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Artificial Intelligence, commonly referred to as AI, is a technological advancement that has swept the world by storm. Whether in art, writing, or business transactions, AI has found its way into various aspects of modern life. It carries significant implications, particularly in a business context, as it possesses the capability to revolutionize the way companies operate and make decisions
EMERGENCE IN BUSINESS
AI has been implemented in many areas of business: customer service, data analysis, predictive analytics, etc. As the technology surrounding AI becomes more advanced and developed, it will eventually eliminate the need for human capital in areas with highly repetitive tasks or low-complexity work. Many large companies now use AI. Amazon is most recognizable for its use of AI in their digital voice assistant, Alexa. They also employ artificial intelligence to aid in their algorithms and recommendations. As they collect data regarding consumer habits, artificial intelligence is able to predict and make more accurate recommendations. Another famous example is Apple, one of the world’s largest tech companies; they incorporate AI into most of their product systems, including Face ID, Siri, Apple Watch, HomePod smart speakers, and even Apple Music and Photos. To maximize the potential benefits of using Artificial Intelligence, organizations must redesign their business operations. Identifying areas that need improvement will lead to the creation and implementation of proper solutions within the organization
AI AS AN AID, NOT REPLACEMENT
Artificial Intelligence is capable of gathering and analyzing data at a staggering rate, enabling companies to not only save money but also utilize the collected data to generate more revenue. AI can assist businesses in streamlining their production processes by handling repetitive tasks, allowing human employees to focus on tasks that cannot be accomplished by Artificial Intelligence. It can also take charge of tasks such as data collection and analysis; according to insideBIGDATA, AI can prevent errors and human mistakes while performing these tasks at a much faster rate than humans.
A common misconception and concern voiced by a majority of the working population is the fear that machinery, advanced technology, and Artificial Intelligence will replace human employees in the future. However, to fully maximize the benefits and appropriate application of this technology, humans must embrace the idea that AI is here to assist, not replace. According to research by the Harvard Business Review, which involved 1,500 firms across various industries, the most significant performance improvements occurred when humans and technology collaborated. It also found that fully automating services and operations only resulted in short-term productivity gains.
While AI offers numerous benefits, businesses must also address ethical issues, data privacy, and potential biases when implementing AI systems into their business. AI should be seen and used as a tool to enhance human capabilities, rather than replace them. Fostering a healthy relationship between humans and technology will lead to the best outcomes.
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