The advancement and proliferation in computer technology both at a personal and professional level has accelerated swiftly in the last decade. The rapidity of this escalation in digital life can be seen most easily by the market effect of present chip shortages created by the Covid-19 pandemic. So many machines require micro-chips that Ford is unable to produce some of their cars, which require around 100 microchips per vehicle. In this era of technological advancement, the burgeoning field of artificial intelligence is already impacting commercial markets. Plenty of businesses market their artificial intelligence already as a means for bettering your business; think how many IBM Watson or Amazon AWS advertisements played on an NFL Sunday this fall. Here are a few ways to consider how you can integrate the use of artificial intelligence into your business.
Process automation is the mode of AI that most businesses presently utilize. Process automation is a pretty simple concept in which you operate an AI to focus on your back-office administrative and financial activities. You can use this tool to replace credit card info, log pertinent information from emails and phone calls, and even read legal documents to look for specific provisions and highlight them. Often process automation, or RPA, is the cheapest and most implementable of AI’s and is a staple of many major businesses. Even better, RPA does not replace administrative employees; it just returns the more mundane tasks that would otherwise eat into their day.
Another popular AI for businesses is called cognitive insight. This nifty bit of code can make predictions on what customers might want, spot credit fraud in the time that it’s happening, and target personal digital advertising. Cognitive insight is particularly popular in the insurance world because of its capacity to utilize analytics to make predictive models. Cognitive insight specifically works alongside machines and calculating means to operate more efficiently, so there is no risk of replacing workers.
If you’ve ever gotten into a prolonged conversation only to realize you were chatting with a bot, you can blame cognitive engagement. This tool is more commonly used for intercommunication in a company rather than client-facing engagement outside of it. As this AI is still relatively young, its mistakes often look a little awkward when conversing with potential customers. Regardless, it’s still quite helpful when you want to answer frequently asked questions and direct necessary information to employees.
Artificial intelligence makes businesses more efficient, more effective, and more streamlined. They do not threaten the jobs of the employees you currently have; they only really serve to lighten the load of brute force work that would ordinarily fall onto administrative workers. As AI is still in its infancy, it’s still quite far away from influencing the job market by removing workers. Still, it can improve your company and have a tremendous impact on profit if you begin to employ AI now.