See what AI’s role in the business is.
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Artificial Intelligence (AI) has become the software equivalent of the semiconductor -ubiquitous, unseen, and capable of changing the shape of society and business. And it is embedded into increasing numbers of systems and applications in a manner that is both transparent and transformational.
It’s here now, and its presence is only growing. Expect AI to be embedded in systems that deal with customers, suppliers, employees, machines, transport, and every other aspect of business activity.
We are not talking futures here. Most medium-sized and large businesses are already using AI-enhanced sales and marketing systems-whether they are aware of it or not. AI allows applications to process massive amounts of data in minutes or seconds and make decisions superior to those of people with decades of experience.
Everywhere you look, AI is assisting and displacing human effort. Legal research is being carried out by AI robots; MRI scans are analyzed with AI-supported systems for higher speed and accuracy; and investors are using AI robots to create investment analysis.
It should be evident that if AI can perform these sorts of tasks, then it might also help business managers in their decision-making and analysis processes. Traditional tools for analysis will soon become too burdensome due to their complex interfaces, their arcane methods, and the sluggishness of their workflows.
AI is revolutionizing analysis tools by making them more user-friendly, faster, more accurate, and cheaper to use. It’s an undeniable revolution and the emerging opportunities that AI presents are numerous and significant.
Business managers don’t have to understand AI technology, but it has become essential for them to understand what it can do and how it impacts businesses. As with all new technologies, the winners are those who see the opportunities and utilize a technology before it becomes the norm. Everyone else can only hope to catch up.
With all of its power, if we are going to use AI in our businesses, we’d be wise to have some measure of its intelligence. But how do we do that? We do so by taking steps to define a goal for every AI-embedded effort we deploy. Only by observing outcomes and comparing them with well-defined goals can we determine whether an AI application is truly intelligent. For example, if we use AI to place advertisements on various social media channels and tell the application to optimize clicks, if we find that fewer people click and engage as a result, it would be fair to say that the AI we’ve deployed is not so intelligent.
Setting goals in an AI application turns out to be more complicated than it first might appear because the goals themselves are complex. In the example above, our goal might be to achieve clicks, increase business, and lower costs, all at once. With that understood, we can use the combination of the three to provide us with the measure of intelligence we are looking for.
Since it’s not all that simple to determine how intelligent an AI application is, it’s a good idea to take the time to ensure its value.
