How Artificial intelligence is Transforming the Business World?

altafuturisAI and Robotics

Jun 24, 2020 (21 days ago)

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Artificial Intelligence is an area of computer science that deals with the creation of intelligent machines to work and reacts like humans.

How Artificial intelligence is Transforming the Business World
?



Though machines haven’t taken over the world yet, AI has been drastically changing
our lives from voice assistants to self
-
driving cars.

Artificial Intelligence

is an area of computer science that deals with the

creation of
intelligent machines to work and reacts like humans.

Whether it is Alexa ordering your groceries or the Facebook algorithm recommending
you the relevant news, AI would now drive many of the world’s biggest businesses.

Examples of industries be
nefit from AI are;

AI
-
powered Chatbots have helped travel industry by facilitating human
-
like interaction
with customers and resulted in a multitude of benefits like faster respon
se times, better
booking prices,
and even travel recommendations.

Also,
the
finance industry has gained significant benefit from AI as it helps to scan data
in the markets and predict the best stock or portfolio based on preferences.Most of the
wealth management firms are relentlessly adopting the AI trend as it would not only
bec
ause it will help save time, but also produce some extraordinary returns.

In an era when corporate giants like Amazon, Tesla, and Apple are known for their
groundbreaking machine learning innovations, many businesses have no clue how
artificial intelligen
ce can transform their existing and future lives.

Now, let’s examine how it is substantially transforming the business landscape.

1.
Automation is the New Trend
: Thanks to the versatility of AI in creating automation
solutions, now businesses can signific
antly enhance their productivity by implementing
AI with Chatbots that would save time and effort.

Tasks that now corporates can assign to AI programs;



Responding to customer inquiries



Creating schedules like events or team meetings



Recording and transcri
bing meeting minutes



Promotes effective communication between coworkers who speak different
languages



Helps to optimize sales forecasts



Identifying potential areas for improvement

For Example
;




2.
Helps Manage Loads of Data
: For
AI technology

to produce
exceptional
results, it
needs data (lots of data).
If you are looking to incorporate AI in your organization, you’ll
require
management infrastructure
and data collection
. Most companies ha
ve started
adopting AI and found that it can benefit them in several ways.



Identifying the areas data points are relevant



Finding reliable data source



Collecting data without disturbing consumers



Developing data architecture that can easily utilize the data collected.


3.
Increase Job Opportunities
: T
he revolution of AI has opened new jobs on the market
and Machine Learning is the most sought
-
after skills that businesses are looking for.

Also, an
other trend is the emergence of the “data labeler” as the prestigious job of the
upcoming era. Since raw data could be potentially daunting to manage and
companies are already flooded with it, a data labeler can help by manually sorting
and cleaning the da
ta before going into machine learning systems.


4.
Transformation of Business Model:

As everything is getting connected, companies
can now obtain impressions and innovate accordingly. Consequently, the market
place is now witnessing vibrant enterprises, i
ncreased revenues, and more informed
customers.

AI change would not only change the way companies operate, but it also eliminates
conventional thinking and bring out the significance of innovation and competition.
Moreover, the technology will let you bri
ng a competitive edge by implementing
unique ideas for overlooked markets, enhancing present attempts, and generating
new markets.


Final Thoughts

Since AI implementation has no one
-
size solution, the success of your organization
depends upon your busines
s goals and needs. The one common thread for almost all
businesses is that this technology is here to stay and will continue to grow in the future,
so it’s time to acknowledge what it means to you.

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