Why AI is Becoming The First Choice for Global Businesses

Artificial intelligence is a technology that already influences how the Internet communicates with users and is affected by them. Likely, its effect will only continue to expand shortly. AI can vastly change the way people communicate, not just with the digital world, but also with each other, for better or for worse, through work.

Why AI is Becoming The First Choice for Global Businesses
 

Artificial Intelligence (AI) is a rapidly evolving technology, made possible by the Internet, and having a huge effect on our daily lives in the immediate future. Traditionally, AI referred to an artificial creation of human-like intelligence that can understand, reason, plan, interpret or process natural language. These characteristics allow AI to deliver enormous socio-economic opportunities, while also presenting ethical and socio-economic challenges. The Internet Society recognizes the opportunities and drawbacks associated with AI in creating an ecosphere that people can trust.

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Since machine learning is used more commonly in services, there are some important considerations when it comes to the trust of users on the Internet. In addressing AI, many issues must be considered, including socio-economic impacts; openness, bias, and accountability issues; new data uses, security and safety considerations, ethical issues; and how AI promotes the development of new ecosystems.

 

Artificial intelligence and business today

 

Artificial intelligence is usually seen as a complementary tool, rather than acting as a substitute for human intelligence. Although it is currently difficult for artificial intelligence to complete common tasks in the real world, it can process and interpret loads of data much faster than a human brain can. With synthesized courses of action, artificial intelligence software can then return and show results to the human user. In this way, people use artificial intelligence to help identify potential implications of each action and streamline the decision-making process.

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It is a type of software that makes decisions on its own, capable of acting even in circumstances that the programmers do not anticipate. In comparison to conventional software, artificial intelligence has a broader latitude in a decision-making capacity. Those characteristics make artificial intelligence extremely useful in many industries, whether it is simply helping tourists and workers effectively make their way through a corporate campus or performing a task as complex as tracking a wind turbine to predict when repairs will be required.

In systems that collect large quantities of data, machine learning is also used. Smart energy management systems, for instance, collect data from sensors affixed to different properties via machine learning algorithms, data is then contextualized and distributed to human decision-makers for creating a better understanding of the energy used/maintenance requirements.

AI for Business is designed to give executives an awareness of its increasing implementation to solve complex issues, so they can appreciate what their companies can and can’t do.

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The program also offers realistic templates to guide how you work to make the most of these new technologies with data scientists and programmers in your organization. Uniquely, it also has hands-on sessions in which you will be shown how to sync research and interpret the findings provided by data scientists.

 

AI for Business is prevalent in fields such as marketing, finance, and organizational design. It’s important to delve into a deeper perspective and –

 

        Build a unique end-to-end understanding of AI, from technological aspects related to the industry to operational, strategic, and regulatory consequences.

        Identify market opportunities created by AI and how to execute AI projects to obtain a competitive advantage

        Formulate and discuss solutions to the organization's AI problems through comprehensive interactions with peers. Taking inspiration from real-world cases.

        Understand AI's ethics: fairness and prejudices in machine learning

        Learn how to work with data scientists efficiently and how to create an enterprise powered by AI.

 

How Will AI Change the Future?

 

Currently, Artificial Intelligence is being used widely and its application will continue altering the future. Some of the industries which apply are-

 

Artificial Intelligence in Customer Service

Kwantics provide AI-Powered Voice Assistant that can understand customer requirements and converse with them in natural human-like voices.  Kwantics Voice Assistant can respond instantly and identify customer intent, help in lead generations, and identify upsell and cross-sell opportunities. According to Harris Interactive, 75% of customers believe it takes too long to reach a live agent. While IVR saves cost, it has overtime increased dissatisfied customers. AI-Powered Voice Assistant provided by Kwantics will be the future in contact centers.

 

Artificial Intelligence in Healthcare

 

Buoy Health of Boston, provides AI-powered chatbots to Harvard medical school for helping doctors diagnose and treat patients. Enlitic uses deep learning to streamline radiology diagnosis which indicates that  AI would undoubtedly be a game-changer in providing patients with better medical treatment.

 

Artificial Intelligence in Banking

 

UAE-based digital bank Liv., DBS Bank, Standard Chartered Bank, and TD use Kasisto’s support of AI bots to make international transfers, block credit card charges, or assign an executive for assistance. Bank of America uses Erica for digitally supporting customers. These are a few instances where personalization and user experience are enhanced currently through AI. Although one needs to constantly validate the Models to avoid errors, there is a huge scope of AI in banking due to its error-free deliveries.

 

 

AI in Recruitment

 

Microsoft, Lyft, Uber, Wix.com, and WeWork all partner with AI platform – Woo, for connecting to job seekers. It’s preferred due to its privacy feature, which does not rock the current employment of candidates. Staples, Delta, Public Storage, and CVS Health have increased candidate engagement through AI-powered assistance. It helps understand candidates from a 360-degree perspective through the web, mobile or social channels. It’s visible that the traditional hiring method is influenced by AI and as research proceeds, there will be more productive developments to eradicate repetitive tasks in the human resource industry.

 

Artificial Intelligence Future in Retail

 

Currently, Amazon uses AI to help users voice shop. Voice-activated payments via Amazon Echo and AI assistant Alexa jointly help customers. Companies like inVia bagged a $20 million Series B funding it’s robots usage and cloud-based robotics-as-a-service management system in warehouses for retail giants. They create AI-powered “Picker” robots which seamlessly smoothens out E-commerce distribution center automation, operationally. AI is more of a need for the retail supply chain due to its huge scope and influence on increasing profitability.

 

 

 

The current implementations of AI  are proving to be fruitful globally and the world is joining hands for AI solutions through funding, joint ventures, etc. Currently, AI is striving to find ways for enabling daily activities, keeping “affordability” in mind.

 

 

 

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