Artificial intelligence and Business
Here what you should know about Artificial intelligence (AI) and business. AI is already widely used in business applications, including automation, data analytics, and natural language processing. Across industries, these fields of AI are streamlining operations and improving efficiencies. Other common uses for AI include:
· Transferring and cross-referencing data
· Consumer behavior forecasting and product recommendations
· Fraud detection
· Personalized advertising and marketing messages
· Customer service via telephone or chat
AI- where do you start?
A business is a complex entity. The connection to external elements includes things like customers, community, partners, competitors, and regulators; internal elements include things like vision, strategy, plans, decisions, matrices and measures risk; operational elements include things like org structure, business departments, processes, capabilities, software applications data, computing hardware, time, money, resources, and intangible things include leadership, culture marketing, and branding.
In 10 years, AI will be pervasive but for starters where would you introduce it to your business? A simple way to think about your business is to a competitive position is to consider these following aspects:
1. Customer Intimacy: For example four seasons hotel, it focuses on establishing a strong relationship with its customers, their employees are empowered to provide great customer experience.
2. Operational excellence: Let’s say Walmart, it has fine-tuned its operations and supply chain so the money it saves on that can be passed on to the customers
3. Product leadership: Apple focuses on product innovation, bringing the best products too. The market for customers who want differentiation.
4. Market supremacy: IBM’s marketing supremacy helps educate its customers on the latest trends in technology so it can follow up with products and services.
Most companies have a competitive position instead of randomly introducing AI into your business, wouldn’t it be better to do that strategically so you can boost that competitive advantages even more? Four seasons might introduce a mobile robot to get your check-in and guide you to your room. Walmart might introduce machine learning to optimize it supply chain. Apple might introduce deep learning to enhance product design. IBM might leverage AI to fine-tune its marketing machine. Every company will have a different focus.
“Jobs are created by understanding what we do and what we can do better, “Esposito says.
Additionally, developers should focus on creating tech that is probabilistic, as opposed to deterministic. So just don’t jump on to the AI bandwagon without knowing what you want to accomplish otherwise you are randomly doing AI stuff.