The Inside on Artificial Intelligence and Business

The Inside on Artificial Intelligence and Business

By Theresa Schempp

Today, Artificial Intelligence (AI), is a lively conversation within the business world. There is a scramble to see the effects on the economy as AI’s are implemented, as well as impacts within business models. “Artificial intelligence” today is widely known for machine learning (ML), which allows programs to analyze patterns and data to make informed decisions that improve over time. ML ranges from voice recognition, such as Alexa and Siri, to Sophia the Robot, who can hold conversations and recreate body language and speech.

While the simpler forms of AI are already being used in the technology business by Apple and Microsoft, a study found that the adoption of AI within general businesses is still significantly low. In the study, only 23% of respondents to the study have implemented parts of AI into their services, while 54% have no plans to implement. However, implementing AI could prove to enhance the success of your business and allow you to stay ahead of the technological curve within your area of expertise.

Security- Whether you are a security business or wish to create a safer atmosphere, AI can aid in creating more secure environments. As discussed earlier, voice and face recognitions are the more well-known aspects of machine learning. Just as Apple uses face and fingerprint recognition to unlock their phones, the technology is more readily available for companies to implement the same process within buildings. AI can track who is in your building, as well as who is allowed in certain areas by analyzing faces and fingerprints. As this technology continues to improve and learn based on who comes into the building, your business will possess a technology that will not only protect your employees but show your clients your dedication to advanced technology.

Client Relations- You may have heard the phrase “Your call may be monitored” when you make a call to your bank or another business. Artificial intelligence can be used to monitor conversations with clients, and detect when certain phrases or words receive a positive reaction from a client. This could allow your business to effectively communicate with your clients for them to receive the best experience, and for you to retain the most optimal business-client relationship.

Employee Training- While training new employees is essential, it puts a strain on time and energy within your business. By interpreting patterns and processes, artificial intelligence can provide effective online training by tracking decision-making and judgements your new employees make within simulations. Through this data, they can evaluate what sections employees may need more training and provide an analyzed summary for you to reference. This not only reduces the time and energy needed towards training, but can ultimately propel your business to become more efficient with more skilled employees.

As artificial intelligence continues to grow and learn, business must learn to adapt and learn as well, and create a business model that optimizes innovation, effectiveness, and ultimately success.

Articles Referenced:

https://www.forbes.com/sites/ianaltman/2018/02/06/what-artificial-intelligence-means-to-you-and-your-business/#3419e6082044

https://www.forbes.com/sites/louiscolumbus/2017/09/10/how-artificial-intelligence-is-revolutionizing-business-in-2017/#65d9b1a05463

https://hbr.org/cover-story/2017/07/the-business-of-artificial-intelligence

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