Artificial Intelligence (AI) has created a lot of buzz in the online world. While some fear there’s going to be a Skynet scenario and a possible end of the world, others believe that AI will help humanity take the next step forward. Regardless of the speculations, AI technology is still in its infant stages. However, early progress in AI development has piqued the interest of many companies both large and small.
So much, in fact, that AI’s capabilities, such as machine learning, deep learning algorithms and natural language recognition ability are already being used in the business world. One such example is the development and use of chatbots that leverage AI technology to improve the customer experience and engagement. Even though AI technology is still being developed, many businesses have found a way to leverage what’s been done so far, to improve their business efficiency and performance.
Artificial intelligence as a broad term
What exactly is artificial intelligence? Basically, it’s configuring a machine to have human-like behavior and intelligence. In other words, it’s the capability of a machine to imitate intelligent human behavior, as well as to learn from experience and perform various human-like tasks. The earliest concept of AI originated in the 1950s and has continued to develop to this day, thanks to increased data volumes, better computing power and advanced algorithms.
Nowadays, AI is still far away from being sentient or truly human-like, but it’s still able to perform exceptionally. For instance, AI technology can process a large amount of raw data and produce actionable results. Also, it’s able to mimic human conversation in order to communicate with online consumers. Aside from that, it can adapt to human behavior and purchasing decisions, in order to provide more seamless customer service and support, which is why it’s so widely used in the modern business environment.
Pros and cons of artificial intelligence
Like every new technology, artificial intelligence has both good and bad sides. The pros of AI are that it can perform a vast amount of work and process a lot of information without experiencing fatigue. AI’s machine learning and deep learning capabilities allow it to efficiently perform mundane and repetitive tasks, saving businesses a lot of money and time in the process. Moreover, AI can help businesses make more strategic decisions by analyzing data without the possibility of human errors.
However, as mentioned before, AI is still in its early stages of development so there are drawbacks to using this technology. One of the major flaws is that AI still requires human input for it to operate. AI has to be configured to perform tasks and analyze data based on specific criteria. This includes bringing in specialists, whose services aren’t cheap, to begin with.
Moreover, AI is predicted to substitute human employees in various positions, which may lead to layoffs and unemployment for a lot of people. This is already starting to cause an outrage in some layers of society. What’s more, there’s lack of empathy and emotions when using AI, which may significantly impact business decisions and customer service.
Making it useful
It’s natural that people are skeptical of any technology with a potential to change the world. Still, AI’s potential is immense and we have only scratched the surface. AI technologies can help businesses improve their performance, efficiency and productivity, which can also affect the consumers themselves. The better the business operations are, the better the experience companies are able to provide to their customers. As mentioned before, chatbots are the latest and increasingly popular trend in the business world. Powered by AI machine learning, chatbots can provide 24/7 customer service and support.
Not only that, but they can adapt to behavioral patterns and preferences of consumers, in order to provide the best information and content that will satisfy customer needs and demands. What’s more, businesses are able to adapt their content to wider audiences across the world, by using the reliable transcription services online. In addition, AI technology has the potential to open more job positions, as there’s an increased demand for more specialists and startups that develop different features powered by the AI software.
AI is the next step
The world is changing as we know it and technology is constantly evolving. Furthermore, modern consumers are changing their habits and they’re creating an increased need for more connectivity in the digital age. AI is simply the next logical step in supporting such a high demand for more technology and devices. Businesses and tech developers alone are not enough to make everything work so that people across the globe can enjoy an improved experience online.
With help from AI, people will be able to do much more and accomplish great things, both online and offline. Even though many people believe that experimenting with AI technology can quickly turn sideways, it can also mean that AI will be the next step towards progress. After all, there’s always a risk involved when making a leap towards the unknown.
Businesses that leverage AI technology are able to produce much more output than they normally can. AI can, in many ways, help reshape business operations, such as developing and delivering new products and services, providing better and more seamless customer experience and meeting, if not exceeding, customer expectations and needs. It’s not only that AI can boost work efficiency, but it can also reshape the digital world as we know it.
Claudia Paisley Propp, graduated journalist, digital marketing lover, based in Sydney. Copywriting, Online Marketing… Lets just say – Communication in all shapes and sizes is her passion and what she does best. She is that lucky girl who gets to live her dream. Here to share her knowledge and write about latest trends in (social) media that can help small businesses grow really big. Writes for Bizzmark blog.