Artificial intelligence has proven to be one of the most significant technological breakthroughs of our times. Emerging as a transformative technology with potential to change everything about how we live, work and consume our daily dose of content – the impact of AI is tremendous in many industries – healthcare, finance, education, supply chain to transportation and more.
How does AI help?
AI essentially makes it easy to automate tasks that require repetition, analyse data and make decisions with a higher speed and accuracy – all based on data fed to the software. Businesses adopting AI are hence able to bring in more efficient structure and increase their productivity, lower costs and drive innovation.
Use cases of AI
Chat GPT by Open AI
This is one of the leading examples of how data can offer the entire human race a step up in their careers, learnings and building awareness and knowledge on almost anything in the world. The software offers information updated till year 2021 and will help you write your business reports, summarize your essays, and offer you romantic poetry even if you ask the right questions.
-One of the world largest e-commerce merchants, Alibaba makes use of AI in their daily operation that predicts for them what customers might want to buy.
-Alibaba Cloud – their cloud computing division uses AI to help farmers monitor crops to improve yield and cut costs.
-Google’s parent company – Alphabet uses Waymo – their self-driving technology division. Today Waymo is being worked on in autonomous vehicles to shuttle riders around California in self-driving taxis with human drivers behind the wheel for their pilot programme.
-Their Google Duplex used Google’s natural language processing – an AI voice interface to help with making phone calls and schedule appointments.
Apple uses AI and ML in their iPhone with its FaceID feature and in products like AirPods, Apple Watch and HomePad smart speakers where it enables the smart assistant Siri.
Apple offers you an ease to help find your photo in the iCloud or navigate your meetings plus more with their use of AI technology.
Advantages of AI
Human error reduction
Because AI works with large quantities of data to analyse and bring out results, there is a significant reduction in errors leading to increase in accuracy and precision. AI decisions are based on information gathered and a certain set of algorithms. Programming it properly leads to reduction of errors to almost null.
Smart business decision making
A crucial goal of AI is to aid towards smarter business decisions. AI takes in complex data, gathers all information and with a set of algorithms makes it simple. This helps to forecast market behaviour, make better and smarter decisions based on data and trends and increase overall decision-making capacity.
Solving complex issues
AI has been known to help businesses to solve complex issues in their business like that of fraud detection, medical diagnosis, weather forecasting for natural disaster-prone areas to helping farmers increase their yield. PayPal uses AI for fraud detection, otherwise which was a complex area and one of concern for years.
Managing repetitive tasks and increasing productivity
Every business has a series of tasks that need to be performed daily and are time-consuming. Using AI for routine tasks can help businesses to focus on their core strategy and important tasks in their to-do lists.
This will help in making work flow more efficient, easy to manage and hence increasing the productivity towards core tasks.
Other advantages of it also include its 24×7 availability, helping business to grow also leading to strengthening the economy, personalization, disaster management and more.
Certain risks with AI
Like everything else around us, there are certain risks associated with the use AI and its growth which includes its
high cost for business adoption, the latest hardware’s and software and constantly evolving and need to stay updated to meet the changing time’s needs – making it a costly affair.
lack of human touch, while the machine is accurate on its data, the interpretation of data needs a human touch and understanding of emotions, situations, and relationships.
biased decisions, data fed into AI,ML is processed by humans and all humans will tend to have a certain bias, whether it’s related to politics, culture, economy, entertainment or financial advice, there is noted to be a general sense of bias in data sets.
Lack of ethics, ethics and mortality makes us all human and these features are difficult to incorporate in AI, this raises the concern for AI to grow uncontrollably.
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While risks are associated with all things we use and consume, there are no two ways that AI field is growing exponentially and may soon work to incorporate a policy framework for its use that will involve the technology experts, policy makers and governments all seeking to work towards the common goal of making AI safe and a drive for innovation high through it.
Considering these points, a course in AI will lead you to one of the most promising career opportunities of the future and help you stay tuned in with the evolving times that have AI etched into almost all its tasks.
An MBA Data Science and Artificial Intelligence from MBA ESG, Pune, will revamp your career in the business world and lead to become part of the board room conversations in finance, healthcare, transportation and many more sectors.