Evolving Artificial Intelligence in Business

What are the types of AI, and what benefits do they bring? 

Artificial Intelligence (AI) is undoubtedly one of the technological developments that will define the 21st century.  AI is continually growing in many sectors of the commercial world and offers tantalizing benefits to corporations.  When deciding whether to invest in implementing AI in your business, it’s important to first consider what AI brings to the table and how to craft a successful plan that will maximize the benefits of AI for your company.

What are the types of AI, and what benefits do they bring?

While there are several types of AI, there are two main categories that we can classify AI into:

• Artificial narrow intelligence is the most commonly found type of AI found in our world today.  It utilizes a programmed data set to operate under a limited set of constraints.  A good example would be voice recognition software found on smartphones.  Such software is programmed to respond to specific queries and search its database to provide feedback to the user.
• Artificial general intelligence is a continually developing technology that allows machines to apply knowledge and skills in different situations.  This kind of AI is designed to be able to mimic human thinking patterns and be able to make intelligent decisions independently.

The growth of data consumption and the vast amount of data capture available to businesses can be overwhelming and too massive to analyze.  AI can help to shoulder the load by rapidly analyzing data trends and information to provide recommendations that can help you optimize your business processes.  This is especially valuable when global events such as COVID-19 disrupt workflows and threaten to interrupt supply chains.  Having intelligent software that can help streamline processes can go a long way in being able to improve agility and flexibility.

How to successfully implement AI: Three Key Steps

• Develop an organizational-wide culture that embraces AI.  AI solutions will have a difficult time succeeding if your team isn’t on board with the project.  Making sure your company understands the benefits of Artificial Intelligence in Business and is enthusiastic about the project is critical.

• Make sure your AI project aligns with your business aims.  Organizations can fail to successfully integrate AI when a project is undertaken that doesn’t fit a specific need or strategy.  Don’t jump at an AI opportunity just because it is interesting or new: Make sure it fits with the goals and aims of your company. 

• Determine a plan for Return on Investment before embarking on an AI project.  The benefits of AI can be difficult to quantify in terms of dollar value, but it is not impossible.  AI can lower expenses and/or increase revenue, and you need to determine how AI will impact those factors in a quantifiable way before implementing it into your business.  

Additional References

https://www.analyticsinsight.net/7-types-of-artificial-intelligence-propelling-the-technology-development/

https://www.analyticsinsight.net/the-role-of-artificial-intelligence-hardware-in-data-centres/

https://enterprisersproject.com/article/2020/12/artificial-intelligence-ai-3-ways-leaders-fail-projects

https://www.gartner.com/smarterwithgartner/adapt-business-applications-to-deliver-agility-and-innovation/