Though still in its infancy, artificial intelligence, with deep learning tools and a natural proficiency for Big Data, promises to impact all facets of life. Regarding business, B2B or B2C, AI is already reinventing business models and will be a major driver for growth.Top companies have handed the reins to AI for Big Data analysis.Click To Tweet
Companies Scrambling to the Artificial Intelligence Market
Almost all large corporations are using neural networks to some extent to grow and manage their businesses. It’s no coincidence that Silicon Valley mastodons such as IBM, Apple, Facebook, Google, Microsoft, and Amazon, to name a few, bet on AI to develop the next generation of services, products, and tools for the general public.
The Economist Intelligence Unit conducted a global survey of 203 senior executives to gauge their attitudes toward artificial intelligence. In the report, entitled Artificial Intelligence in the Real World, it was revealed that companies in different industries, especially in North America, vary in their approaches to using machine learning.
While there are those who are still actively testing the waters (about one-third of companies are in the exploratory phase), a third of the companies surveyed are in the experimentation phase. 10% of companies had begun utilizing AI in limited areas, and 2.5% of companies have gone further by deploying artificial intelligence for significant functions within the business.
How can AI Boost Business?
Artificial intelligence and its quasi-infinite variations, which is a business in and of itself, would disrupt the modes of operation of countless businesses. Far from revolving around vague futuristic concepts, although that could be true, AI is already here. You make contact with artificial intelligence systems every day without realizing it: Facebook newsfeed, Google’s image recognition, Pinterest’s automatic tagging, or the smart home speech recognition of Google and Amazon.
Facebook understood this. Instead of a timeline that categorizes content chronologically, the platform has opted for a smart, selective newsfeed that takes into account various factors to highlight given content. Relevant posts classified according to the tastes and habits of the user are selected to be particularly engaging, which translates to users spending more time browsing and more opportunity for sales.
For example, AI systems could perform real-time statistical analysis of customers, taking into account their gender, age, behavior and even their emotions and mental state at a time, to offer relevant services and products.
This is what Google’s RankBrain is all about, an AI-based web search system. The sorts of analysis that needs to be done to enhance a business’s online presence can be done by an AI in a fraction of the time it takes a human.
Companies will be able to rely on AI technologies to perform time-consuming repetitive and tedious tasks, which until now requires human workforce. This is the case, for example, of chatbots, which, while still lacking the common sense which distinguishes them from human beings, are developing and learning to improve.