Why Machine Learning and Artificial Intelligence Are Crucial To Your Business?
Artificial intelligence often brings to mind images of sentient robots and futuristic science fiction movies. However, human intelligence gets assistance from AI and machine learning every day. Even if you don’t live in a smart home, you may use AI for tasks you have long detached from the pop-culture idea of AI.
One common use of AI and machine learning at work and home is Google search. This is true whether you shout “Hey Google!” across the room to ask questions, or manually type it into the search bar on your computer. Because of how accessible AI became in everyday life, it became easier to introduce technology into the workplace.
Proactive businesses have now become so dependent on technology that it is crucial to their continued success. Here are some of the recent developments and why it may become an essential ingredient in your business’ recipe for growth.
New Trends in AI and Machine Learning
You can hardly go a full month without hearing about new developments in technology. It is a rapidly changing market, bringing innovations with each sweeping change. One impressive test of technology comes in the form of artificial intelligence in call center settings.
Many companies now trust chatbots to answer customer queries until the office re-opens during regular business hours. Call centers also employ technology to recognize customer requests. As Forbes points out, AI operators were initially programmed to understand one or two-word requests, such as “make a payment,” but many are now able to accept and understand full sentences.
Another aspect of sales that AI penetrated is inventory management. From auto parts to the food and beverage industry, companies now rely on AI to tell them what items are out of stock. Some systems are so advanced that they can even place new orders on the company’s behalf.
Doctors often think of their jobs as the most secure, but they have recently received a helping hand as well. Because medical errors are frequently caused by burnout, many doctors may welcome the assistance. Google recently launched a pilot project aimed at predicting whether or not a patient will die. The AI system did so with surprising accuracy.
Artificial intelligence also powers and secures many homes. From security systems, you can access via an app to strategically placed AI assistants. People can now pay bills, open and close doors, or set reminders without lifting a finger.
Why is AI and Machine Learning Important?
Workers often worry that machines will soon take their jobs. They envision walking into work one day to see a robot comfortably seated at their desk. Fortune predicted that 40% of jobs would be replaced by AI in the next decade and a half.
Naturally, customers do not ask companies to fire their valued workers. However, they do demand better service, at faster speeds, and for less money. The only way to achieve this without underpaying and overworking humans is to pass jobs on to machines.
This helps companies to remain competitive while keeping their customers satisfied and happy. Netflix, for instance, estimates that its personalized recommendation engine saves the company $1 billion every year. Consistently receiving tempting recommendations encourages customers to stay.
How Does AI and Machine Learning Benefit Business and Commerce?
However, businesses aren’t the only ones who benefit from AI. Customers benefit too. How so? Take Uber, for example. There are plenty of cab companies that hire human agents to handle calls from customers and match them with a cab driver, but the cost of a ride is significantly more expensive. Machines do not get paid days off, health benefits or wages. They also don’t need their cubicles or a corner office. That translates to savings for Uber customers and better satisfaction.
As companies continue to rack up savings from these investments in technology, they can bring customers even better value for their money by expanding. This could mean growing their service areas, or it could mean increasing the products and services they offer. In Uber’s case, this resulted in self-driving cars and electric Jump bikes.
What Should You Expect in the Near Future?
As machines learn better techniques to emulate human intelligence, menial and tedious jobs will begin to disappear from the market. This will help companies to become more and more efficient while reserving actual human intelligence for jobs that require creativity, ingenuity, and real human touch.
As a result, workers who refuse to grow with technological changes may be pushed out of the job market. However, for those who are willing to adapt and even create these advancements in artificial intelligence, the possibilities are endless.
This blog was earlier published on LinkedIn.