AI is an acronym for Artificial intelligence, which refers to the simulation of human intelligence in machines. Artificial intelligence enables machines to be programmed to think, act and make decisions like humans.
These machines are programmed to be analytic and problem-solving computers and robots. While human intelligence may be subject to error, these machines are not.
Artificial intelligence is not restricted to robots alone. While Hollywood might have created this misconception, it is essential to know that AI is simply based on the principle that computers can mimic and execute specific tasks as humans would. These tasks can range from simple calculation to more complex and diverse things. The machine does not necessarily have to be a robot.
Since the invention of computers in the 40s, and the ever-evolving pace at which technology is advancing, modern computers can think and behave as humans would and with little or no supervision. The introduction of AI into the tech space has seen increased development in various other fields.
Today, there is hardly a field that doesn’t involve the use and influence of artificial intelligence. Ranging from banking and finance, security, sports, automation, to mention a few, fields and disciplines across boards have incorporated artificial intelligence into what they are doing.
Artificial intelligence involves using algorithms to generate complex machines that can respond as humans would in given circumstances.
Types Of Artificial Intelligence
There are two major types of AI: Weak AI and Strong AI.
- Weak AI: They carry out one particular job or task. Examples are video games, visual/personal assistants like Alexa and Siri. Most of the functions carried out by weak AI are mostly simplified tasks. They answer questions based on the user’s input.
- Strong AI: As the name implies, strong AI involves more complexity. They function as the brain and have the ability to carry out multiple tasks at the same time. They are more human-like and are programmed to handle problem-solving situations without a person involved. Examples of strong AI are self-driving cars and robots.
Artificial intelligence is crucial for companies as it increases efficiency, saves cost and helps them cope with the ever-changing nature of the market. With robotic process automation, AI can assume digital and physical tasks to execute various workflows. They can take on tasks such as office administration and financial activities.
Robotic process automation performs tasks that include:
- Recording data from email and call centre systems.
- Handling customer relations communication.
- Extraction of provisions from legal and contractual documents with the aid of natural language processing.
Common Misconceptions About Artificial Intelligence
There are a few misconceptions and ill-giving towards artificial intelligence. These dispositions and mindset have robbed people of the fantastic benefits that come with artificial intelligence. Some of these are:
- AIs have to be super-robots: As said earlier, AIs are not mainly super-robots. They can be simple machines such as video games or personal assistants carrying out designated functions assigned to them.
- AIs do not need humans: This is a brash and a common misconception. Artificial intelligence doesn’t work without human intelligence. Most of the data used in creating AI machines are acquired from human intelligence.
- AI is not beneficial for my brand or business: This is arguably the focus of this article. With AI, you can rest assured of quick data analysis and improved customer relations, amongst many other benefits. Humans can boast of a digital world today because of the advent of artificial intelligence in our day-to-day activities.
Benefits of Artificial Intelligence on Business
There are many benefits attached to the use of AI machines. These benefits range from making the workflow seamlessly easy–thereby enhancing the manufacturing and production process–to engaging with humans to help make the best decisions. We’ve outlined some of these benefits for you:
1. Artificial intelligence help enhances the manufacturing process of many companies
AI enhances the outcome of the workforce during manufacturing. The fear of many is that artificial intelligence would lead to the loss of jobs. However, the creation of collaborative robots that can sense humans’ presence and interact with them has helped improve the productiveness of manufacturing.
2. Artificial intelligence also enhances sales and marketing
There are chatbots whose duties include boosting sales, driving revenue sales and growing an audience. This helps salespeople focus their energy and time on clients likely to generate more revenue.
3. Artificial intelligence helps make better logical business decisions
With the help of AI, companies with extensive data can now analyze data without using human intelligence.
4. Artificial intelligence helps business management
With the aid of artificial intelligence, performing administrative tasks such as scheduling conferences have become easier.
5. Accounting and finance
Without a doubt, one of the sectors that have improved with the aid of artificial intelligence is the finance sector. AI has been able to help keep up-to-date financial records and audit companies’ financial statements without any fear of foul play.
6. Sales and marketing
With the ever-increasing pace of technological advancement, businesses have proceeded to digital spaces. To be able to navigate this space is to employ the use of artificial intelligence.
If anything, the pandemic has shown the world the importance of artificial intelligence. The lockdown brought a considerable amount of strain on economies, businesses and means of livelihood for many.
Most companies that survived and scaled through the pandemic unhinged are companies that have incorporated the use of artificial intelligence into their system. This enabled them to run effectively despite a global pandemic, making money more than ever before.
As discussed in this article, artificial intelligence is not just the “new rave” in town. Instead, it broadens our knowledge about the peculiarities of today’s society and ensures that we get a foothold, using it to our advantage. AI is today’s future, and we must maximize it to the fullest.
Updated on May 18, 2021 by Joe Kaminski
