AI is Transforming Business - Explained
What is artificial intelligence (AI)?
Artificial intelligence is a broad and extensive branch of computer science that puts emphasis on the development of intelligent machines that can work and respond like humans and perform a wide range of tasks.
AI can learn from experiences and examples, recognize objects, speech recognition, understand and respond to language, make decisions, problem solving, adjust to new input and so on.
In this day and age, AI has grown to be extremely popular as it has become so useful in our day to day life by making every process faster, better and more accurate and capable of performing tasks intelligently, without being explicitly instructed. For example, now you can create unique logo designs with a logo maker in the blink of an eye as these AI-powered logo makers are smarter, faster and easier to generate thousands of logos in seconds.
Similarly, if you want a best email signature for your business, worry not because in the era of artificial intelligence it's a cakewalk to create your digital signature using an email signature generator. So there is no denying the fact that it has proved to be very useful in solving issues that are overwhelming to deal with manually.
What Makes Artificial Intelligence so Revolutionary?
During the course of time, there has been a continuous change and range of new advancement in business technology and process automation. Nonetheless, not any of these single technological innovations have been nearly impactful as AI. It has changed the way businesses interact with their customers.
The Industrial Revolution took place a century ago but we find ourselves in the process of a profound revolution in the present time as well. It has revolutionized our economy by enhancing automation of complex processes and according to a report; AI will contribute almost 13 trillion dollars to the global economy by the year 2030.
There is no denying in the fact that its potentials are limitless and this trending web technology has become crucial across multiple industries and business organizations.
How is AI Transforming Business?
AI is one of the most promising technologies that helps businesses to stay in competition in this evolving digital market. And, its influence can be seen in every industry, be it finance, education or healthcare. According to an estimation by tech giant Accenture, AI technology could increase productivity levels by 40% by the year 2035.
Artificial intelligence technologies are supporting businesses to have a better way of working and apart from this, they are also creating value by saving time for new ideas, innovation and amplified human creativity and that in turn result in business growth and development. Thus, to grow and compete worldwide, AI in its fullest potential should be a priority for almost every business in every industry across the globe.
Artificial intelligence is a wide set of technologies, tools and methods that can grasp skill and self-improve. AI business leaders should consider four main keys of this wide set of technologies, these are- natural language processing, speech recognition, machine learning and optical character recognition.
- With the help of natural language processing, a tool EY Document Intelligence has been created by EY teams, which can improve the speed and accuracy of interpreting tons of contracts, that in turn, EY audit teams to focus on activities of higher importance.
- On the other hand, using speech recognition, customer service and compliance management for call interaction and recordings can be improved.
- Also, EY capital allowance automated review tool (CAART) supports machine learning capabilities for providing accurate and more efficient tax analysis.
- Together with, through deep learning technology, the system is well trained to omit the struggle with poorly-scanned business documents by correcting the fading and blurring by reconstructing and creating a clear document.
Market and Customer Insights
Artificial intelligence plays a very important part in analysing the market and the customers. And, this predictive analysis helps to build a better and improved product by assembling data from system matrix, web matrix and social media.
AI also plays a huge role for start-ups, optimising marketing strategies and helps to bring down marketing expenses through availing the most effective marketing tool for your business and also makes a way for potential customers by eliminating unlikely customers from the list.
Some of the strategies like Data mining techniques are being used to analyse various types of social media traffic. One of the most positive aspects of AI that makes it so dynamic is that, unlike a completely statistical approach, it can learn and this flexible behaviour helps it to adapt and improvise it's performance when the market behaviour changes.
Conclusion
Artificial intelligence is an indispensable and vital part of the future that is marking its presence in each business entity globally. In the coming days, the world will see new businesses, startups, the displacement of certain jobs as well as creation of new ones, AI has the potential to dramatically remake the economy, it is neither good nor bad, it's a technology for us to use.