3 Ways Businesses Can Leverage AI Technology
AI has a huge potential to shape how we look at businesses. As most leaders figure out, the impact of AI is longstanding and world-changing. Here are 3 ways that we can do that right now.
AI has a huge potential to shape how we look at businesses. As most leaders figure out, the impact of AI is longstanding and world-changing. A global study published by BCG and MIT Sloan showed that 84 percent of the 3,000 business leaders interviewed, expect AI to have a strong competitive advantage.
Speculation around AI
Despite all the anticipation, there is a lot of speculation around AI. There are large industries that haven’t mastered the art of probing deeper into AI. These companies have a larger impact when it comes to technology and how to master it, but when it comes to AI they’re still struggling. Taking the example of many companies and investors who decided to join them on-board, they still don’t understand what AI really is.
They’re just putting the pieces together without really seeing the masterplan as is. This creates a lot of friction when it comes to problems related to continuity. There will be AI advancements and then coders and designers will struggle to put the pieces together, and they will have a bad time figuring the mess out.
Value of AI
True AI innovators know the importance and value of AI systems, and what they can and can’t do. E.g. they can monitor health pretty well and can inform the right doctor at the right time in anticipation of the heart failing. They can also create diagnostic tools that become self-evident when the final customer sees it in action. What they can’t do is replace humans altogether. A lot of AI visionaries are scared of that reality, but the opposite is true.
More humans, who study tech and AI will have more opportunities to do things that make sense to them. They don’t have to worry about how to design the perfect looking website, they can use an AI bot that understands their target audience better and creates the best looking one. It will be like magic. However, we still need humans to do the dirty work when it comes to decision making. And decision making, at large scale levels, is something that robots just can’t do.
There are so many factors that you need to take into consideration, that after a while it's just not profitable to make AI take over our jobs. We would still need humans to make craft design and to innovate further. AI can only think in AI terms, whereas humans can do both. We can make it so that we use its immense power and capabilities to our advantage. Here are 3 ways that we can do that right now –
#1 Anomalies and patterns –
Life is all about pattern designs. You wake up, you get to work, you come home and sleep. On the weekends, you break that pattern, or continue it. It's up to you. This is where a lot of the work required in the AI space comes in with designing new patterns and estimating what the anomalies are.
For patients in the hospital or for architects designing buildings, an AI bot can be the difference between safety and mortal danger. You don’t want to rely on human error to save you cost, but on AI simulations to ensure that you don’t see anomalies arise. And if you do see them arise, they should be in a controller simulation run by hundreds of distributed systems.
When you understand the impact that patterns play in our lives, you can easily spot the ones in your own industry or business. You can see the patterns for what they are and start to put the pieces together. This very act can be sped up millions of times over and insights can arise from the machine code. These insights can be very profitable to many companies who can pay millions of dollars not to have bad things happen.
#2 Security and Hacking
Hacking is a huge problem right now. People are using AI to ensure that there are no breaches in design and there are no problems in the flow of data from one point to another. That’s where a lot of hacks happen. They happen more so when the data packet is moving from one server to another. A backdoor is created and the information is read with the help of bots. What also ends up happening is that there are AI bots that can counter that.
In fact, as reported in Harvard Business Review - 2017 global study by Tata Consultancy Services found 44 % companies were using AI to detect fraud and hacking. This is done to allow computers to find out where the problem is using an AI-like model. Also, the ramifications of this are immense. There are many companies that can use AI to boost up their systems and talk about it to the press. Half the journey of using AI is to talk about it to ease off the potential shareholder attrition. AI and blockchain are both fighting this problem. Long-term – it’s a good solution, in the short-term we’re still figuring it all out.
#3 Personalization and insights
One of the greatest business cases for AI and deep-learning is the idea that personalization is going to revolutionize the way that we consume information. We can drive so many insights through the help of AI and connected systems that we haven’t the slightest clue how much it can improve marketing. When you can personalize unique expressions and emotions for customers, you can bring in true customization for them.
E.g. if you’re Ford and you’ve understood that customers from the midwest love the colour red, then the first hit on the website should show up with a red sports car. This should get more action happening as the personalisation effect really works.
Now to get here you’d have to run hundreds of tests manually or let an AI bot do it for you automatically. It's so simple that anyone can get started and start testing it out for their own business.
When it comes to AI, there is a lot that we can do right now. We can enhance our own lives through this process and make sure that our businesses flourish as well.