Before you take a read through todays blog on an overview of Artificial Intelligence (AI), you may want to check out our blogs on digital transformation, or some business strategy tools such as scenario planning, porters five forces or change management.
What is Artificial Intelligence (AI)
AI is described as a combination of computer science and machines which act in a humanlike way to complete particular tasks or roles within your business.
The online system is slowly becoming the difference on how companies are differentiating or beating their competitors today, within all industries and sectors. Therefore no matter how your business provides value to customers, the simulation of human intelligence processes by machines can affect how you operate.
Why is Artificial Intelligence (AI) important?
With Artificial Intelligence (AI) businesses can use this technology to automate business processes and provide you with effective data insights and information, giving you a depth of insight into parts of your business you may not know about.
Many companies would deem AI very important because it is the different between them gaining an edge over their competitors. Effectively what this is saying is that those businesses who are using AI are likely to be beating those who are not.
Examples of Artificial Intelligence (AI)
- Chat GPT: developed by Open AI Chat GPT has been set up as a language based model which analyses large amounts of data and in doing so delivers the user conversational style response to any of their queries. This system allows companies to gain access to large amounts of data a given time, and where they have faster access to data which allows them to make better use of their time.
- Google Maps: Google maps have many capabilities which show its AI such as its ability to monitor the flow of traffic and predict if there has been any car accidents on the road.
- Self Driving Cars: Self driving cars are becoming the most anticipated forms of AI with Uber expected to reduce the need for human drivers in the next ten years. These vehicles have integrated deep learning algorithms which allows them to detect what is going on around them.
Is there a risk associated with Artificial Intelligence (AI)?
Artificial Intelligence (AI) is very new to the business world, and it is only getting better and better. However, because there has been a lack of experience with some of the tools, this leaves business open to risk if they decide to heavily invest in the technology.
For example, OpenAI are aware that ChatGPT is only new developed and there may be several issues which can occur during the launch stage. they therefore have released the tool on a free sign up basis, encouraging the general public to flag any faults or issues which are occurring with ChatGPT. This free trail will remain in place until this business is confident that all their faults and areas of concern are addressed and they can begin to charge a monthly subscription.
Therefore, companies will need to be careful before using these never developed Artificial Intelligence (AI) tools so that they do not ruin their brand image by using a tool with a bad reputation.
Advantages and Disadvantages of Artificial Intelligence (AI)
Advantages of Artificial Intelligence (AI)
- Allows you to make better use of your time and resources
- Delivers excellent results consistently
- Effective with detailed oriented tasks
- Reduction in human error
Disadvantages of Artificial Intelligence (AI)
- Could lead to unemployment
- Reducing the need for human input
We see this becoming more apparent with more and more well known companies such as;
Uber uses Artificial Intelligence (AI) to predict when and where people may need rides so that their drivers are proactive in the sense that they are close by when they are required.
Google also uses the learning ability Artificial Intelligence (AI) has to offer allowing them to improve how they deliver a service to their customers.
However like these companies, AI can also be dependable on the industry in which you work. Lets take a look at a list of examples;
Artificial Intelligence (AI) in the manufacturing industry;
A lot of companies insist that Artificial Intelligence (AI) has given them the ability to predict when equipment issues are likely to occur and actually prevent them from happening, acting in a proactive way to schedule any maintenance which is required.
In addition to this Artificial Intelligence (AI) can also be used to optimise supply chains, with robots being introduced to collaborate with humans and work effectively on workplace floors within these manufacturing companies.
Artificial Intelligence in the healthcare sector
Patients are being diagnosed faster, and being treated faster through the help of Artificial Intelligence (AI). Also, online chat boxes and virtual assistants are making it easier to produce bookings, receive medication and have an all rounded better consumer experience.
If you also want to ensure you are keeping patient data secure, Artificial Intelligence (AI) can also improve cybersecurity where the system will detect any unusual activity and predict and prevent cyberattacks before they can occur.
Artificial Intelligence (AI) in business
If you are a business who has time consuming repetitive tasks then Artificial Intelligence (AI) could be the solution for you. This tool can be used to take care of customer service enquiries or simple data entry tasks, allowing you to free up other employees time.
AI-powered chatbots are also another way to offer your customers up to date information and responses to their queries. Artificial Intelligence (AI) can also detect who your customer is and offer them marketing information based on their buying behaviour.
Artificial Intelligence (AI) in retail
The online retail market has been one of the fastest growing markets over the past years and Artificial Intelligence (AI) has been able to help with this. With the tools ability to predict buying habits and market products, this has engaged more and more customers across the world.
That’s an overview of Artificial Intelligence (AI). If you would like some support and guidance in around this, or other areas within Digital Transformation, contact ProfileTree today and we would be happy to help. You can also check out our AI for marketing webinar and don’t be afraid to check out our videos on our Youtube Channel too.