bots, helps in facial recognition facility in factories and offices for marking attendance and surveillance.

AI helps in reducing incidents of thefts, connects with smart devices with the help of sensors to inform about temperate and humidity in the factories and offices, reduces unnecessary staff strength, and channelizes staff to more productive assignments where judgement of human is essential.

Managing Massive Business Data

You know that companies, big conglomerates, and other social institutions combining generate tons of structured, unstructured, and semi-structured data on daily basis in different areas such as manufacturing concerns, stock exchanges, airlines, social media channels, news channels, hospitals, traffic monitoring, weather, financial institutions, laboratories, industrial complexes, transportation, supply chains, government institutions, social media, search engines, and this list goes on.

Components of huge databases which humans generate everyday in millions of terabytes include texts, graphics, audios, videos, images, PDF formats, and many more sources. 

Companies and various institutions cannot manage massive amounts of data through conventional data processing methods which can take months to process huge clusters of data, so, AI takes full support from machine learning and deep learning and processes massive volumes of data in just few seconds or minutes. 

AI saves time for enterprises, people, and various institutions, and you know that in corporate world time is considered money!

Predictive Capabilities

AI based applications can make future predictions about optimum level of sales, minimum costs, buying behavior of consumers, revenue maximization, level of stable supply chains, optimum fuel consumption, cash flows, and inventory management that are all based on past business operating activities and huge amount of available data on which predictive models are built by AI for making informed business decisions.

Machine Learning (ML) is a subset of AI that makes prediction that is based on inputs and outputs of past data with the help of neural networks and statistical analysis. ML finds hidden insights in the datasets without human intervention and programming, so, it automatically builds analytical models for future use.

Deep Learning (DL) is a subset of ML that entails the power of machines to build self-learning capabilities for analyzing huge volumes of data, positively exploiting vast neural networks with multiple layers of processing units to process complex tasks to arrive at correct solutions.

AI enabled applications support humans for making predictive analysis which help them in reducing operating costs, increasing sales, maximizing revenues, and enhancing brand image of their businesses on local and international scale.

Image's Source:  Pixabay

Enhanced Speed

In today’s fast paced digital and technology-oriented world in which the most valuable currency is 'speed' because modern humans must produce enormous quantities of products, services, ideas, and databases in the shortest possible time with negligible errors for meeting the growing demands for large population of people worldwide.

To support in production, service handling, and computing thousands of terabytes of data with speed, it has now become essential for companies to install AI based applications in their operational setups for increasing efficiency, productivity, speed of work, and achieving maximum outputs and services in less time with zero rate of errors. Sounds great! 

Reduced Human Errors

With the support of AI applications in businesses and various institutions, it ensures error free working environment which helps enterprises in reducing operating costs, increasing efficiency, and enhancing productivity, so, relieving the burden of human labor in most of the areas which are repetitive and robotic in nature where human errors are bound to happen.

Those human workers who are relieved from repetitive types of jobs can be absorbed in those areas of works where human judgement is essential for performing and finishing job assignments.

Brand Image

Companies which take advantages of AI enabled technologies in their organizational setups experience lots of associated benefits such as efficiency and productivity, improvement in speed of work, reduction in defective products and inferior services, maximization in revenue streams, regaining confidence of shareholders, investors, and business partners, so, as a positive result, enterprises enhance brand image on local and international scale.

Improved Customer Services

With the support of AI enabled machines, devices, websites, applications, programs, and robots, enterprises and institutions are well-positioned to provide customers improved and high-quality seamless services with error free automated documentation, shipment processing, inquiry, suggestions, payment options, quick delivery, and efficient online chatbots which interact 24/7 with number of customers.

Can AI Enslave Humans?

Keeping in view of fast-paced development, advancements, massive levels of penetrations, and growth in AI driven technologies, scientists have now begun to anticipate that in the next two decades or less than that, AI will replace almost all human related works and make them redundant.

Human developers have been empowering and training artificial intelligence for more than 60 years and now this technology has started to imitate, reason, act, behave, judge, take decisions like humans, and can become super intelligent through humans' generated series of coding, programing, especial languages, algorithms, and neural pathways, so, once these sorts of advancements have fully materialized, then AI can enslave humans or perhaps it will be an end of human civilization on earth or AI will convert human races into second grade citizens on earth planet.

Hope you have enjoyed this post! 😊