Artificial Intelligence: Supporting Tool For Business

When one hears the term artificial intelligence, a picture of moving holograms and robots automatically comes to mind. Though closely related, it is more complex than just holograms and robots. Artificial intelligence is considered to be a machine with cognitive abilities such as learning and solving problems. It has numerous principles including reasoning and learning, planning, communication, perception and movement.

But how would one consider a machine as either a regular machine or a machine with artificial intelligence? It is considered artificial intelligence when the machines have the ability to mimic the functions of the human brain. It happens to be divided into three levels based on how complex it is. The Narrow level is the first and most basic level. It is where technology performs a particular task better than a human being. The next one, the General level, is where any intellectual activity can be done by the machine with the same precision as any other human. The final and most complex level is the Strong level. It is where the machine can beat human abilities in various tasks.

Since artificial intelligence was introduced to the world by the field of science and technology, it has been used in different fields including music, medicine, gaming, finance and even business. While there is a continuous growth in the benefits of artificial intelligence, here are a few of the most observed benefits:

1. By detecting and optimizing sales opportunities, Artificial intelligence enhances revenue.
2. It utilizes knowledge to forecast customer preferences and provides an enhanced personalized experience.
3. Business decisions are made more rapidly based on cognitive technology outputs.
4. By turning repetitive procedures from manual labor into automatic, more time and resources can be saved.
5. It collects a huge amount of data easily and grows the client base faster.

Artificial Intelligence can be implemented in almost every aspect of business.

In business management, artificial intelligence is commonly used in:
• Process automation
• Automated insights (e.g. financial services)
• Sales and business forecasting
• Automated and online customer support

In the field of marketing, a few examples of the use of artificial intelligence include:
• Predictive customer service
• Social semantics and sentiment analysis
• Customer segmentation
• Recommendations and content curation

In the world of e-commerce, artificial intelligence can be easily seen in:
• Smart searches and
• Product recommendations and purchase predictions
• Fraud detection
• Dynamic price optimization

While there’s advantages that artificial intelligence offers especially in the business world, the weight of certain setbacks and barriers should also be considered:

1. It’s more costly to have Artificial intelligence.
2. The development of software for Artificial intelligence tends to be complex, slow, and often very costly.
3. There aren’t many programmers who are experienced enough.
4. Not much artificial intelligence-related practical goods have reached the market yet.
5. Problems in system hacking and customer privacy.
6. There would be a need to redeploy or retrain employees to keep them in jobs.

Artificial intelligence is and should not be perceived to be a substitute for human intelligence in the business world, but rather as a supporting tool.

There are still more that the artificial intelligence can do in the business field, and with the continuous enhancement of technology, the business world will be conquered soon enough by the magic of artificial intelligence.