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How AI Impacts Businesses in the Modern World?

The world of fiction, movies, fantasy novels & research papers, Artificial Intelligence (AI) today is very much real.
Views: 72 Created 12/08/2019

From Siri by Apple to Google’s DeepMind and numerous other amazing examples, artificial intelligence (AI) has completely transformed the corporate industry. Take for instance Siri which uses Natural Language Processing (NLP) to respond and interpret against voice commands whereas DeepMind adapts deep learning.

Technology today is highly capable to make better connections and conclude with meaningful results without solely relying on pre-defined behavioural algorithms. The corporate world, powered by AI can now deliver faster and smarter without wasting valuable time and resource. And as societies and technology continue to advance, more and more businesses look towards powerful and radical solutions, capable of improving overall work operations.

Looking at AI, the term itself harness a number of different technologies namely deep learning, cognitive computing, knowledge reasoning, computer vision, robotics, machine learning, natural language processing and artificial general intelligence. These are only a few basic components of AI whereas the number of features and scope of work is literally unlimited.

Artificial Intelligence: The Present State

Since the technology’s still in its infancy, many of the AI’s applications we see today are considered ‘weak’ as compared to the true potential. Also known as ‘narrow AI’, it’s in actual non-sentient focusing only on a single task whereas AI powered applications available currently should be capable to tap into core user or business need.

On the contrary, ‘strong’ or ‘powerful’ AI reflects to the tech’s applications capable to self-learning and evolution as well as taking decisions without any human interference. It also refers to the tech’s intelligence or smart approach against multiple problems, thus functioning and behaving more like a human. Although we’ve yet to unlock true potential, the present state of AI can still provide extraordinary outcomes whereas business benefits for organisations that already deployed the technology are highly successful and profitable.

Use of AI in Daily Corporate Operations

One of the biggest achievements of AI in industry automation. It means the tech is highly capable of automating the analytics and business intelligence procedures thereby presenting a full-fledged and all-inclusive end-to-end solution. Some of the finest examples to cite here is the deployment of computer vision in self-driving vehicles that can map and navigate terrain, learn and drive just like humans. Some other uses of AI for improving the overall efficiency of the business world are:

  • Fraud Detection

Banks and financial institutions use AI to detect possible fraudulent activities. The technology is embedded into the official software and is provided with a very large data sample including both fraudulent and non-fraudulent transactions. Based on the data, the software then self learns to determine if a transaction is valid or a means to sabotage. Over time, the software becomes incredibly smart and expert at identifying fraudulent purchases based on previous activities.

  • Online Customer Support

The retail and/or eCommerce industry nowadays benefit most from AI. Many of the likewise websites now incorporate a ‘chat’ function which connects a visitor to customer support or sales representative. In many of the cases, this chat is initiated by an AI-powered bot that’s capable of understanding natural language that is a human conversation to offer customers immediate assistance in finding their preferred products or extract website information by directing them to the relevant page or support platform.

  • Security

With technology, the rate of global cyberattacks has also increased whereas tools used to breach cybersecurity became highly advanced without any human intervention. This is one reason digital organisations and Digital Gravity all over the world are heavily investing to ensure data protection and boost cybersecurity. Real-time detection and prevention of the threat are core requisites for businesses having active online operations.

By using machine learning algorithms and feeding them with accurate and quantifiable data, both cybersecurity and IT experts can empower AI while enabling it to self-detect any unusual behaviour or anomaly, launch a counter defence and issue threat alert to the team as well. Artificial Intelligence adds multi-layered security to corporations and is now a basic component of business infrastructure.

Cross-department integration of AI applications further broadens the future landscape. As the technology is constantly evolving, businesses need to strategize accordingly that supports AI in streamlining the workplace operations and adds security to all.

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