6. Role of AI in Business

Can you think of an industry that does not benefit from intelligence? We believe that AI can enhance all business areas and will fundamentally impact most industries and businesses. The reason is very simple ?—? artificial intelligence allows you to make better decisions for both simple and very complex tasks. It does so by understanding and evaluating all the parameters and factors that influence it. It can leverage complete sets of data, it can better understand the influencing factors and produce an answer that is more reliable than humans alone can. We are seeing the evolution of new AI-based tools and services, that can help run better organizations, optimize the core business processes as well as create better products and services for customers. Continuous technological advancement in computing power, connectivity, neural networks will fuel the development of more and better AI, which can be leveraged in business.

Businesses are constantly evolving organizational entities, striving to create and deliver the best goods and services to consumers. They do so in an ever changing world, often in a highly competitive environment. Customer needs change, new competitors enter the market, laws and regulations change, communication channels change, technology evolves providing new capabilities. AI is the one new capability that has far-reaching implications on many aspects of the business and industries they operate in. It is a new lubricant of all business operations by enabling better decisions on all levels.

Some examples where artificial intelligence can help businesses in making better decisions are:

  • Should you hire this person?
  • Who is your best customer?
  • What services need to be improved?
  • What features do your customers love?
  • What products will go out of demand soon?
  • Which are suppliers with declining quality and reliability?
  • How to train your employees better?
  • What is the risk of a contract?
  • What is the best business model option?

Based on the learning effects, each new decision can be used to better train the system by observing the results of the decision. Artificial intelligence can be used to create more intelligent products. A smartphone that knows where you want to go next and organizes the way. A voice assistant which can book a restaurant table dinner this evening, informing and coordinating the participants. A refrigerator that replenishes itself and helps with a healthy diet on a daily basis. A self-driving car. A security drone. A CRM system that automatically focuses on helping you develop your best customers. A HR tool that helps you hire the most suitable person. A corporate communication tool that ensure transparency and assesses the motivation level of your employees. These are just a few examples of intelligent products that are likely to evolve from artificial intelligence capabilities.

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