Opportunities from Artificial Intelligence

Artificial intelligence has a host of new opportunities for the society. Whether it’s in the banking sector, healthcare industry or any other domain, AI opens the door for a vast number of opportunities including: automation, autonomous systems, innovation, and increasing business competitiveness. This chapter takes you through these benefits.

Automation

Intelligent automation operates on the basis of three key artificial intelligence components, namely: machine vision, natural language processing, and machine learning.

AI in automation could be used for fraud prevention, brand management, customer service, human resource management, and software testing and development. When AI is fully rolled out, it gives us the opportunity to finally associate theft with the actual culprit. A camera could be fitted on the POS systems where all transactions are recorded and associated directly with the face. If someone commits a crime like using fake currency or instigates credit card fraud, catching them would be possible. The AI system may also identify unusual activities from the user, hence automatically stop taking requests from the user and send an alert to the relevant persons.

As AI brings about automation, it creates opportunities for it to be used in brand management (Stokes, n.d.). With the current state of affairs, marketers are often troubled by what consumers think about their brand. AI could automate the analysis of content spread all over the Internet and use it in identifying critical issues.

Chatbots have rapidly increased in popularity. What the chatbot does is that it understands user input and replies according to context. This is an AI breakthrough that could be used in the automation of customer service, marketing, and sales messages. Unlike apps that require download process, bots are easily deployed to already established platforms such as Slack, Facebook Messenger, among others. This would make one feel as though they are interacting with an actual human, reducing the workload on help desks.

Automation in testing is an emerging and promising opportunity. As more tools get developed, there are high chances that all activities involved in testing could be fully automated in the future. Among the reputable intelligent testing tools include ReTest, SauceLabs, and Applitools. With such tools, developers may have to just concentrate on core coding and allow intelligent systems tackle bugs. Even though automation of development is still far way to go, there are tools that prevent developers from being overwhelmed by menial tasks. Amazon Glue as an example can be used to deal with the tedious task of typing ETL script.

Recruiters are often troubled with sorting CVs, managing old data, and picking the right candidates for a task. With AI, these tasks could be automated on a large scale. As a matter of fact, HR managers are already receiving most of the CVs via automated applicant tracking programs. Whenever a user applies for a job, the solutions send the job application materials to the database. The HR managers may then get information clustered in a manner that’s easy to comprehend.

Autonomous Systems

Progress in machine learning, data science, control, multimodal sensing, and high-performance computing are creating opportunities for intelligent, autonomous systems. These kinds of AI systems have even been fitted with cognitive abilities like attention, creativity, and language. That gives us the promise of an efficient and improved autonomous system for transportation, health care, urban life, and manufacturing sector (Alan & Mark, 2017).

Systems that perform complex tasks in different areas like helping humans in household tasks or working together in factories ought to have cognitive abilities for them to understand scenes, interpret sensor data, parameterize their actions, recognize and deal with failures (Wikipedia, n.d.). Artificial intelligence provides an opportunity for the achievement of such with autonomous systems.

AI and autonomous systems provide opportunities for future warfare and holds potential solutions to the challenges faced in warfare. Different country’s armies have been at the forefront of developing AI technologies which improve on lethality, enhance efficiencies, and increase survivability. Drones are some of such technologies that holds immense promises when successfully fitted with AI. Such machines are able to learn from new information and experience, improving their accuracies (Alan & Mark, 2017).

Similar to other sectors of the economy, AI is creating an immense amount of opportunities in the transportation sector. The technology is facilitating the development of self-driven cars. Even though tech companies are building vehicles that can drive themselves, there is always the desire to make these vehicles maneuver like human drivers. That is to say that the vehicles ought to be fitted with sensory functions, executive abilities, and cognitive functions like decision-making, logical thinking, memory, and learning. The automotive industry has been evolving to achieve exactly that and AI is at the forefront in seeing to it that the autonomous vehicles have the sad features. As the amount of information entering the in-vehicle infotainment (IVI) increases, the automobiles will be able to capture and share various types of data including location data, internal system status, and changes in the environment. The sensors, cameras and communication systems being fitted on vehicles are instrumental in yielding massive amounts of data to which AI can be applied so that the vehicle acts like a human drive – see, think, hear, and make decisions.

Innovation

Artificial intelligence holds the potential of improving both goods and services, and through the automation of different tasks, it enhances the efficiency at which their production takes place. But AI has even more opportunities for the economy by serving as a method of invention which would potentially reshape the organization of R&D and the innovation process.

Although always grouped together, artificial intelligence is in essence informed by three distinct but interrelated fields namely robotics, neural networks, and symbolic systems. Symbolic systems is the most successful of the three, dating back to the 1960s. Each of these three fields of AI have important impact on innovation.

Although majority of the public discussions on AI have been focused on the technology helping us achieve superhuman performance with various machines, significant AI advances have so far not been in the form of “general problem solver.” Rather, most of the leaps made in deep learning and robotics have involved innovations that need continuous involvement of human planners. This kind of involvement lays the baseline for the emergence of technologies like face recognition, picking an object and placing it to the belt, and playing Go.

Through the combination of data and automation, AI inspires thinkers to come up with solutions that are applied at the click of a mouse or flip of the switch. Within the advertising sector, the technology helps companies be able to make better decisions with regards to where advertising can be visible to majority and also where it will not cause a disruption to user experience.

The integration of advances in quantum computing and neuroscience holds the potential of taking AI to the next level. Given that such integrations are still a distance from being actualized, humans remain to be the ultimate software. Rather being a replacement of human creativity and ingenuity, AI serves as a basis of motivating humans to come up with smarter innovations.

Business Competitiveness

Artificial intelligence serves the role of helping businesses be more competitive. Besides just automation, the technology is relied on in solving a vast number of complex problems. There are several ways in which AI helps businesses take a lead in the industry.

Enhances online security: Modern day business competition cannot be executed successfully without the involvement of the Internet. However, as the business goes online, it is faced with security challenges due to the fact that hackers are ever looking for ways to penetrate the organization and steal vital data. AI holds the promise of enhancing cyber security. The technology can be harnessed to detect malware and locate the necessary solutions within the shortest time possible. Software such as AppFog make use of AI to study systems, networks and devices in order to detect impending attacks and provide the business the needed online security. This leaves the organization concentrating on major functions rather than being held back by the threat of attacks.

Supports Business recruitment: A competitive organization is one that is able to get the right labor force on board. Businesses are ever trying to out-do each with regards to who gets the best talent. With AI, the organization’s recruitment process could be streamlined to get the right staff. The software programs greatly reduces the amount of time used in screening and researching the candidates. With AI, the business gets appropriate staff, enhancing its competitive advantage.

Efficiency in inventory management: A wide range of activities are normally involved in inventory management which can be quite daunting. From stocking, updating the inventory and accurately tracking everything, many items could be left out which work against the business. However, with AI technology, businesses can apply predictive analysis, thereby improving its inventory management processes. The more the company makes the right implementation of AI, the smarter it gets such that prediction of future and real-time inventory needs are accurately made.

Enhances customer service: AI’s predictive feature is one of the things that makes it a remarkable technology. With this feature, the business may be able to understand its customer’s changing needs and make the necessary adjustments. Furthermore, the idea of Chatbots is one that gives businesses better opportunities for better serving the clients. The Chatbots are able to hold conversations with the client and respond to the queries contextually just the same way a human customer service agent would. In so doing, pressure is relieved off the support staff to deal with other tasks that the bot cannot tackle.

Better decision-making: The kinds of decisions made in an organization are crucial to the quality of services it delivers within its domain. With the aid of AI, the business decision making capability is improved such that decisions made are tied to intelligent analyses. This results into better services that gives the organization an edge above competition. Of particular interest is financial decisions. AI helps organizations do this much better through the organization, analysis and patterning of data, generating helpful insight for the management.

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