Artificial Intelligence is changing the course of business: Are you ready yet?

The key to artificial intelligence has always been the representation

– Jeff Hawkins

The artificial intelligence world continues to be a field of business battle where these modern techniques are enhancing the growth of the business. AI has the power to look and predict, have different perceptions, can provide different strategies, and overall better customer experience. A source says that the market for AI solutions is expected to reach US $47 billion by 2020. That’s why it’s a Now or Never question for businesses to accept the fact that AI can deliver limitless opportunities that we can take advantage of.

Once we realize AI is something magical it becomes difficult for businesses to figure out What do they need out of AI? How can they use AI efficiently? And Are they using it correctly? Here are the ways to take advantage of AI which will help you in changing the course of business.

Authentic results lead to high productivity

As we always know machines don’t rest and will not make mistakes. AI allows the computer to self-learn without being explicitly programmed. AI can be used in any application that seeks a prediction, or a solution to a challenge – given access to relevant data. It can take information regarding the projects, analyze new perceptions, companies can allocate tasks which they need precisely or repetitive tasks such as generating calls for non-paid customers when humans are bored of doing the same task every day.

A live example is in the Netherlands, 97% of healthcare invoices are digital. A Dutch company uses AI to scrutinize the data to highlight mistakes in treatments, and workflow inefficiencies and helps area healthcare systems avoid unnecessary patient hospitalizations.

2. Saver – Time and Money

AI’s can be trained, followed the same protocol, adaptable to work behavior and set of pattern recognition techniques as given to Humans, but here the difference is how fast AI’s can produce the results and how this can reduce the cost. However, the concept of deep learning in your business can save you the critical factors of the company by reducing the repetitive tasks or outsourcing for specified projects. Humans are not machines they tend to lose their interest at a point. So, creative or new assignments can engage your employees to do better and enable people to make more efficient use of their time.

Startups use Artificial Intelligence 61% of businesses said they implemented AI in 2017—up from just 38% in 2016, demonstrating that AI has finally hit the enterprise in a meaningful way which reduces both time and cost. In other industries such as the travel industry, people are experimenting with autonomous chat-bots so that they can reach people quickly.

3. Increase in employment opportunities

When you have worked to bring the AI’s to the business area, but find that they are complicated to handle or you are not aware of what tasks to be delegated. This can lead to the destruction of your 10 or 5-year plan because you are lagging. In these areas, every business needs skilled employees or trains its employees under experts to use the software and move forward. Certain areas need emotional intelligence, compromising decisions must be made and here the humans are used at best.

CNBC research in 2018 states that while AI could displace roughly 7 million jobs in the country, it could also create 7.2 million jobs, resulting in a modest net boost of around 200,000 jobs. It’s time to run harder to stay on top of the competition.

Conclusion

AI is the center of technology and will still emerge in the future as AI could double the annual economic growth rates in 2035 by changing the nature of work and creating a new relationship between man and machine. Do your homework and make a plan of what tools, a skills you need and start a new day with artificial intelligence.

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