Artificial Intelligence in Business
Artificial intelligence (AI) is the simulation of human intelligence in machines that are programmed to think like human beings and imitate their actions. It may also be applied to any machine that exhibits attributes associated with a human mind such as learning and problem-solving.
AI makes it possible for machines to learn from experience, acclimate to new inputs and perform human-like functions. Most AI examples that we hear about nowadays — from card-playing computers to electric cars — depend heavily on intense learning and natural language processing.
Misconceptions About AI
1. AI will take jobs away from humans: Arguably, the most prevalent and potentially dangerous misconception about AI is that it will take away jobs from humans. Although automation is leading to the increased redundancy of some certain low-skilled jobs, this trend has been extensively exaggerated in recent years. Most scientific estimates demonstrate that AI-driven automation will likely breed more jobs than it will budge. Furthermore, AI in the workplace has the power to enhance how people and businesses carry out their jobs, rather than removing the need for humans to do those jobs entirely.
2. AI is not different from the Human Brain: This is a common belief about AI that is widely accepted as fact. Actually, AI is largely a very simple field with quite basic applications. Yes, there is much evidence of AI successfully beating humans at a game of chess. However, this is just a simulacrum. AI cannot comprehend its environment, nor can it truly “learn” from its surroundings in the exact way humans can. Simply put, there is still a wide gap between AI and the human brain.
3. AI is too advanced for laypeople to comprehend: Many people who don’t have a computer science background are discouraged from trying to understand and take advantage of AI, believing that only scientists can grasp it. In reality, AI processes are easy and can be created with just a few lines of code. AI is just like a processor; you input data into it, in order to get the outputs that you desire. It works in a very clear manner, and can be easily understood by anyone who wishes to sacrifice a short amount of time in order to learn the basics.
Application of AI in Business.
1. Marketing: Before now, if we searched an online store to look for a product without knowing it’s exact name, finding that product would become futile. But nowadays, when we input some alphabets of the product, we get all possible results related to the product, as if these search engines read our minds. Example is trying to find the right movies on Netflix.
2. Banking: AI is growing faster in banking than we expected. Many banks have already adopted AI-based systems to detect anomalies, credit card frauds and provide customer support. Furthermore, AI is now used for fraud detection and prevention.
3. Agriculture: The world will need to produce 50 percent more food by 2050 because we are literally eating up everything. The only way this can be possible is if we use our resources more carefully. Farmers now use AI for weather forecast, detecting weeds and diseases in plants, and suggest the herbicide to use.
4. Finance: Businesses have been relying on computers and data scientists to determine future patterns in the market. Financial organizations are turning to AI to improve their stock trading performance and boost profit in this era of ultra-high-frequency trading.
5. Autonomous Vehicles: Artificial Intelligence implements computer vision, image detection and intense learning to manufacture cars. Without human intervention, a car can sense objects and drive itself around it. Examples include Tesla’s self-driving car.
Written by: Oyindamola Ezekiel.
