Application of Artificial Intelligence in Business

Dennis Faas's picture

How can businesses use artificial intelligence (AI) effectively?

Undoubtedly, the most widely used application is virtual assistants such as Alexa or Google whereby the customer can speak to a smartphone or listening device and have the action interpreted and carried out. Another great example is the use of Chatbots; these are parts of artificial intelligence designed to help customers resolve common issues while interacting with a website - including performing standard operations like money transfers, for example.

Apart from that, BPOs are using AI. Business process outsourcing (BPO) is where a third-party company carries out one or more business functions for another company. Since the AI is embedded in the company's management system, it effectively takes responsibility for the implementation of the entire business process. An example of this already in use is the website that puts Chinese vendors in touch with other businesses.

In this review, we will consider the main tasks that AI software solves in BPO and other business areas.

Benefits of Using AI Software in Business

The use of AI software in business solves many crucial tasks, such as:

  • Processing huge layers of data;
  • Working with disparate data from different sources and bringing them to a common denominator;
  • The ability to issue clear analytics or forecasts based on processed data.

Thus, artificial intelligence is a very powerful tool for developing a business, including small businesses.

Its main role is the rapid processing of a large amount of information that can be reduced into meaningful bits of data and carried out by small parts quickly and efficiently - similar to how a recursion in a computer algorithm completes a task efficiently with minimal programming instruction. This allows companies to make decisions faster and free up time of valuable employees for more important and complex tasks.

Promising Directions for the Development of AI

The main area of application of artificial intelligence is the processes used for tracking (and modifying) the algorithm for human interaction and being able to scale it. However, the use of AI technology has not yet developed to such an extent as to make decisions on its own. Therefore, this software is used not only in Business Process Outsourcing, but also in other industries.

Many of the issues of establishing computer vision, motion control modules, voice interpretation, organization, and access to information can already be solved by large technology companies using machine learning. Despite this, today's businesses lack sufficiently dependable technology to replicate the precision of human eyes or a human brain responsible for interpreting context in speech. With improvements to AI, however, this may become a reality in the near future.

Artificial Intelligence also provides new avenues for addressing the planet's environmental issues. The biggest dangers in this sector are those associated with technology security and control - for example: the software used to control a nuclear power plant in Iran that was taken over by the Conficker worm (and later the Stuxnet worm).

It is also vital to consider the ethical difficulties and socioeconomic ramifications of AI use. Despite this, modern technology can also assist people in monitoring the health of patients with diabetes (for example), as well as influencing climatic conditions across the globe by automating a business practice.

Artificial Intelligence and The Future

The development of artificial intelligence systems is a broad topic. This involves a lot of engineering, business use, and social aspects. Some engineering aspects are more important than others, such as computational capability, storage capacity, and so on. However, it is the social aspects - including ethics and philosophy - that are critical.

It's hard to think about the future without thinking about all the potential uses of AI. The most obvious use would be artificial general intelligence - an AI system that is capable of learning and reasoning about a wide variety of topics. While this level of AI has not come to fruition yet, it may be achieved soon. Artificial intelligence could be used to help solve current issues in medicine, science, economics, technology, business, and everything else in between.

AI could also be used to make a significant difference to other technologies. Some technologies such as autonomous vehicles and mobile robotics are already available. While these are only two applications of AI, they demonstrate the potential.

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Chief's picture

AI is a tool, just as a car is a tool and a radio is a tool.

If the AI becomes a substitute for your brain, we have a problem.

For example: remember on Star Trek: TNG where the Enterprise computer was corrupted by a virus?
The computer controlled EVERYTHING.
However, Geordi, the Chief Engineer, eventually realized the computer was a tool, shut if off, restored the protected memory, and rebooted - thus, saving the day.

Repeat after me: AI is a tool.