The emergence of artificial intelligence has had a profound impact on the business landscape. A system previously only for advanced research is now applied across industries everywhere. The impact of AI on business has been bold and only continues to grow.
Here are some of the prominent ways in which AI is changing businesses across the globe.
1. Automation Everywhere
One of the most prominent impacts of AI on business has been mass automation. Sure, we had mass production, but automation is completely different.
Automation applies to everyday operational and logistical tasks. A business cannot survive or run without them, but they are very tedious too. A lot of expense and manpower used to be spent on them. Activities like scheduling and basic analysis can now be performed with a single AI function.
2. New Jobs
Artificial intelligence intruding into the business landscape has changed the job market. Some jobs have disappeared overnight while others have cropped up overnight.
There is more demand than ever for AI experts who can run AI systems and program them. AI is becoming more specialized with deep learning, machine learning, and more. Thus, the divide between research and business is decreasing. Computer scientists are now demanded in big business.
Where some basic jobs have died out, new ones have been created. Data sorters and organizers are now the blue-collar equivalents of previous filers. They are responsible for cleaning and sorting data. Soon, even they will become redundant, but for now, they are needed.
3. Data Collection Has Changed
Previously, the most data a business was concerned about was it’s own. The scope and methodology of AI have changed that. Data collection is now very important to the processes of artificial intelligence.
AI methods require huge volumes of data for their programs. Businesses are thus now engaged in updating data collection methods and techniques. Data on pretty much everything is now valuable for a business.
4. Deeper Customer Service
Artificial intelligence has allowed businesses to ramp up customer service efforts. AI chatbots and programs can recommend products based on complete customer profiles. Chatbots can be available 24/7 for help.
Furthermore, AI can be used to deliver mass customization. The most prominent example of this is Netflix’s recommendation system.
5. Improving the Hiring Process
One possible impact of AI on business could be in hiring. Hiring processes are usually filled with human error and inefficiency. Using AI, candidates can be judged on more thorough and complete profiles. A better selection of relevant candidates can be shortlisted through analytics.
6. Opportunities for the Workplace
The arrival of AI does not spell doom and gloom for employees. If anything, it can also be applied to enhance the work experience. Using AI, a business can better examine reasons for employee de-motivation.
AI can also be used to weed out toxic individuals and develop more comprehensive reward programs.
These are only some of the present ways that business has been changed by AI. The potential is boundless to how it may get changed today or tomorrow. AI is developing and evolving at a frightening pace. It is possible that what we call business tomorrow may not resemble businesses of today at all.
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