The Propelling Impact of Artificial Intelligence on Businesses

• By the end of 2022, businesses are expected to have an average of 35 Artificial Intelligence projects in place.

• Approximately 80% of retail executives in the U.S. expect their retail companies to adopt AI-powered automation by 2027.

• At the moment only 7% of companies have not incorporated AI into their operations but are looking into it.

Artificial Intelligence (AI) is generally defined as any machine that can do ‘’what a human brain can do’’. Nevertheless, Artificial Intelligence is indubitably still subject to significant limitations in comparison to humans.

AI has by no means evolved to the point where it can understand context or become self-aware in the same way that a human can; it can only work within specified parameters and historical data.

This has been pointed out by a plethora of industry academics, including Rose Luckin- a professor at University College London and the author of Machine Learning and Human Intelligence, who recently delineating how, even though a complicated algorithm such as AlphaGo may beat the world’s best human at Go, it will not be able to drive a car, compete in any other topic, or play another board game. A human lawyer or surgeon, on the other hand, would likely be able to do all of those things.

Ultimately, AI does not (at least currently) threaten humans in any real way; its power lies in supplementing and streamlining humans’ prolific potential, particularly when incorporating specialist tasks that focus on one particular business problem.

Having said that, the significance of AI in the world of business is already massive, with experts predicting that it will continue to expand greatly within the next decade or so. Artificial Intelligence-powered tools can already be used to: solve ‘’conventionally’’ tedious business tasks- such as business name generation and proofreading services, and even assist doctors by facilitating medical diagnoses and treatments.

AI Effect on Human Employment

As briefly mentioned above, Artificial Intelligence is very unlikely to slowly replace human activity (a massive concern during its introductory years).

This is because, although AI has already surpassed human capabilities in certain specified and monotonous tasks, it remains significantly behind in areas that relate to discretionary conduct, multi-tasking, and natural language processing.

Consequently, Artificial Intelligence-powered tools are likely to act in a supplementary way to the work of humans.

The combination between AI and Human activity will likely proliferate our efficiency significantly- leading to a greater degree of interaction, embodiment, and amplification, and causing the irrevocable emergence of the so-called ‘’third wave’’ of business transformation.

Projections: Adopted Technology by 2022

A plethora of leading industries are predicted to see increasing involvement of AI by the end of 2020.

The Healthcare sector is one of them, with AI already being able to: a) enable quick and efficient selections of clinical trial candidates, b) identify innovative drug solutions, and c) closely monitor patients with specified conditions- such as Diabetes or Parkinson’s disease.

In the e-commerce sector, Artificial Intelligence has been used so as to develop powerful apps. These include translation and marketing services, or even identifying pandemic outbreaks in specific geographical areas (as we saw with the COVID-19 virus).

The energy sector has also benefited greatly from AI- both in relation to the companies involved and in relation to the environment. Iberdrola, for example, has recently revealed that they incorporate robust data analytics software that allows them to holistically improve the way in which they manage their global assets.

For young startups, AI-powered business name generator tools have allowed them to ‘’automate’’ certain procedures that (traditionally) were extremely time-consuming, and consequently allocate their time in other areas of their company whilst still obtaining an SEO and Marketing friendly name within a couple of seconds.

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The influence of digital assistants and chatbots has also heavily increased in the last couple of years- a trend that is not projected to stop any time soon. Whilst such software can be adequately used to answer general questions on topics (usually frequently asked questions), they indubitably lack the required ‘’brain power’’ to provide empathetic responses, make discretionary decisions, or understand whether a customer is satisfied or not.

Projected developments in the sphere of chatbots particularly could significantly evolve the way in which consumers interact with businesses; of course, the precise extent of this is not easily or tangibly predictable. One thing is certain- only time will tell.

Conclusion

Overall, the growing importance of Artificial Intelligence in the world of business is quite unsurprising. Businesses are always focused on finding the best ways to increase their efficiency and cut their total costs, and (at the moment) AI seems to be the perfect way to do that.