What Is Artificial Intelligence And Why Does It Matter To Your Business?

What Is Artificial Intelligence And Why Does It Matter To Your Business?


Once a buzzword in the digital ecosphere, artificial intelligence (AI) has now become an integral part of our everyday lives.

It is a life-changing technology, perhaps the most transformational technology that we have today. From Google Assistant to Alexa and from Chatbots to AI-enabled logo maker, AI has made a significant impact in making our lives easier. 

Despite the enormous repercussions of Covid-19 on business models, it hasn’t diminished the impact artificial intelligence has on our lives and businesses across the industry.

What is artificial intelligence?

Artificial intelligence (AI) and its sister term machine learning (ML) are the two buzzwords in the software development ecosphere today. Although these technologies were coined back in the 1950’s, they have picked up pace in the last decade only.

Now IT giants such as Apple, Google, Amazon, Tesla, Testing Xperts and others have started investing big into AI in a bid to solve various technological problems in the industries including healthcare, search engines, autonomous cars, predictive modeling and so forth.

With rapid advancement, the technique is on the verge of crossing infancy. It is going to entirely transform every business, irrespective of the size. 

Another advantage that businesses can leverage is AI-enabled DIY tools such as logo maker, business card maker, signature generator etc.

Such tools come handy for small businesses that can’t afford to hire a designer or are in hurry. Companies like Designhill, GraphicSprings, Tailorbrands, etc. have launched a lot of intelligent DIY tools that make graphic designing fun —anyone can use them efficiently.

Now that AI is becoming an integral part of our everyday life, how will it transform software testing, a hardwired field of software development that has been around for decades now?

Well, stay with me! We’ll uncover everything that you need to know, from the technical bits to the more subtle nuances of how AI will matter to your business.

In present business scenario, artificial intelligence or machine learning, AI-powered machines can efficiently perform the following tasks:

  • Perception
  • Learning
  • Problem solving
  • Ability to manipulate and move objects
  • Speech recognition
  • Planning
  • Reasoning

Why does AI matter to your business? 

If you think your business might not need AI, then you’re making a big mistake. Think about it again! Artificial intelligence can impact your business, too, trust me! With its self-teaching and learning algorithms, AI will keep playing a crucial role in transforming businesses in years to come. As per a study, about two-thirds of executives believe that AI is crucial for their success.

That’s why your business too needs an AI strategy.

Like any other business transformation, if you want to leverage AI, it must start with your company’s strategy. This way, you’ll be able to focus on your key business objectives and prioritize approaches that artificial intelligence can help achieve those business goals.

Usually, there are two ways that companies use artificial intelligence to drive success—designing smart business processes and creating intelligent products & services.

Let’s take a little deeper dive into the usage of artificial intelligence.

Smart Business Processes

Artificial intelligence is redefining business processes across the sectors through optimization and automation.

It makes systems smarter that automatically recommend every customer product relevant to those they’ve already purchased or shown interest in. Sometimes, usage of AI can be as complicated as production companies fully automating their entire production line. But for most businesses, the greatest AI opportunities lie between simple and complicated.

For example, financial institutions incorporate artificial intelligence to detect fraudulent transactions in almost real-time. Motor manufacturers such as Volvo use AI for predictive maintenance, which is yet another example of AI-optimized processes. It works around using sensors that continuously monitor machinery to predict when a part might fail.

Moreover, predictive maintenance is all about letting owners know when any part is likely to fail so that they can replace it beforehand and minimizing the risk of accidents and downtime.

Besides, artificial intelligence is widely used to improve customer experience. AI-based business process management lets businesses know about the customer’s behavior, and based on their inputs; businesses can chalk out the future course of action.

In fact, implementing an AI-powered chatbot that communicates with customers is the most common example of an AI-enabled business process.  

But did you know that the use of artificial intelligence in graphic designing tools is now pretty much mainstream? Logo maker, t-shirt maker—there are plenty of such tools out there that even novices can use to create professional designs on their own.

Smart services and products

Artificial intelligence, in fact, is all about making machines smarter—pretty much like a human or even better. You can see how modern-day consumers wholeheartedly embrace smart devices like a smartwatch, smartphones, smart thermostats, etc. to make their lives easier, more connected, and smarter. 

That’s why more and more businesses are looking for ways to make their services and products more intelligent through the power of artificial intelligence and machine learning.  Amazon’s Alexa and Google’s search engine algorithms are some great examples of tools using AI.

Social media channels also depend heavily on AI. You can experience how social media platforms display a continuous stream of content based on what you’re looking for. What do you think makes it possible? It’s all because of artificial intelligence. Simply put, the channels get to know your choice — what you like and what not. And based on that, they recommend you content.

Besides these tech-related examples, let’s have a quick look at the toy industry. AI has revolutionized this too.

Even Barbie has had an intelligent revamping. Hello Barbie is the first AI-enabled doll that uses speech recognition and machine learning (ML) to engage with a child. A microphone is placed inside Barbie’s necklace that records the child’s voice and transmits it to a server for analysis. The server then chooses the most appropriate response from the 8,000 dialogue options.

Barbie learns and remembers key information from conversations, such as the child’s favorite food, likes, dislikes, etc., and use in further conversations with the child.

You can see how the implementation of AI makes products smarter.

Find out the appropriate use of AI for your company

The right use of AI will entirely depend on what you’re trying to achieve. Therefore, your underlying business strategy must drive your AI strategy. So before you jumpstart your company’s AI strategy, you should review your business strategy.

Once you’re sure about your organizational goals, start thinking about the ways AI can assist you to transform your business and achieve those goals.

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