2020-12-26

AI and Business

Published by Shibil P

What is Artificial Intelligence?
Artificial intelligence is not new.It has been around for decades. Enthusiasm about AI has spilled over from the technology and business communities into government policy making, and it has trickled all the way down to primary school classrooms.
Due to greater processing speeds and access to vast amounts of data, AI is beginning to take root in our everyday lives. The use of AI applications is so widespread that it is now possible to produce solutions for almost all professional groups. Medicine, education, automotive, defense, agriculture, energy, art, and finally the “BUSINESS” itself.
So, what does mean to do a business in the age of artificial intelligence?Businesses today have more data than ever before, and that data houses invaluable insights.This treasure trove of data has the potential to accelerate decision-making, improve forecasting, reduce operational overhead, predict equipment failures before they happen, and overall, gain a competitive advantage in an increasingly global marketplace. But how?
Artificial Intelligence and Machine Learning give you the tools you need to harness your businesses data and turn it into powerful insights.And whether you realize it or not, you have been using or being used by those tools almost every day.
From Natural Language Processing or NLP and voice or image recognition to predictive analytics, AI systems have applications in many areas.
Artificial Intelligence and Machine learning are critical to bringing about innovation, providing new business opportunities and reshaping the way companies operate.
The applicability of this technology is broad. Call centers use automated chat bots to improve customer service and reduce wait-times, manufacturers use pattern analysis across billions of inventory data points to provide accurate supply chain forecasts, broadcasters use real-time statistics and play predictions in your favorite sports, The images you see in your social media feed and the recommendations when you shop online are all driven by Artificial Intelligence and Machine Learning Certainly, all businesses will be affected by AI in the coming years, and the impact for most will be significant.
AI has the potential to disrupt every industry and every business. AI will enable companies of all sizes to achieve better business results by maximizing the three trends, massive data, massive computing power, and breakthrough algorithms.
So, AI is not just about technology. It’s also about people, processes, culture, and business strategy, too. We need to bring all the pieces together.
The question is, are you prepared for what this will mean for you and your business?

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