…AI as the new frontier of human dependency for business growth and performance
Intelligence it is said comes from learning and whether you’re human or machine, there is no second opinion that the emergence of Artificial Intelligence (AI) is transforming businesses in this modern landscape. The rapid development of AI has permeated our lives incrementally that, through everything from the tech powering our smartphones to autonomous-driving features on cars to the tools retailers use to surprise and delight consumers, have allowed humans to conquer greater pursuits and driven an unprecedented era of human potential.
Beyond this global phenomenon, it can be hard to imagine where AI will take us, including the impact on the future of work, trust and human-machine interaction. This new frontier which offers convenience, accessibility, automation and efficiency, all directly related to achieving more productivity and enhancing user experience has created the enablement for businesses to reach a larger audience and establish long-term customer relationships. Indeed, AI’s impacts create customer loyalty, leading to a continuous revenue flow for companies.
It is noteworthy to mention a recent IBM survey on companies about AI claiming that, the use of AI tools pose a significant catalyst for enhancing business efficiency, expenses reduction and increase productivity. Its impacts obviously is seen particularly in healthcare, facilitating finding patterns in patient data and helping clinicians develop customized care plans. In finance, AI operations has been phenomenally useful in detecting fraudulent activities that affect banks and their customers. Much significantly in transportation, AI has immensely aided in contributing to the improvement of traffic flow and reduction of congestion situations.
That said, it seems a non-contestable fact that, AI is poised to unleash the next wave of human dependency for productivity and performance. In most likely events, when businesses consider creating value and the potential impacts on the workforce, AI is considered a step change and the preferable choice in the evolution of intelligence to make this happen. Consequently, as companies rush to adapt and implement AI operations, understanding the technologies behind the potential to deliver value to businesses, the economy and society remains the panacea to shape critical decisions and business outcomes.
Nonetheless, though AI innovations remain the enabler tool to deliver many exciting results for businesses, business professionals are concerned about the ethical concerns alongside the technology’s potential benefits. Let’s dive into AI for more as we look at it as a new frontier for human dependency and for business turnaround.
What is AI?
Artificial intelligence is a broad term that refers to any type of computer software that engages in humanlike activities including learning, planning and problem-solving. Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a supporting tool. Ultimately, it could create a more profound relationship between humans and technology.
This generative intelligence is capable of a speed and have the capacity of processing transactions far beyond that of humans. It is capable of creating compositions of all kinds of work, including visual art, music and poetry and computer code. Business leaders must understand that AI is not just a technology that can be integrated with just a few organizational changes. Instead, there is the need to prepare the entire workforce to embrace it.
Like other technologies, AI can’t work alone. The entire organization, including the workforce and business structure, needs to be a part of a single plan aligned with the company’s objectives. Hence, the ability to address all the challenges, business leaders and executives must create an AI roadmap to understand how the technology will help the business achieve its goals and these must be done in collaboration. Ready to give your business a competitive advantage by embracing artificial intelligence?
Artificial Intelligence (AI), the new frontier of human dependency
Artificial Intelligence has been around for a great deal of time now and it proffers to offer innovations in the Artificial Intelligence space to several benefits across multiple industries. Its features guarantee effectiveness and efficiency, brings about convenient technologies with wider and extensive coverage margins, forecasts and accuracy.
Its benefits continually improve our everyday life. It simulates human reasoning in artificial intelligence systems and helps to model human conversation and relationships. Breakthroughs in this field has the potential to drastically change the way we approach content creation. Typically, if one works in marketing one will know that finding the balance between operational efficiency and customer experience is key and that one of the best ways to optimize both is by implementing intelligent technology solutions. Artificial intelligence however, has a wide range of uses in businesses, including streamlining job processes and aggregating business data.
As the experts will admit, as AI becomes a more integrated part of the workforce, it’s most unlikely that all human jobs will disappear. Instead, they hold the opinion and predict that the workforce will become more specialized. These roles will require a higher amount of that which automation can’t provide like creativity, problem-solving and qualitative skills. Essentially, there is likely to always be a need for people in the workforce, but their roles may shift as technology becomes more advanced. As the demand for specific skills shift, many of these jobs will require a more advanced technical skill set as well.
The impact of AI on business
There are obviously convincing reasons to believe that AI has great impacts on businesses and their performances. Although AI content may not replace humans, but they can certainly increase the speed at which a business can produce. We can have a look at these impacts of AI on businesses as:
Artificial Intelligence in Customer Support
Businesses rely on their customers to be successful and there’s no two ways about it. When prompt and effective replies to customers who contact the business can be enough to keep the business, then dedicating resources to monitoring customer messages is money-and-time considerable and important. Not only this, AI guarantees the effective management of customer mails by deploying AI systems in the business.
Artificial Intelligence in Operations
The use of AI in business operations is already helping businesses on the path toward a successful digital transformation. AI, uses image recognition abilities to increase efficiency and productivity across a wide variety of processes of which inventory management is an example. It’s as simple as uploading image data to an AI tool that can detect defects or categorize and label the images.
Artificial Intelligence in Human Resources
On the human resource front, several teams now are in a drastically different environment than they were prior to the covid-19 pandemic. Hybrid and remote working is continuing to increase in popularity. Virtual recruiting as well as a greater emphasis on diversity and inclusion have introduced new dynamics and reinforced existing ones. New platforms and technologies now are required to stay competitive and AI is at the center of this growth.
With the help of AI, many organizations are using or exploring how to use intelligence software to improve how people learn. They use intelligent tools to customize educational plans to each worker’s learning needs and understanding levels based on their experience and knowledge.
Artificial Intelligence in Accounting
As mentioned already, AI can automate tedious activities, improve accuracy and efficiency and uncover hidden trends. It can upload files, read them and classify them in the correct accounting codes. AI never sleeps, tires or makes human errors. So it’s no surprise that AI is making headway in this demanding field.
AI is the future
Whether certain or uncertain, the future is coming quickly that artificial intelligence is certainly becoming an indispensable business commodity. As this technology develops, the world will see new startups, numerous business applications and consumer uses, the displacement of certain jobs and the creation of entirely new ones. Along with the internet of things, artificial intelligence has the potential to dramatically remake the economy and the social architect for transformation and development.
The use of artificial intelligence in business is now mainstream, with many organizations using AI as a standalone technology for specialized use cases or embedding it within common enterprise software systems that handle core business processes. The potential for increase efficiencies, productivity boosts, lower costs, creation of competitive advantages and the capacity to meet rapidly changing market expectations have all been credit references to advances in AI tools for making the technology more accessible to organizations.
It is however anticipated that, these features and significant benefits of AI will continually receive enhancement and major boost to assist multitudes of industries to improve and enhance business performance. The question is, how do we forsee the future of our businesses relative to AI’s impacts?
Healthcare. The healthcare industry employs artificial intelligence and other learning products to analyze the vast data collected over recent decades to uncover patterns and insights that humans aren’t able to find on their own. Al diagnostic tools are helping and will continually assist clinicians make more accurate diagnoses in a disease’s progression. Other intelligent tools will help clinicians develop more individualized treatment plans designed for maximum efficiency for each patient.
Financial services. From the financial services sector is AI and other machine learning tools that are deployed for fraud detection, digital and data security and to analyze historical and real-time data to make near-instantaneous decisions about the legitimacy of individual transactions. The financial services firms will continually embrace much advance forms of AI for more niche applications such as wealth management, loan approvals and trading decisions.
Industrial maintenance. The industrial sector uses AI for predictive machine maintenance to identify the most probable time equipment will need service and to optimize the scheduling of maintenance work. The use of AI in factories to increase efficiency will abound in the coming years.
Transportation. The transport sector will equally experience dramatic shift in operations. The industry will deploy AI as an enabler to grow fleet of self-driving vehicles that are becoming smarter as they gain navigation experience. AI will also be used for smarter traffic management operations and transportation logistics.
Informed Decision Making
As the use of AI cases expand its reliance by humans in decision making will improve business outcomes. With AI, businesses can have massive amounts of data available at their employees’ fingertips. These advanced technologies will help identify trends, predict future results and suggest the right action plan. With this, business leaders would rely on the analyzed data to solve issues and decide their next move according to the company’s goals and mission.
Since AI is more accurate and quicker than humans, it can save time, money and resources used in manual decision making. In the coming years, it is absolutely certain to see companies and business leaders increasingly delegating even their decisions to machine learning models that can draw patterns in data better than humans. However, rather than AI serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally becoming a tool source for supporting humans in their decision-making process.
In conclusion, let me reiterate that, AI has revolutionized and will continue to revolutionize businesses for many years to come. From Marketing to operations to sales, implementing AI into business environments cuts down on time spent on repetitive tasks, improves employee productivity, and enhances the overall customer experience. It helps to avoid mistakes and detect potential crises. It’s really no wonder why businesses are leveraging it across all functions and you should too.
Frank is the CEO and Strategic Partner of AQUABEV Investment and Discovery Consulting Group
