Over the years, there have been a variety of new advancements in business technology and process automation. However, none of these technological innovations have been nearly as disruptive or progressive as artificial intelligence (AI).
AI is a trending web technology that has become significantly important across multiple industries and business organizations. This is especially the case when focusing on the future of technology developments and how they will impact. However, the use of artificial intelligence isn't as new a concept as many people believe. In fact, many of us interact with various forms of AI on a daily basis without even realizing it.
But what exactly is artificial intelligence, and how can it be used to transform business processes for the better? Below we'll take a closer look into the world of AI as well as the benefits and potential disadvantages it can produce.
What is Artificial Intelligence (AI)
In the simplest of definitions, artificial intelligence (AI) is an area of computer science that focuses on building systems and processes that can function and react the same way a human operator can. AI-driven technologies enable computers to leverage large amounts of structured and unstructured data to perform near-limitless tasks while applying problem-solving, rationalization, and predictive analysis.
AI is made up of multiple technological components, each of which contributes to the overall efficiency and accuracy of the solution. AI systems are designed to reverse-engineer the traits that we have as humans in machines. This involves creating synthetic neural networks, similar to the human brain, that are used to capture large amounts of data and process it in unique ways. Over time, as patterns emerge on how certain data types are stored or processed, AI-driven solutions can predict analysis outcomes and continuously improve their accuracy in doing so.
How is AI Transforming Modern Business?
One significant way that AI technology is transforming modern businesses is in the advanced process automation capabilities it provides. As organizations prioritize their focus on scaling their business, reducing overhead expenses, and improving their customer experience, automation in all shapes and forms is a welcomed business element.
While AI-driven technologies can function as their own, standalone business solutions, in many cases, the components of AI are used to make current systems and processes more advanced and efficient. For example, AI is now being used to assist web developers in designing highly functional and aesthetically pleasing website layouts. This includes using machine learning processes to suggest layout variations and font styles based on the type of business or target market.
Another area where artificial intelligence has created significant disruptions is in the fleet management landscape. Autonomous vehicle operation has been well-known for some time now, thanks to automotive manufacturers like Tesla. However, that same technology is now being used to develop new solutions for commercial freight companies. AI-powered solutions can track mobile assets like self-driving semi-trucks or courier vans in near real-time using telematics and on-vehicle sensors, providing significant safety and cost-saving benefits.
What are the Benefits of AI Across Industries?
The introduction of AI into the business world has created numerous automation benefits for growing businesses. This is especially the case for data scientists who rely on machine learning technology to drive better accuracy and efficiency when conducting highly complex and technical business analysis. However, the relevance of AI technology isn't just limited to tech-reliant industries.
Artificial intelligence applications are used every day in human resources, accounting, and even healthcare industries where large amounts of client and customer data are accessed and stored. AI-driven tools can help medical professionals diagnose and treat their patients faster and more accurately by processing large amounts of data quicker and more efficiently than humans can. In HR and accounting departments, meanwhile, AI technologies help automate redundant and repetitive data entry and reporting tasks, maximize productivity levels, and improve output.
Does AI Have any Disadvantages?
While artificial intelligence continues to transform businesses in many positive ways, there can be certain disadvantages associated with the adoption of these technological solutions:
- Higher Deployment Costs - AI-driven solutions and new system deployments are typically higher in costs than most other SaaS solutions. AI applications take time to develop and involve third-party consultants or engineers to get the solution to a finalized state.
- Requires Technical Expertise - More than just complex at the deployment stage, AI applications still require regular human interaction to extract their full value. Some organizations don't have the necessary experience to keep AI applications running efficiently and may need to rely on managed service companies to keep their system operational.
- Too Much Automation - While the automation and efficiency benefits of artificial intelligence are hard to ignore, there can be some potential downsides to having too many of your business processes automated. For one, too much automation removes the need for human operators to inject their own intelligence and fresh perspective into the processes being managed by AI-driven technologies. Over time, this can actually harm organizations, especially when they need to remain agile to change.
Artificial intelligence continues to shape the way modern organizations approach their digital transformation strategies. As this technology continues to evolve over time, businesses can no doubt expect to see even more process automation and efficiency while unlocking new opportunities for growth and expansion.