SkillRary

Artificial intelligence (AI) has slowly, but surely, seeped into both our personal and professional lives. If you have doubts about that statement, just ask Siri, Alexa, or Clever Nelly what they think about it.

AI or artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. These processes include learning, reasoning and self-correction. Some of the applications of AI include expert systems, speech recognition and machine vision. Artificial Intelligence is advancing dramatically. It is already transforming our world socially, economically and politically.

AI was coined by John McCarthy, an American computer scientist, in 1956 at The Dartmouth Conference where the discipline was born. Today, it is an umbrella term that encompasses everything from robotic process automation to actual robotics. AI can perform tasks such as identifying patterns in the data more efficiently than humans, enabling businesses to gain more insight out of their data. With the help of AI, massive amounts of data can be analyzed to map poverty and climate change, automate agricultural practices and irrigation, individualize healthcare and learning, predict consumption patterns, streamline energy usage and waste-management.

There are plenty of doom and gloom predictions around AI and how robots will take over our jobs. But that won’t happen. AI will remove some jobs from the market, but it will also create others. AI is here to help us, and its contribution to the workplace will be twofold:

• AI won’t remove us from the workplace, but it will automate menial and repetitive tasks and free us up to do more complex operations.
• AI will enhance the effectiveness of employees in the workplace.

There are multiple benefits of artificial intelligence in the workplace, and here are three that are easy to miss, but can make a significant impact on your business.

AI has the potential to offer $15.7 trillion to the global economy by 2030.  We are already utilizing AI every day but may not realize it.  The computer algorithms that allow Netflix or Amazon to make purchasing suggestions are a normal part of life.  But sometimes, it’s hard not to feel a sense of awe when a machine that makes – a square and immobile box in the room – connects with you on an intimate level.  How did it know that?  In the coming years, people will be asking that question of their cars, phones, banking systems, and virtually every piece of technology with which they interact every day.

AI is expected to reshape most if not, all facets of life and the workplace.   Today, the current impact AI is having on our society and workplaces cannot be ignored or the future predictions.

Benefits Of Artificial Intelligence In The Workplace—   Increased Productivity

Businesses are using artificial intelligence to improve the productivity of their employees. One of the benefits of AI for business is that it handles repetitive tasks across an organization so that employees can focus on creative solutions, complex problem solving, and impactful work.

One example of that is chatbots.

AI-operated chatbots became a must for teams that have daily, direct interactions with customers and rely on fast, accurate, and timely customer support.

From information gathering to initiating the process of filing customer complaints, the manual time needed to complete these tasks has been dramatically reduced by chatbots. It has also improved the overall customer experience. Reducing administrative tasks will also help to eliminate human error from your customer operations.

Although chatbots still don’t quite have that human touch, they are getting better at natural-sounding conversations every day.

Chatbots won’t completely take over customer support, but they can handle repetitive tasks and help customer support reps perform better at their jobs. There are already AI tools that use behavioural science to help customer service reps provide better support.

That will result in increased productivity and job satisfaction for employees, and higher profitability for the business.

Turn Complex Data Into Digestible Insights— The Benefits Of AI For Business

It’s impossible to run a competitive business without data. And even if you obtain it, hiring someone to read all of that data and provide valuable insights is even harder. Good data scientists are almost impossible to find in today’s market.

But one of the benefits of AI is that it can help companies decipher their data and gain valuable insights from it without a data scientist on staff.

AI applications that provide big data insights can:

• Identify important changes in patterns
• Isolate trends
• Create detailed reports that can help companies see if they are on the right track
• Perform deep-content analysis and do evidence-based reasoning
• Uncover any changes in the customer’s behaviour that might affect the business’s bottom line
• Predict what key business metrics the company needs to track to optimize performance

Gaining insights from data — something that used to require a lot of time and manual effort— can now be done with artificial intelligence.

This unlocks a lot of potential from employees that can be used to improve customer service and make smarter business decisions.

One example would be a bank that uses AI for recommending financial products. The basis of the recommendation is an AI analysis of available funds, current market conditions, and customer’s past decisions.

AI Increases Data And Information Security

“Catch Me If You Can,” is a movie where Leonardo DiCaprio plays Frank Abagnale, a con artist who managed to dupe people out of millions of dollars. But Abagnale eventually turned his life around, confessing his wrongs, serving a brief prison sentence, and finally, he ended up working with the FBI to help catch other con artists. Abagnale eventually created a security company and has been a security consultant for the past 30 years.

But one thing he said at his Google talk was quite scary, “What I did was almost 50 years ago, and it’s about 4,000 times easier today to con people than when I did it.”

Data security breaches are leaking a substantial amount of personal information and, most of the time, the company that has the breach is unaware of it.

But AI can help change that.

According to this Chrome report, “53 percent of frontline workers use messaging apps such as Facebook Messenger or WhatsApp up to six times a day for work-related reasons. But 68 percent of them said they’d stop if given approved internal communication tools.”