Artificial Intelligence refers to the ability of smart devices to use the available information sources to take decisions that mimic human behaviour. Termed as AI, artificial intelligence has been developed over the last five decades and is no longer just a blue-sky concept. We interact with AI every day as they route our phone calls, answer our questions, approve credit card transactions and help interpret medical results. There are now numerous branches to artificial intelligence a few key areas are: natural language processing, pattern recognition (including audio and visual recognition), agents, intelligent tutoring Interfaces, machine consciousness, computational creativity, robo-ethics. Here, we describe how it is changing various industries and how you can quickly leverage AI implementation.
AI in the Industry
AI is already producing improvements across most industries, especially ones that require work with the help of machines. Currently, we employ AI in several industries, such as controlling industrial robots, performing sensing, medical diagnosis, online ordering (food or shopping) and electronic trading tools to name just a few. This means that AI is changing the way most industries and organisations are planning their future strategies.
If we focus on an early adopter of AI then aviation has been a leading force. Starting with basic AI in the form of training simulators and autopilots later development of altitude monitoring and realignment for too steep banking help improve safety. The autopilot has grown up over the years. Changing from fixed pre-planned route profiles to using machine learning (ML) to create a more adaptive and resilient system. ML processes thousands of hours of real flight data and builds a library of scenarios that enable it to be more responsive in challenging situations. Maybe one day we won’t just have autonomous cars, we will have fully automated AI co-piloted planes.
Computer scientists are using AI all the time to resolve simple to complex problems, such as creating optimal timesharing resource management, automatic data storage and employ interactive interpreters. Intelligent tutoring systems are being developed and enhanced with the use of AI. DARPA (Defense Advanced Research Projects Agency) already employs AI-based systems to train Navy recruits to develop complex technical skills in the shortest possible time.
Touted by various thought leaders to be the Fourth Industrial Revolution. Al capabilities under development are limitless. Neuro technological brain enhancements, genetic editing and early detection of some cancers. Technology giants are using it as virtual assistants like Siri or Alexa. Whilst the financial sector has been using it to provide investment advice to customers. Big Data, the world’s newest most valuable resource, is enabling ML to create, test and train the AI. Companies that deploy AI will gather more data and from its continual learning will improve their algorithms and develop responsive solutions ahead of their rivals.
How to Leverage AI
Regardless of the industry in which you work, it is always possible to leverage AI to improve your current working practices. Understanding that AI is all about leveraging machine learning, based on volume data and human language processing, then coming up with adaptive computing to constantly improve the functional performance.
You do not have to worry about specific technology, as you should look to improve customer interactions and implement tools that can enhance performance. Here are a few important steps that you can take to ensure that AI is quickly leveraged in your business model:
Customise for the Client
The AI tools can be employed in your business to customise the client experience. This is possible by using AI to collect data, run an algorithm to find out their needs and then employ a service filter to provide each customer with a customised service structure.
You can improve the daily business functions as AI algorithms can analyse the data and come up with excellent suggestions for improving the current operations. AI tools can improve the workflow, find out problems in the current supply chain, and ensure that business costs are minimised as much as possible.
Another way to ensure that you can improve business, is to improve the way your business deals with its customers. This is possible to implementing chatbots to empower your business. They can communicate with your customers and learn by interacting with them. They can identify context and emotions and produce interactive replies.
Marketing is enhanced with AI tools. Use them to gather detailed information about your possible market segments and then allow the tools to come up with the optimal strategy to target these segments. AI algorithms can quickly process demographic information, and help you create the best advertisement campaigns.
The summary is clear, AI is here to stay and will only develop further over the years to come. The key is how you identify ways of employing it to better your business and your customer’s experience.