Whether organizational leaders like it or not, technology is changing the way that we do business. More recently, as we continue to see substantial changes in the use of Artificial Intelligence (AI), business leaders are learning how to adapt to these changes in order to stay competitive in their industry. Artificial Intelligence is a concept that scientists have been studying since the 1950s, however there hasn’t been drastic advancements until the most recent wave of interest called Deep Learning. With so much data online about the topic, many organizational leaders find themselves wondering how it all really works and what the impact will be across their industry.
What is Artificial Intelligence?
Artificial Intelligence, often referred to as AI is the simulation of human intelligence processed by machines, specifically computer systems. So, how does it work? Essentially, machines learn rules, reasoning and self-correction in order to make algorithms that can perform a variety of functions.
Two well-known subsets of AI include Machine Learning and Deep Learning.
The definition of machine learning is “algorithms that parse data, learn from that data, and then apply what they’ve learned to make informed decisions.” This is done through a lot of math and complex coding. When something is capable of machine learning, it means that it’s performing a function with a given set of data and then it gets progressively better at that function. As an example, with an on-demand music streaming service, new songs or artists are recommended based on machine learning algorithms that associate the listener’s preferences with other listeners who have similar musical preferences.
Deep learning is another subset of machine learning. Machine learning improves its function over time but usually it still needs some human guidance. Deep learning algorithms can determine on their own if a prediction is accurate or not. For example, a machine learning algorithm could know to turn on a light if it hears the world “dark”. With deep learning algorithms, the light could turn on if similar phrases are heard, even if they don’t include the word dark. For example, if someone says a phrase like “I can’t see” the algorithm would recognize the similarity in meaning and still turn on the light.
Five ways that AI will impact business:
- Improve Customer Relationship Management (CRM) systems
A customer relationship management tool allows businesses of all sizes to organize, automate and synchronize all aspects of a customer interaction. CRMs can be used by an organization’s sales, marketing, and customer support team. Often, a large amount of human interaction is needed to keep the CRM up to date. When AI is applied to a CRM it helps the database become self-updating, automating a variety of processes and adding contacts to the correct list without a human dedicating any time or energy. This allows the organization to stay on top of the relationship and better serve their clients.
2. Customer Relations
AI is changing the way that organizations connect and interact with their customers. One way that companies are leveraging AI to improve their customer relationships is through the use of chatbots. This is a computer program that is designed to communicate with humans through the Internet by using voice command and messages. A chatbot allows an organization to respond promptly to a customer inquiry and direct them to the right spot of a website or to an employee in order to meet their needs.
AI can also be used to understand customer sentiments about certain products and an organization. This eliminates the human bias as there is no need to try and decipher the tone of voice of your customer. Lastly, AI provides a large amount of data to organizations about their customer’s interests, preferences and opinions. AI gives organizations the ability to offer related products and services based on a purchase to the correct customer at the correct time, increasing overall sales.
3. The Organization of Data
In today’s day of business, data is everything. The amount of data collected by organizations is continuing to skyrocket. AI is a tool that is being used to sort and segment all this valuable data. Through Natural Language Processing and Machine Learning, AI has the ability to provide the sentiment of that data it is sorting through. Lastly, it has the ability to rate how credible the source of the data is. These advantages provide businesses even more insight into their customers, competitors and their industry’s marketspace allowing leaders to make educated, data-driven business decisions.
4. Improves your supply chain & reduces costs
Organizations have seen improvements in their supply chain by leveraging AI. By implementing an automation process, it can improve the overall agility and accuracy of the supply chain when compared to a manual process. Concepts such as inventory drones and driverless machines in supply warehouses have been found to decrease error, improve timing and lower overall costs. The improved analytics that go along with AI technology allow decision makers to identify gaps within their supply chain and find solutions to improve overall efficiency.
5. Changes in organizational roles
Technology taking over jobs that humans are currently performing has always been a fear among society. Some say that jobs will be lost due to the implementation of AI, but others say that AI will also create job opportunities. Most people believe that both will be true. Jeff Wong, EY Global Chief Innovation Officer, says: “As businesses deploy AI strategies, they’re increasingly aware of how the roles, responsibilities and skills of their talent is changing. With AI taking a leading role on tackling organizations’ simple and repetitive tasks, the human workforce can focus more on complex work that ultimately provides a greater level of professional fulfilment to employees and a more efficient use of critical thinking power.”
Human Resource and recruitment is one sector that many believe will change drastically due to the implementation of AI. It is predicted that AI will replace 16% of HR jobs within the next decade. It is believed that organizations will be able to find employees that are a better fit for their organization because they will have the ability to assess a candidate’s online presence and match it to what they are looking for. This data will also get sent directly to an employee’s inbox as it will be produced through the AI technology.
At SupportMyMac, we believe that technology has a direct impact on your ability to serve your customers. We also recognize that as a business owner it can be difficult to follow all the trends and know where to spend your time and money. Our technicians will take the time to understand your business, your goals and your overall workflow before recommending any changes or updates to your business technology. Every company will leverage technology in a different way in order to find success.