Artificial Intelligence — Future Of Business
One of the commonly used competitive tools used in business is Artificial Intelligence(AI). There are a lot of companies who are debating the cons and pros of it. From data analytics to make predictive recommendations to automated chatbots for customer service, business leaders feel that artificial intelligence and deep learning has become an essential tool.
According to me, artificial intelligence is not something that your business should watch from far away. Irrespective of whether you are an emerging business or one who reached the Fortune 500 category, the necessity of actively exploring the advantage artificial intelligence has is huge.
Artificial Intelligence (AI) joins other leading and emerging technologies like Big Data, cloud computing, and Machine Learning
If you still have doubts or lack the conviction that AI can handle growing number as well as a range of tasks, think about IBM’s Watson’s 2011 awesome performance on the show Jeopardy. You can even consider the various scenarios where you are using AI-enabled services and devices in your personal life. For example, smart assistant apps and devices or devices like Apple’s Siri or Amazon’s Alexa. Also, don’t forget other AI-supercharged apps you see online like the GPS app that you use while driving.
How Your Competitors Might Use Artificial Intelligence?
Now you can’t call or ask your competitor directly on how they are going to use artificial intelligence or how they are planning to use in their company. Well, it isn’t the end of the road, as you have the Internet to find out one way or the another. For example, you can try an online search “ How Verizon is using AI?”, and you will get informative data related to how the company is utilizing artificial intelligence for its services.
Don’t forget to check the website and social media presences (which is mainly Facebook and LinkedIn) of your competitors. Here, you can go through the press release, blogs and news coverage. Sometimes you might have to go old-school and get the hardcopy of annual reports, newsletter or any other literature of the past year, which won’t be available online.
Besides, doing these feature, you need to cast a wider net and search using industry search like “how cable network agencies are using AI”, “how internet service agencies are using AI”, etc. Here it is better if you go for more general search. Along with these searches, you mustn’t forget other In Real Life (IRL) and other kinds of non-digital avenues.
Sometimes you might be invited to an industry event, in that case, always look out for AI-related sessions. In these sessions, interact or stand and sit among AI experts. Most importantly, you can read some books related to AI, but they might be at least 5 to 14 months out of date. In addition, you might know certain competitors or one who is amenable and informed, take them out for a lunch and pick their brain.
Think & Plan How AI Can Be Advantageous For Your Business
As stated above, you really need to research and based on this research you must create a list and frame the sense of what the AI will be able to do for your business and for companies related to your industry and size. You might find various key areas like -
■ Kind of AI technology like deep learning, machine learning, cognitive computing, and natural language processing must be understood. You need to know what these technologies are and the various kinds of tasks and data these are good for will help you to have a better grasp on understanding artificial intelligence. You will also be able to understand the limits and requirements of the various goals.
■ Kind of processing AI does. You must have a fair understanding of the kind of processing artificial intelligence has like speech recognition and image, including predictive analytics. Now, this will provide you with a general sense of what artificial intelligence is used for, not only in businesses, even for education, government, science, and other researches, etc.
Making List Of Derivables You Need
For making the list of the necessity or benefits artificial intelligence has,
■ First, think of the kind of benefit you are looking for. Whether it is to improve productivity or employees or getting faster workflow. It can be even be improving product productivity and reducing cost too.
■ Target the time frame you want. Once that is done, you must prioritize the given list based on the time for implementing, a mix of estimated costs, benefits or risks, and the overall value.
■ Parallel to this, you need to choose one or two smaller tasks for checking if artificial intelligence is suitable for your business. Here it could be a tiny piece of a larger task. Make sure that you start with a task which isn’t business-critical and even with a task that isn’t customer-facing.
AI — Futuristic Trend To Watch Out For
Even though AI related to computer science dates back to the 1950’s it is only in the past decade, that various kinds of AI are becoming available to companies of all kinds and sizes. What made this possible is factors like continuous price or hardware performance improvements, advanced AI techniques, and cloud computing. In addition, computing trends like IoT, Big Data, speech and image recognition, etc create more target points for AI to improvise.