The age of artificial intelligence is still fresh but the evolution is happening so fast that it’s now agreed that AI can exhibit human characteristics. Although some prominent thought leaders have issued serious warnings about the singularity of AI and the probable threats they pose, the advantages of artificial intelligence seem to be endless.
Basically, technology has contributed significantly to business efficiency and customer experience. In the business sector, AI is not a newcomer because it has developed from the first time computers were introduced to business management. However, it is in the last few years that you can clearly envision and foresee how AI will change how business is done.
In this article, you’ll learn how AI will influence some business processes.
AI will transform the job industry landscape
Among the basic ways artificial intelligence will affect businesses is through transformation. If you know anything about AI then you probably know the risks to manual labor. Although this is not something that has been received with excitement among workers in affected positions, it should be well understood that’s what is coming in the near future.
Most manufacturing industries dealing with large-scale production see this as an attractive option. This is because it’s not only cheaper but it is also more productive and easy to manage. The precision and low tendency to make errors during production makes them an appropriate replacement for human labor.
With the full implementation of AI, business sectors like reception, customer assistance, and other administrative tasks will be transformed. Dealing with customer queries via telephone or messages will become easier and other tasks like accounting will be handled with ease and precision. In fact, some businesses have already incorporated chatbots into their systems and they are doing an awesome job. Besides outstanding efficiency, AI platforms will contribute to huge savings by most companies.
Integration and consolidation of business operations
Recent trends in business indicate that AI is an important player in the integration and most business processes. In large corporations, fragmentation of crucial business processes has posed some serious challenges and has resulted to bad synergy.
Integrating AI technology into daily operations of a business makes it possible to combine the fragmented pieces of work to make a fully functional whole. This leads to consolidated operations, employees, and systems. The ultimate effect is higher productivity, efficiency, and revenue.
Higher precision at a reduced cost
With the integration of superior AI into business operations, there will be a significant reduction in the margin for mistakes and errors that lead to losses. The higher precision achieved by AI will raise productivity and make businesses less risky.
The computing capability of AI programs is superior to humans and this facilitates processing of voluminous data in a short time. For instance, businesses in the financial sector have reaped benefits by utilizing technology in their business processes. Lending companies with online based platforms have an integrated underwriting process that works on its own. This has not only led to more business but the system has made realistic loans service better by ensuring that you are matched to the perfect loan product.
The technology has made the operations cheaper even though the level of precision is higher than you’d get with human labor.
AI guarantees superior enterprise mobility
With artificial intelligence, businesses will adapt more to the new model of working. Currently, there is a shift in how employees work with huge numbers preferring to work remotely or from home. In the future, more organizations will offer their employees the option of working from anywhere in the world. This will help employees to be in charge of their working environment and schedules which leads to increased motivation and productivity.
The arrangement also allows employees to get new skills easily and become competent at their jobs. The good thing is that you don’t need to present yourself physically to acquire the skills offered in training.
Feeding the increasing population by agribusiness firm
The world population has been on the rise and the trend is expected to continue for over the next few decades. However, the current methods of food production seem to lag behind. Today, AI is being incorporated into farming techniques to ensure productivity.
Deep learning has been used to monitor thousands of cows by using facial recognition to identify the needs of an individual cow with minimum human involvement. This technology will be able to accurately identify signs of disease before it has become fatal and notify the farmers for immediate action.
In the future, huge tracts of land will have many sensors which will work in conjunction with real-time imagery drones to monitor the crops. This will make it possible for farmers to predict what their plants will need even before they have planted. As a result, the process of food production will become easier and efficient.
As time goes, AI is becoming an integral part of a business and it is no longer a reserve for big corporations. Today, small startups have embraced the use of this technology and the future is getting brighter day by day. Although there are concerns and heated arguments about AI, the technology is getting better and better and it’s upon business owners to figure out which is the best way to take advantage of this innovation.
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.