AI is changing the world around us, and we are adapting as the world demands us to change. Once AI was a futuristic idea which we used to watch or read only in fiction and might use to wonder whether one day the world would really be this much changed through innovation. Well, our thoughts did not age well, and AI is here.
From the calming voice of digital assistants like Alexa and Siri, helping us unwind after a long day, to chatbots providing round-the-clock customer support, AI is everywhere, unstoppable.
The future of AI in business is bright, as it continues to disrupt traditional models and usher in new possibilities. It’s no surprise that AI is already revolutionizing the business landscape, empowering professionals to make data-driven decisions.
Let’s see how AI is changing the future of business-
From Now to Next: The Increasing Importance of AI for Businesses
As businesses seek to stay competitive in today’s ever-changing landscape, the future of AI has become increasingly important.
1.High ROI and Better Judgement- AI has a promising future for businesses because it delivers high ROI by increasing efficiency and reducing costs through task and process automation. AI also helps businesses make better decisions by analyzing vast amounts of data for insights and patterns beyond human capability. The top areas in terms of returns from AI investments include customer care (74%), IT operations and infrastructures (69%), planning and decision-making (66%).
2. Standardizing Data- Data standardization is crucial in business, but it can be difficult to achieve with data from diverse sources. AI can assist in standardizing data, simplifying analysis and usage. For example, AI in healthcare can standardize patient data from various sources, enabling medical professionals to identify patterns and make informed decisions.
3. Opinion Analysis- In today’s fast-paced business environment, it is more important than ever to keep track of what customers are saying about your business. AI can help with this by analyzing customer opinions and sentiments. For instance, AI-powered systems can analyze social media posts and customer reviews to identify common themes and sentiments.
4. Shortening decision-making processes- AI can expedite business decisions by analyzing data in real-time, enabling companies to stay ahead of the competition. In finance, AI systems can analyze market trends and provide real-time investment recommendations. IDC predicts that by 2026, 85% of enterprises will use AI alongside human input to enhance their decision-making abilities.
5. Complex problem-solving- AI is crucial for businesses to solve complex problems. For instance, in manufacturing, AI analyzes production processes to identify inefficiencies, while in logistics, it optimizes delivery routes to reduce costs. Gartner forecasts that by 2030, AI will eliminate 80% of manual project management tasks.
How Companies using AI in Business
Hopper predicts 95% accuracy saving users an average of $65 per trip. Hopper predicts low prices for flights, hotels, cars, and vacation rentals using AI by scanning hundreds of bookings and offering the latest prices. It also suggests whether to wait for prices to drop based on historical data. One important point to consider is that AI can be utilized by companies to make predictions based on large volumes of data, which can be advantageous for both the company and its customers.
Slack’s AI uses a “work graph” to gather information on how companies and employees use the tool and trains models to make it more user-friendly. A crucial aspect to note is that AI can be harnessed by companies to gather knowledge on user behavior and enhance the overall user experience.
Whole Foods uses Amazon’s Just Walk Out system to track customer purchases with computer vision and deep learning. Customers can pay through their payment method and receive a digital receipt without any checkout interaction. The key takeaway from this is that AI can revolutionize traditional processes and create new opportunities for businesses. By leveraging AI technologies like computer vision and deep learning, companies can improve the customer experience. According to Placer.ai, during the latter half of 2022, Whole Foods Market stores equipped with Amazon’s Just Walk Out checkout system outperformed nearby stores without it. These stores also attracted a larger share of younger and more affluent shoppers compared to other Whole Foods locations in Washington.
Home Depot has implemented a monitoring system that utilizes prescriptive analytics to minimize incidents of theft, such as shoplifting and employee theft, and other types of mistakes that lead to losses, commonly referred to as “shrink” in the retail sector. Home Depot estimates that eliminating shrinkage could potentially save the company $1.4 billion in losses. The company is using machine learning to detect irregularities in the retail process, which may signify issues such as fraud, incorrect pricing, or a lack of proper training.
AI as a Collaborative Tool: How AI can Enhance Human Capabilities
Pop culture has long been fascinated by the concept of artificial intelligence (AI), often depicted a dark and eerie vision in popular works. But should we really be so apprehensive about what AI has in store for us?
AI’s Emerging Role Will Back Human Decision-Making, Not Replace It. The future of AI involves its emerging role in supporting human decision-making rather than replacing it.
Let’s look at an example now-
The University of Kansas Health System introduced a generative AI app to over 140 hospitals. It records and transcribes patient interviews, then uses the information to automatically complete medical charts. This can benefit more than 1,500 physicians and alleviate increasing burnout caused by clinical documentation responsibilities. The AI is intended to enhance, not replace, the work of healthcare providers.
Their use of AI in healthcare is a prime example of how AI is enhancing human capabilities rather than replacing them.
AI’s growing role will aid human decision-making because AI is designed to augment our capabilities. AI algorithms can analyze vast amounts of data at lightning speed and provide insights that can be used to make informed decisions. However, it is humans who determine the criteria that the AI system uses to analyze data and interpret the results.
Moreover, AI systems are not capable of empathy and critical thinking, two crucial traits that make us human. Human decision-making involves a wide range of considerations, including personal values, ethics, and social factors. AI can provide valuable insights, but it cannot replace the nuanced judgment that humans bring to the table.
As technology advances, the demand for certain skills in the workforce will change, leading to a shift in job roles. However, people will still be needed in the workforce, with many jobs requiring a more technical skill set.
How Your Organization Can Benefit from Artificial Intelligence
It’s time to embrace the endless possibilities that AI can offer. The future of AI in businesses looks promising as it serves as a tool to improve decision-making. When data and predictive modeling become the norm, it could be argued that we lose touch with our human judgment and creativity. But it is also important to remember that machines are not infallible. They are only as good as the software with which they are built upon or the data on which they were trained. Companies can benefit by exploring different sectors of AI, irrespective of their size.
AI is essential for businesses that aim to stay ahead of their competitors. Most importantly, AI is no longer exclusive to large corporations. Small and medium-sized enterprises (SMEs) can benefit from AI solutions, such as chatbots, analytics, and automation.
Several companies have successfully implemented AI in decision-making processes. For instance, Amazon utilizes AI to forecast customers’ purchasing behaviors, while Netflix recommends personalized movies and TV shows based on users’ viewing history.
AI-powered pricing is crucial for retailers to attract customers. Companies like Uber rely on AI to determine the fare and route for ride sharing. By considering multiple factors, AI software can determine optimal prices.
Instead of fearing the potential risks of AI, businesses should embrace this technology and use it to their advantage. The benefits are simply too great to ignore.
Incorporating AI Into Your Company
Incorporating AI into your company can be a daunting task, but with the right approach, it can be a game-changer for your business. Here are a few tips for companies looking to incorporate AI in their operations:
1.Identify the areas where AI can be most impactful: Start by identifying the business problems or opportunities where AI can be most beneficial. For example, AI can help automate mundane tasks, provide predictive analytics, personalize your marketing tactics and improve customer experiences.
2.Build an AI-ready infrastructure: AI requires a robust infrastructure that can handle the data processing needs of machine learning algorithms. Ensure that the IT infrastructure is up-to-date, secure, and scalable enough to handle the demands of AI.
3.Hire the right talent: Building an AI team requires a combination of technical and business expertise. Hire data scientists, engineers, and business analysts who can work together to create AI solutions that meet your business objectives.
4.Leverage existing AI platforms: There are many AI platforms available in the market, such as Google Cloud AI Platform, Microsoft Azure, and Amazon Web Services. These platforms provide pre-built AI models and tools that can accelerate your AI adoption journey.
5.Start small and iterate: Start with a pilot project to test the waters and gradually scale up as you gain more experience and confidence. AI is an iterative process, and continuous improvements are essential to achieve the desired outcomes.Set realistic expectations and measure the possible outcomes of this strategy.
Conclusion
As technology continues to advance, the future of AI in business appears to be unavoidable. However, its implementation must be strategic for businesses to benefit from it. New and unexpected uses for AI are likely to emerge as it evolves, so businesses must remain flexible and adaptable to take advantage of them
We understand the challenges that come with its adoption. Our experienced team is equipped to help businesses develop customized AI solutions that aligns with their goals and supports their success. Contact us to learn how we can help your organization harness the power of AI and stay ahead of the curve.
Contributor
- Md Mahmudul Hasan