With the explosion of OpenAi’s ChatGPT, the prospect of artificial intelligence in business looks more like a certainty than a distant, science fiction reality.
The growth at which AI is developing has many people alarmed. The capability of AI systems is yet to be fully understood, and the idea of them becoming conscious, autonomous beings is disturbing.
Whilst there are certainly negatives to explore and study, the prospect of advanced artificial intelligence is hugely exciting. In years to come, these systems may help us, as a species, to reach unprecedented levels of development.
One area which people speculate will benefit from AI systems is business and commerce. In years to come, using artificial intelligence to direct business decisions will likely be a standard template. And there are many benefits to reap as a business owner.
In the following article we want to delve into AI in business, and explore what that may look like in years to come. We also want to outline any possible benefits that businesses will experience, as well as any drawbacks. Continue below for more information.
H2: What Is AI and How Does It Work?
Before we proceed further, we want to explore the basic concepts associated with this article. Artificial intelligence has long been an idea which people have conceptualised and thought about. Now, the existence of smart AI systems is a reality.
The founders of OpenAi are leading the way with their language based models such as ChatGPT. Other companies are now following suit and developing machine learning systems, such as Google and Microsoft.
We appreciate that if you have limited experience in the tech industry, or are not heavily invested in current affairs, all of this may be confusing. This is why we want to define, in layman’s terms, what artificial intelligence is, currently, and how it operates.
Simply put, the current AI machines, or softwares, we have learn from experience and large amounts of inputted data. This allows them to perform human-like tasks. Deep learning and language processing are an integral part of how current AI systems work. This allows for some spectacular results, including reasoning, decision making and understanding.
A huge range of data is delivered to these machines, which is then analysed, with the support of complex algorithms, to solve problems, create solutions and respond to prompts. The complexity of the system, or software, ranges. Some systems are equipped to perform simple tasks whilst others are being used in highly important applications.
H2: Will It Revolutionise Business?
The question is not will it revolutionise business, but rather when. Experts have stated that a huge percentage of those in business have already invested in AI learning tools and software.
If you consider how new AI in the current format is, it truly is amazing how much progress has been made. And as we and our understanding of these systems develop, so will the complexity of the systems.
The truth is, there are a number of attributes that AI systems and software have which are hugely beneficial to businesses. Not only will these machines support the growth of business as a whole, but they will make the experience of working in business and commerce more enjoyable and rewarding. Moreover, they will allow businesses to deliver a better product or service to customers. Really, it is positive all round.
H2: How AI Will Support Business
- Improvement of Decision Making
For companies such as Accuracy, and others like them, a large part of ensuring business growth for their clients is analysing data. The correct analysis of data leads to better decision making, which eventually leads to growth and success through employee satisfaction and customer retention.
Data is the backbone of any business, whether it is finance related data, customer related data or market related data. Understanding and interpreting the data to make sensible, informed decisions is how businesses grow and expand.
In the recent future, AI systems will be able to support businesses and business analysts by interpreting data to an unprecedented level. These systems may continue to grow in complexity, and ultimately may be able to offer perspectives and insights we are incapable of producing.
The result is a system, or software, that completes the time consuming task of data analysis and provides unique, objective insights. From this, businesses can make better choices for themselves and their consumers.
- More Efficient Hiring
The exciting, and admittedly worrying, thing about AI is that the possibilities are endless.
Following on from the previous point, the rate and depth at which AI is able to analyse data may improve hiring. Not only will it make the process more efficient but business owners may be able to yield better results.
We are all susceptible to human error. A dedicated AI software programmed to implement an efficient hiring structure does not have this. Thus, business owners in the future may hire more suitable workers at a quicker rate. Additionally, it may be able to sift out unsuitable candidates with greater success.
- Fraud Detection/ Security
The integration of AI for a business may prove beneficial from a security perspective. In a digital world, online crime and fraudulent activity is rife. Sadly, businesses big and small are often impacted by this.
In the future, businesses will be able to better protect themselves by training AI systems to detect fraudulent activity. As the algorithms and complexity of these machines progresses, so will their ability to make predictions and recommendations on security. For businesses that primarily handle sensitive information, such as banks, this will be hugely beneficial.
Based on what we currently know, artificial intelligence is set to develop more and more in the next few years. In our lifetime, the possibilities of where it might lead are endless.
And whilst it is easy to focus on the negatives, there are also a wealth of positives which the creation of complex AI systems will deliver. Especially in the world of business and commerce, the prospect of advanced AI systems and software truly is exciting.
