Assignment Content
When you hear the term “artificial intelligence,” your mind may conjure up images of robots. However, artificial intelligence doesn’t only refer to human-inspired machines that can walk and talk. Understanding the development, purposes, and applications of AI can help you determine whether it’s worth implementing in your business. After all, artificial intelligence has many business applications for companies of all sizes and across all industries.
What Is Artificial Intelligence?
The definition of artificial intelligence outlines the leveraging of machines and computers to mimic the human brain’s decision-making and problem-solving capabilities. AI is further split into two categories, which are weak and strong. Weak AI refers to any artificial intelligence platform focused on a specific task. A more accurate word for this category may be narrow, as the technology is far from weak. This section of AI is what we know best, including autonomous driving features in a vehicle or a smart assistant built into a smartphone or speaker.
The second category of AI is strong artificial intelligence, and it includes artificial super intelligence (ASI) and artificial general intelligence (AGI). AGI refers to a theoretical form in which a machine’s intelligence would rival or match that of a human, including self-awareness and consciousness that allow for the solving of problems, planning for the future, and learning. ASI would surpass the human brain in intelligence and abilities.
Artificial Intelligence Applications in Business
Artificial intelligence has exploded in the business world as company owners and leaders look for ways to automate and improve their processes. According to the 2021 Global AI Adoption Index, a study conducted by IBM, approximately 31% of companies are currently using AI and 43% are exploring its use and applications. Advancements in AI technology and tools have increased accessibility, making artificial intelligence available to smaller companies as well as larger ones.
Some of the key applications of AI in business include customer care, data security, and process automation. Another major one for global companies is natural language processing. The IBM survey showed that more than half of the businesses using AI apply some form of language processing.
When to Consider Investing in AI for Your Business
Implementing artificial intelligence processes and systems within your business can help cut costs, boost productivity, and increase efficiency among employees. It’s also linked to increased employee satisfaction and loyalty when used properly. For example, adding a chatbot to your company website could help visitors get quick answers to questions. A chatbot is an example of AI that uses natural language processing and machine learning algorithms to understand requests and make recommendations.
Another example of a business application is targeted marketing, which uses algorithms based on users’ buying habits and interests. Ensuring your marketing campaigns get in front of people who are more likely to click through and visit the site can increase success rates, as well as sales. AI also allows companies to improve supply chain management through the use of machine learning algorithms that forecast the need for products and supplies.
If you’re struggling with processes that slow down your business or impede growth, AI may be a worthwhile investment. You can gain more insights into the various applications of artificial intelligence by taking a course focused on this valuable and ever-changing topic.