The Business of AI

It used to be a distant and illusive dream that one day we could have witnessed the wonder of Artificial Intelligence (AI). Some of us have even been exponentially dismissive of the level of cognitive synthesis into any coherent intelligence to begin with. And yet here we are. AI platforms are now active across numerous aspects of our everyday lives. They are utilised on Siri, Alexa, Google and many other platforms as well used for Content Writing, Art Creation and numerous other applications. Artificial Intelligence will soon become as mainstream as Google search.

While diffusion of AI into mainstream technologies is a relatively recent affair, it is not a new idea. Contemporary AI examination has been around since the 50s. Though, it took decades of Research & Development to develop AI systems into the current functional reality. And many might ask what is the functional reality of AI in a typical business. You will be surprised! Artificial intelligence has a very wide range of uses catering to all sizes of businesses. In fact, Business leaders need to consider using AI technology now across functions to maintain a competitive edge.

And against what many have anticipated decades ago, AI is now serving as a supplementary instrument rather than a substitute for human intelligence and ingenuity. AI and its many learning models are proficient at processing and analysing enormous amounts of data extremely fast. The Artificial intelligence software then synthesizes these information with relevant courses of action before presenting them to the user. By this, businesses find numerous uses for AI to identify possible outcomes of specific actions and therefore streamline decision-making processes.

To put it as simply as possible – Artificial Intelligence is now effectively a software on steroids. It’s so superior because it can form several assessments on its own and even act in situations where it has the autonomy to do so (for now at least). The difference is that the synthesis of information capability of AI has a much wider latitude as opposed to traditional software. These traits equip AI with the capability to autonomously tour visitors through a corporate site or efficiently perform advance monitoring of industrial machinery and operations. Other common uses include:

  • KYC and Fraud Protection
  • Enhance Physical & Cybersecurity
  • Customer Relationship Management
  • Analyse data & make decision making simpler
  • Optimize Supply Chains, Logistics & Operations
  • Automate Routine Processes & Enhance Productivity

AI is not a panacea nor can it be integrated without some basic organizational changes. To successfully utilise the power of AI a company must recognize major pain points and define how AI can be usefully utilised to optimize them. Beyond mapping the operations and possible AI optimizations the workforce must be educated and mentally prepared to embrace the change. This is especially true for industries with manual work. Though, even in the service industries AI can’t work alone without proper planning and implementation. The entire organization and business structure must be a part of a single plan aligned with company objectives. To be successful an AI roadmap must be made to help businesses achieve their goals with wide participation.

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