Thursday, 16 August 2018

How Artificial Intelligence Is Shaping the Future of Enterprises

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Despite all the buzz around artificial intelligence (AI) in the past couple of years, AI is anything but new.

From Greek mythology talking about mechanical men thousands of years ago to Alan Turing’s famous “Turing Test” in the 1950s, the thought of artificial intelligence has been with us from the beginning.

While we mainly think of it in terms of personal use, such as having an AI-enabled robot butler helping us as we go about our days, expectations for AI in a business run high. As to the why, it’s because a lot of progress has been made in recent years, and we’re seeing tremendous growth in areas like machine learning and intelligent automation that function to streamline work processes.

In fact, so much interest has been revolving around AI lately that total funding for it reached $15.2 billion in 2017, representing 144% increase from 2016. In other words, a lot of money and interest is being diverted toward AI.

As such, AI is rapidly making its way into modern-day enterprises, and those who are quick to adopt it into their strategies are seeing incredible improvements in productivity and business processes.

Artificial Intelligence and the Enterprise

With AI as an emerging technology, enterprise AI companies are coming out on top as they improve their operational efficiency while simultaneously reducing costs.

Case in point, big data. While some companies sit on data silos that gather dust because they see data analyzation as too time-consuming, others are using some sort of enterprise AI platform to analyze data, find correlations, and then leverage whatever insights were gleaned to augment their strategies.

This is because data leads to insights, and insights lead to a more complete understanding of everything revolving around the business. For example, eCommerce insights learned from consumers can lead to a better understanding of purchasing behaviors, which can be used to make predictions to tailor strategies accordingly.

Additionally, while AI and machine learning excel at analyzation and finding connections where humans falter, humans have intuition and the ability to think outside the box, leading to an optimal combination in which each party brings something to the table.

In this way, AI can handle the heavy-duty work of sifting through data while humans make sense of that data and turn it into action.

Apart from big data, artificial intelligence for enterprise applications is also being used to create a myriad of tools that supplement workers as they go about their days. With it, they can collaborate faster and smarter than ever before.

Take automation, for instance. The vast majority of tasks that can be automated are repetitive and time-consuming, and having a human worker take care of them is a waste of money and brain power.
With AI taking over this routine work, humans can use their own insights and creativity for higher-level tasks and processes that require a human touch.

Final Thoughts

From a consumer standpoint, we make use of AI every day as we ask Siri for directions to the nearest coffee shop, listen to Netflix’ recommendation to start a new TV show, or pay attention when Amazon suggests yet another product to buy.

From an enterprise standpoint, more and more forward-thinking businesses are finally making use of it to bolster their strategies. They see the possibilities and are quick to harness AI’s capabilities for their benefit.

In this way, AI holds a lot of promise for enterprises looking for innovative ways to improve themselves and better compete in the market. The alternative, standing by while others take the reins, is simply not feasible anymore.

Best of luck!

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