Friday, July 12, 2024
CEOWORLD magazine - Latest - Tech and Innovation - How AI Can Be Used for Business: An Overview

Tech and Innovation

How AI Can Be Used for Business: An Overview

Artificial intelligence (AI)

Technology evolves and progresses every day, advancing society in countless avenues, whether it be medicine, transportation, communication, or security.  A major technological advancement in recent years is artificial intelligence, commonly known as AI.  In broad terms, AI is the ability of a computer or machine to learn from previous experiences, allowing it to respond to written prompts, images, math problems, and more.  However, there are many different types of AI, adding complexity to this definition. 

The three main types of AI are machine learning, deep learning, and expert systems.  Machine learning AI enables machines to learn from data without manual programming.  Snapchat implements this type of learning to generate interactive filters.  Deep learning focuses on more complex patterns and datasets, consisting of neural networks that recognize patterns within data.  Finally, expert systems mimic human decision-making. 

Each type of AI has its own advantages and disadvantages.  For instance, deep learning AI often outperforms machine learning data inputs like images.  However, we can also unify AI types.  Zillow Zestimate is an example of a program that utilizes all three types to achieve real estate success.  The expert system might analyze something like how respective house size impacts price.  The machine learning AI might analyze trends, and deep learning AI will consider thousands of data points to make predictions about factors that impact sales. 

Many companies are turning to AI to elevate their services.  In fact, in 2023, global government and business spending on AI will surpass $500 billion, with organizations looking to boost their predictive analytics, natural language processing, generative AI, and computer vision capabilities. 

Predictive analytics involves data mining and statistical analysis with the goal of predicting future events.  A common example of this is Google Maps; it uses predictive analysis to estimate travel time to a destination.  Natural language processing allows computers to understand and respond to human language, and can be seen in programs like Microsoft Translator.  Computer vision is used in Apple Face ID and is the ability to interpret and understand images.  Finally, Generative AI is composed of algorithms that use existing data to develop new content.  NovelAI is an example of generative AI, writing novels based on a prompt. 

AI will have a significant impact on the economy; studies predict that, by 2030, AI will contribute $200 trillion to the global economic output.  Over the last few years, AI use in businesses has skyrocketed, and will likely continue to do so.  Currently, some of the most common AI use cases are service operations optimization, creation of new AI-based products, and customer service analytics.  However, these are just a few examples of the many uses of AI. 

In order to be well-versed in AI as it changes the economy and society, it is important to know specific key terms.  One of these is Application Programming Interface, or API.  API is a set of defined rules that enable disparate applications to communicate.  It processes data transfers between systems, acting as a middleman.  For example, people can link chatGPT with other interfaces to boost chatbox power. 

Another term is data extraction, which is a tool of machine learning programs.  It involves the identification of usable and targeted information from unconsolidated sources.  Once this data is identified, the data extraction process pulls the data together. 

There are many ways that AI will benefit governments and businesses.  AI leads to increased efficiency and productivity.  It does so by handling menial tasks, freeing up employees to tackle larger problems.  AI also produces greater speed and improves monitoring.  It leads to higher quality and increased accuracy and streamlines the hiring process through enhanced talent management.

In order to implement AI effectively, there are several steps businesses should take.  It is important to define business needs and determine how AI fits into those needs.  Next, businesses must set short term goals, then evaluate business capabilities.  Businesses also need to prepare the data so it is coherent, accurate, and compatible with the chosen AI algorithm.  Finally, it is important to begin small and test AI performance before committing to the program. 

One example of a useful AI program is Intelligent Document Processing, which works with no training and can extract data from any document.  It contextualizes information and layouts to answer natural language questions. 

Whether it be Intelligent Document Processing or another AI-powered program, there are many ways to use technology to streamline business.  As technology continues to adapt, businesses must adapt as well, meaning it is important to learn about key terminology and benefits of advancements like AI.

Have you read?
The World’s Top 10 Highest-Paid Wealth Management Executives.
CEO compensation: Highest paid chief executive officers in the United States.
Highly-Paid Entertainment Chief Executives (Averaged $31.66 Million).
Highest-paid health insurance CEOs.
Most Powerful Companies in Australia, 2023.

Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact:
CEOWORLD magazine - Latest - Tech and Innovation - How AI Can Be Used for Business: An Overview
Brian Wallace
Brian Wallace is the Founder and President of NowSourcing, an industry-leading content marketing agency that makes the world's ideas simple, visual, and influential. Brian has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019-present

Brian Wallace is an opinion columnist for the CEOWORLD magazine. You can follow him on LinkedIn.