There is no denying the impact emerging technologies has across all industry sectors. Emerging technologies are transforming both industry practise and customer expectations, allowing for seamless purchasing and immersive experiences.
One technology people cannot stop talking about is artificial intelligence. With voices of excitement and concern heard across both the scientific community and the general public, it’s hard to understand whether AI is a good or a bad thing. Promising to revolutionise customer service amongst other areas presents exciting prospects across the majority of sectors, but as we’ve previously discussed, there is a dark side to AI.
All opinions aside, artificial intelligence and the opportunities it presents can be confusing to understand, but it is important to understand the growth in the technological and functional capabilities of AI to consider what it can do for your business.
Not just killer robots…
To most people, artificial intelligence means robots trying to take over the world, and whilst there is a prominent threat of AI being used within military strategy, robotics experts have wrote a letter to the UN calling for the ban on the development of killer robots.
But AI presents far more opportunities than dehumanising military action. As the technology develops further, interactions with AI are becoming more lifelike. AI assistants are beginning to learn more about human language and social rules, and are participating in more natural conversations. Already we are seeing huge companies implementing AI within their infrastructure, but we are yet to see AI at its full potential.
How does it work…
Artificial intelligence builds upon machine learning. It uses the science behind machine learning and collaborates with algorithms and robotics to create truly intelligent machines. To explain machine learning, Wired use the example of Google Search. When you make a typo in Google Search, the site will correct your language using similar mistakes made be other users. Developers and researches are creating more complex methods of machine learning to increase the capabilities of AI and implement them into multifarious systems like consumer behaviour to recommend products and services, and fraud detection. But, there is still improvement to be made to the machine learning algorithms, therefore, we are seeing huge amounts of money invested into AI research.
What can AI do for my business?
As previously mentioned, fully understanding what AI can do for society is early days, but there are countless companies and enterprises already embracing the current possibilities of artificial intelligence, so in order to compete with rival businesses and offer clients the best available services, it may be time to include AI in your digital strategy.
Translating and generating speech
Artificial intelligence has the capability to generate and translate natural human speech. This offers immense opportunities within customer service and business intelligence insights. AI could actually minimise the need for human customer service assistants. Chatbots are open 24/7 and reduce waiting time by generating instant replies and constant access to a vast amount of company data. Aside from developing and implementing the appropriate resources, AI could drastically reduce cost and resources. At this stage it is also important to note that AI technology is developing to accurately recognise objects and features in videos and imagery. You may have heard of the recent ‘breakthrough’ in AI determining an individual’s sexuality from an image alone. Even though this study may not have been as accurate as it seems, image recognition intelligence by AI assistants could bring vast opportunities within security and marketing.
Artificial intelligence can take in and analyse billions of data points within minutes and, similar to the way the human brain works, it can recognise patterns in data. Not only is this incredibly efficient, it allows the AI assistant to learn and adapt their behaviour based on changes within the market. This can help improve services like real estate, as AI assistants can prioritise high value prospects based on specific events and market insights to increase deal flow.
Automation of manual labour
One of the loudest voices of concern surrounding AI is the job loss threat towards humans. Technology has been replacing human work for a long, long time, but has never posed a threat to ‘white collar workers’. AI can increase efficiency amongst manual tasks, automating routine processes such as, data processing.
Want to know what AI can do for you business? Get in touch with B60 today to improve your digital strategy.