Artificial Intelligence is Changing the Way Business is Done
Technology has always been one of the key forces that lead to economic growth and change the business landscape. In the past, it was advancements like electricity and the steam engine. Today, the technology that is going to have the biggest impact is artificial intelligence.
In the popular media, conversations that focus on AI tend to have more of a sci-fi aspect to them. It is not uncommon to hear people talk about intelligent machines that are going to be the end of humanity.
While this might be the impression that many in the public get from movies and TV shows, it is very different from the reality of what AI is doing for business in the modern day. Businesses are using technology like AI chatbots and algorithmic recommendations to help them make better decisions and design products that are more useful and advertise more effectively. In fact, close to 85% of business leaders believe that artificial intelligence is going to allow their companies to gain or maintain a competitive advantage.
A Technology for All Industries
The recognition of AI’s growing importance and future potential has led many businesses to make major investments in the technology. While tech giants like Google happen to be some of the most aggressive investors in AI, it is not limited to companies that operate in tech. Auto manufacturers like Ford are investing in AI to develop self-driving cars, and you even have department stores like Walmart investing in the AI revolution.
While we can already see artificial intelligence having a major impact on business, it is not something that happened overnight. It is the result of decades of research.
We have seen advances to the hardware that is needed to support AI, developments to machine learning, an increased accessibility to cloud computing resources, and the growth of big data. It is the convergence of these innovations and others that have led to AI taking such an important role in the modern business world.
Three Companies that are Already Leveraging AI
Even with all of this talk of artificial intelligence, many people still do not see how it is changing business and the products and services that we use every day. To give you an idea of its impact on modern business, here are three big brands that are already using AI shape their products and organizational decisions.
As the world leader in streaming entertainment, most people are familiar with Netflix. If you have ever used the viewing recommendations from Netflix, then you have experienced one way that AI is being used to reach business goals. Netflix uses AI to analyze user data to give you the best recommendations based on your viewing history and habits. They also use machine learning to analyze consumer behavior and this helps them to allocate their content budget to acquire and develop the movies and TV shows that will attract the most viewers.
Amazon may be an online retailer, but they are also one company that is working to solve some of the greatest challenges in the world of AI. Developing machines that can understand and generate natural language is still a major challenge for researchers.
At Amazon, the quest to develop the best digital personal assistant has led to significant advances in Natural Language Processing technologies. For people that use devices like Amazon Echo, artificial intelligence has become a part of your everyday life.
For Pinterest users, it is all about the content. For this reason, it is in the best interest of the site to make sure that they offer the best content recommendations they possibly can. Pinterest uses machine learning to refine their content recommendation system, and this ensures that users not only get the most relevant content recommendations, but also that they are also delivered at the right time. This keeps users more engaged and it adds value to the platform.
This is only the beginning for AI in the business world. In the future, we are going to see AI systems that are even smarter and we are going to see more businesses using AI to gain an edge on the competition. The businesses that are investing now and experimenting with ways to use the technology are the ones that are positioning themselves to be the leaders of the future.