Artificial intelligence this, artificial intelligence that … everyone wants to talk about how AI technology is changing various aspects of society. And while it’s true that AI will have an impact on just about everything we see and do in the next decade, it’s likely that no single aspect of society will be more transformed than business.
Over the past couple of years, I’ve noticed just how much AI has influenced strategic business decisions and actions in my industry. I want to be careful not to over-exaggerate the impact AI technology is having, but the results are nothing short of astonishing.
Let’s ditch the hypotheticals and instead make it really simple and personal. Here are six specific ways AI will revamp your business in the very near future.
You’ll be Able to Think Faster. One of the biggest benefits of AI is that it allows people – individuals who are limited by biology and can only process a certain amount of information in a particular period of time – to think faster and more efficiently.
ScenGen, one of the most advanced AI inventions ever produced, generates 250 years of human thinking every 90 minutes. Consider all of the incredible things your business could accomplish with that sort of rapid thinking.
HR Turns Into HR 2.0. While machines are great, businesses ultimately thrive on the backs of humans. AI technology will help businesses better understand these humans – i.e., employees – by providing a holistic picture of how they’re performing.
With machine learning, companies can track and interpret thousands of data points on each employee to understand how they’re performing, what they can improve, and what to look for in new hires to overcome current deficiencies.
- Human Error is Removed. A lot of people fear a world in which robots and computerized systems make important decisions, but the reality is that AI leads to greater efficiency and fewer errors. In fact, assuming the system is properly developed, AI totally eliminates human error and creates less risk for businesses.
- Cyber Security Threats Can Be Detected. “Artificial intelligence holds great promise with its ability to learn patterns of networks, devices, and systems and decode deviations that could reveal in-progress attacks,” expert Lucas Carlson notes. In fact, there are a number of startups currently working on products that serve this very purpose. One of the most popular is StackPath, which is led by successful entrepreneur Lance Crosby.
Customer Service Becomes Less Burdensome. Customer service is one of the most important aspects of any company – but it’s also one of the most time-consuming. Dealing with a single customer issue or complaint can take hours. When you compound that over hundreds or thousands of occurrences, suddenly you’re expending way too many man-hours that could be spent elsewhere.
With AI, you can streamline these processes through the use of chatbots (among other technologies) and save considerable time and money.
- Administrative Functions Made More Efficient. Nobody wants to talk about how AI technology will replace jobs, but in some cases, it’s true. First to go will be administrative assistants and receptionists. Everything that they do – from answering calls to creating schedules – can be handled by smart AI platforms. This will save businesses vast amounts of money and lead to quicker and more efficient processes.
AI and Business: An Inseparable Tandem
We will never again know a business world without heavy influence from artificial intelligence – that’s just the simple truth. We’ve reached a point of no return where AI will forever play a role in how businesses function on a daily basis. The best thing to do is be prepared.