How Artificial Intelligence Will Transform Businesses?

As a result of the decrease in interaction between people with the pandemic conditions, the importance and use of new technologies in the business world have become much more widespread. We hear the term AI from many sources but we cannot put our finger on it when it comes to understanding what it does for us.It’s now very important to closely follow artificial intelligence applications and AI technology which are strongly related to the business world as well as many areas of life. AI technology, which is a product of entrepreneurship and innovation, can be used in a wide range of areas, from customer service to recruitment processes.

What is Innovation?

The word innovation, which is encountered in many parts of daily life, is being used in many different aspects. However, innovation can be broadly referred to as all improvements that benefit from technology. Examples of innovation can be seen in almost every aspect of life. With the help of these innovations, which make life easier and community-oriented, it is possible to reach more effective and practical solutions than before. Thanks to innovations, which are among the indispensables of the business world, desired results can be achieved more quickly in many areas.

Innovations, which enable entrepreneurs with creative ideas to show themselves in the commercial field, have become one of the factors that change people's lifestyles. Making an existing product or service more efficient by improving it can be given as an example of innovation. Along with useful and creative developments, the service quality of businesses and institutions improves rapidly in a positive way.

AI systems and the innovative developments in computer science have been putting us in awe. We were all quite well informed about the capabilities of the human brain but with AI systems and AI technology we are almost mesmerized by what it has to offer. From autonomous vehicles to natural language processing applications, from machine learning to intelligent machines we are experiencing something quite new, hence the word innovation is still making the headlines. When Professor John MacCarthy first used the term Artificial Intelligence, he probably hadn’t imagined what it would involve today. As one of the first computer scientists who came up with the term, he basically was the pioneer in AI technology and was the father of all the developments which transform businesses -big and small businesses- in many different levels today.  

The Impact of Artificial Intelligence on Business Life

With the increase in the impact of artificial intelligence on business life, many changes are seen in business environment conditions and in the ways in which businesses function. Companies which take on investments made for the innovation process and the innovations that keep up with the environmental conditions end up in a better position. Since it is possible to be more productive in every field, as artificial intelligence increases productivity by reducing the workforce. For example, the use of this technology in data definition and interpretation capacity is much higher than an employee.

AI driven applications and activities are now vital for businesses for they maximize the capacity and the capability of the companies. Either it is used in a specific way or in a specific area -which we call narrow AI or weak AI- or it covers extended areas of work, AI technology is a part of modern business life. When AI technology is used or needed in solving all sorts of problems in extensive ways, we use the term strong AI.

With the help of artificial intelligence solutions, both customers and employees get what they want in a much easier way. These solutions may either be narrow AI or strong AI depending on the needs and the size of the activity. More companies are willing to introduce integrated AI systems to their employees and customers or business partners because intelligent machines have been performing tasks with the least amount of human intervention. Especially businesses dealing with big data have to put AI systems in place in order to cope with the wide range of areas in which they operate.    

Social innovation developments also affect business life. Time spent in areas such as human resources and customer service is much less with the help of innovative developments. The more it becomes easier to satisfy customers, it becomes more possible for employees to gain the opportunity to focus on different tasks at the same time. For example, employees of an institution, where tasks that require human workforce are completed automatically, have the chance to deal with different subjects.

One of the effects of artificial intelligence on business life is to reduce the probability of error. Services that can detect even the smallest mistakes that may be overlooked provide many benefits in the short and long run. This way, there is collaborative work with people. It is possible to make business life more dynamic, practical and efficient by utilizing the features and suggestions of artificial intelligence. Following the developments and benefiting from AI applications will help you stay one step ahead of your competitors.

How Should Artificial Intelligence Be Used in Business Life?

As artificial intelligence technology can be used in many different areas and it continues to expand in terms of utilization areas, it is now inevitable to get adapted in new business life. Taking the right steps in terms of innovation management and marketing innovation in the use of innovative technology means you’ll get positive returns in the short and long run. Occupations and processes continue to change as a result of improving conditions with artificial intelligence. Benefiting from the capabilities of this technology in every field and obtaining practical solutions provides convenience in all areas of business life.

In social areas, making use of technological features in precise calculations and planning makes it easier to catch missed details and find effective solutions in a short time. Intelligent recommendation systems used on many digital platforms offer customers a more personal experience.

For detailed information on artificial intelligence and innovation, you can watch the speaker videos of Speaker Agency's Innovation Speakers Talia Franco, Dan Cobley, David Rowan and Patrick Dixon on Speaker Agency’s page or listen to podcasts or invite them to your company to envision your team about the topic. You can click to learn more about the Speaker Agency's other innovation speakers and discover their areas of expertise.