Original article was published by Sirivathsan Atputharaja on Artificial Intelligence on Medium
How Artificial Intelligence Can Change Your Business.
Artificial Intelligence is transforming the business world by the minute. It is making operations much easier and quicker to handle. This is where any business can benefit from it. With everything becoming more and more tech-based, it would be foolish not to hop on the bandwagon and benefit from it. AI can be used in mainly three ways, creating more intelligent products, offering a more intelligent service, and improving the internal business process.
It’s just not about how we can benefit from AI’s but also how they are able to change the landscape of the way a business is being conducted. “Intelligent services like this are reliant on data and AI. Businesses like Netflix have access to a wealth of valuable customer data — data that helps the company provide more thoughtful service, based on what it knows the customer really wants (whether it’s movies, clothes, grooming products or whatever)” (Marr). AI can understand the user and adapt to their personal preferences. A prime example of this is any streaming application. Applications such as Netflix, Hulu, Spotify, etc. use data to analyze what your interests are. You see how when you log into Netflix, it recommends other shows based on what you were watching? That is all thanks to Artificial Intelligence. “From automated machinery and vehicles to customer service chatbots and algorithms that detect customer fraud, AI solutions and technologies are being incorporated into all sorts of business functions in order to maximize efficiency, save money and improve business performance” (Marr). Artificial Intelligence can detect errors much more efficiently than humans, not to mention that in automobile factories, robots are doing a lot more of the heavy work which humans did decades ago. For example, years ago humans used to put the engine in a car and do all the work manually, which costs a lot of time and effort. With the help of automated robots, times spent on putting together a vehicle is reduced at an astonishing rate. “Take Apple as an example. Apple built its reputation on making and selling iconic products like the iPad. Yet, nowadays, Apple services (including Apple Music and Apple TV) generate more revenue than iPad sales. The company has transitioned from purely a product company to a service provider, with its iconic products supporting intelligent services. And you can be certain that Apple uses AI and data to enhance its internal processes” (Marr). Not surprising that Apple is incorporating AI into their company. They also economically benefitted from it. Moving from a product-based company (which they mainly are) to expanding to a service-based company.
As you can see, Companies can benefit from using Artificial Intelligence. I believe that more companies should realize the potential of AI’s and use them to their full advantage. Apple is a prime example of how they were able to generate more revenue with AI’s via service while still being a product based company. It is just a matter of time before more people realize that the future is now.