Artificial Intelligence and its potential impact on businesses

August 18, 2022

Artificial Intelligence is no longer a thing of the future, discover how this technology can impact the operation of today’s companies.

 

Technological tools have always been important allies in the operational and administrative activities of businesses. However, Artificial Intelligence is set to become the protagonist of the current and upcoming technology investments of those companies that want to keep pace with the digital transformation and optimize their processes in the best possible way.

 

What is Artificial Intelligence?

 

Basically, Artificial Intelligence (AI) refers to computer systems or machines that gather information to perform tasks by imitating human intelligence. AI-based programs work efficiently by handling huge amounts of data. They are also capable of learning from previous examples of similar situations, generating unforeseen solutions at high speeds.

 

Artificial Intelligence is present in many areas of daily life, although sometimes we are not aware of it. For example, chatbots use it to understand user queries and provide efficient responses, just as intelligent assistants analyze information to optimize their programming. In another case, automated recommendation engines for TV programs provide appropriate selections based on viewers’ viewing patterns.

 

In fact, the above is the most basic form of AI applications.  At present, efforts are geared towards teaching machines to be able to solve problems and make relatively autonomous decisions.

 

Ultimately, the goal of Artificial Intelligence is to improve human contributions significantly by the principle of replicating and then surpassing the way humans perceive situations and react to them. This makes AI a very valuable asset, especially for businesses.

 

Artificial Intelligence in the business world

 

Although AI is still at an early stage of development, its potential suggests a quantum leap in technological evolution comparable to the emergence of the Internet. The use that has been made of AI so far and its possible applications in the not too distant future, lead us to believe that it will influence core aspects of companies such as business focus, organizational structure and marketing strategies.

 

Some of the AI techniques that companies are including in their digital transformation are: Machine Learning, Cognitive Services, Computer Vision and Deep Learning. This provides companies with a broader understanding of huge amounts of their data, as well as allowing them to automate complex or routine tasks.

 

Multiple benefits are derived from the above, including:

 

  • Increasing productivity and efficiency.
  • Shortening turnaround times.
  • Discover hidden patterns and new lines of business.
  • Minimizing human error.
  • Improve communication with customers.
  • Detect security intrusions.
  • Simplify management and control processes.
  • Troubleshoot user technology problems.
  • Measure internal compliance.
  • Optimize strategy design.
  • Get to know customers and the products themselves better.

 

Impact of AI on businesses

 

Clearly, the use of AI in companies will change the way they work and do business. One of the significant impacts that the implementation of AI in companies will have is the increase in worker performance. Employees will be able to better use their productive time, will have room to be more creative and will be able to develop less mechanical tasks.

 

It is also true that by entrusting certain activities to AI systems, the functions of some positions performed by humans may decrease. Occupations will inevitably disappear, but others will also appear. Therefore, workers will have to be flexible, adapt and update themselves around the use of intelligent technologies.

 

On the other hand, the ease of processing large amounts of data offered by AI gives companies the opportunity to grow and focus their efforts to achieve their goals effectively. In this sense, the key AI areas for business development are reasoning, understanding and interaction.

 

To culminate, the potential impact of Artificial Intelligence on companies in the coming years will bring greater innovation, more accurate proposals for consumers, better shopping experiences and new business models.  Undoubtedly, AI is one of the clearest trends that organizations must follow to be at the forefront of business development in line with technological advances.

 

What do you think about all that companies can do with the implementation of Artificial Intelligence?  Make your comments in our social networks.