How AI will Transform Business - ToOLOwl
Monday , January 24 2022

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How AI will Transform Business

Artificial Intelligence was once perceived as Science fiction at a certain point in time, and people thought it would never become a part of their daily lives. However, the advent of technology indeed made it an integral part of people’s lives. The obvious example is Alexa and Siri.

It took a lo9t of time for the AI concept to become a part of mainstream society. But is not an entirely new concept. It is well known that the modern field of AI came into existence in the year 1956. But took a long time to make significant progress in developing an AI system that is fully functional or converting it to reality.

The technology of AI has entered into business today and has a wide range of uses. In fact, most of us interact with AI’s some form or the other in our daily lives. In business, AI has a wide range of uses and have started becoming an integral part of the business processes across almost every industry.

So what exactly is Artificial Intelligence?  

Before we start to discuss the impact and involvement of AI technology in business, let us first discuss what the term means. AI or Artificial intelligence can be defined as a broad and general term that can refer to computer software that gets engaged with human activity. These can be learning, planning, and problem-solving. To get a better understanding of what an AI is, it is better to get a deeper understanding of the concepts such as Machine Learning, Deep Learning.

Machine Learning

This is one of the most common types of AI in development for business purposes today. The primary use of this concept is to process a large amount of data quickly. Such technology involves algorithms that appear to learn over time and get better at what they do at the things they are designed to do anyway. It is said that if you feed additional data to a machine learning algorithm, its modelling activities improve over time. Machine Learning is mostly used for using and putting a vast amount of data that is captured by connected devices and the internet of things. All this data is then converted into a form that is useful for people to understand and make decisions.

The concept of Machine Learning is still a broad category. With more study that has been carried out in this direction, machine learning has been supported by the development of artificial neural networks and interconnected web of the AI nodes, which are later referred to as Deep Learning.

Deep Learning

The even more specific version of Artificial Intelligence is Deep Learning. The concept relies on the neural network to work on nonlinear reasoning. The concept is dedicated to performing more advanced functions such as fraud detection. This is carried out by analyzing a wide range of factors at a time.

The concept is best explained and can be understood in developing self-driving cars. These cars need several factors to be identified, responded to, and analyzed at the same time to make them operational successfully. The concept of deep learning is used in self-driving cars to contextualize information that is usually collected by their sensors. The information can be the distance of other objects, the speed at which these objects are moving, the speed of the self-driving cars and the prediction of where these objects will be in the next five to ten seconds.  All this information is required by the cars to make decisions about where to change lanes and at what speed they should move on the road.

The Involvement of AI in Business Today

AI has never been perceived as a replacement for human intelligence. Rather it has always been visualized as a supporting tool. It is also true that AI has failed to complete some of the simplest tasks that can be done by common sense. The technology can process and analyze things more quickly as compared to a human brain. The analyses can be converted into a valuable piece of information for human beings who can make informed decisions based on it.

Software applications based on AI can make decisions on their own. AI also acts on a situation that is not even foreseen by programmers. It can also be said that AI-based applications have a wider latitude of decision-making ability which is absent in traditional software applications. Such traits make the AI concept highly valuable across the different industries.

The concept of Machine Learning is based on systems that capture vast amounts of data. The concept is even changing the Customer Relationship Management (CRM) systems. The concept allows software applications such as Zoho and Salesforce that requires heavy human intervention to remain up to date and accurate. AI applied to these applications makes them up to date and converts them into a correct auto system.

The Future of AI

Predicting the exact way how AI will develop in the future is difficult. But, it can be said that the technology will certainly become more powerful to solve the common sense problems that it is facing issues to resolve at the present times. This also means that the robots will become extremely useful in the day to day activities.

Industry experts say that the technology will only make the GPU’s faster and will improve the applications of the AI software. In fact, the success will be marked by fast processing and lots of clean data. In the future, it is believed that AI technology will be used in a restaurant to change the music based on the guests present in the restaurant.

So how will AI change the Working Style

Technology is changing the working style of most of the employees. But, this is still believed that AI is will replace the people in the offices. The technology will certainly help to develop a knowledge-based economy and leverage that to create automation to create a better form of life.

Not all jobs might be replaced by technology. Instead, there might be certain activities that will be carried out by the technology. For instance, smart algorithms might replace white-collar jobs such as business analysts. It is also believed that AI will generate more wealth than it will ever destroy.

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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