Artificial Intelligence and the Modern Business

artificial intelligence

artificial intelligence

Humans are blessed with natural intelligence. Humans created computing devices and machines to shift the burden on them. The 21st century is the century of technology, where we observe the marvels of Artificial Intelligence. With the help of AI, countless computing devices, embedded systems, and robotics have been invented and used in our modern daily lives. The secret behind Artificial Intelligence is computers’ decision-making abilities. Humans can think and decide what to do, when, and how to do it. Modern robotics and machine algorithms are designed so that these robotic and computing machines can make decisions depending on their algorithmic design and development.

In modern-day businesses, there is a lot of use of artificial intelligence. Every large-scale company has its big data. This big data is compelling in terms of revenue growth as well as service productivity if this data is manipulated and utilized effectively and efficiently. Extensive information is one of the most significant present-day realities we can’t deny. For instance, if a business has its operations in multiple cities and locations across the globe, and if hundreds of customers visit and make transactions through those business locations. Now, if each customer buys various products against each transaction, so we can imagine that there is a vast customer record, product record, transactions record, etc.  

Now the question arises of how artificial intelligence helps manipulate this gigantic data and help increase revenue and business productivity? If this data is interpreted manually, then this would become out of budget. There are Enterprise Resource Planning systems that gather extensive data with the help of their human counterparts, POS machines, and other computing devices. The next step is once the big data is collected. The programming tools like Python, R, and other programming languages sort out and manipulate this data by applying the mathematical and statistical formulas to it, and using artificial intelligence to predict future sales and consumer behaviors, etc.

Based on the future sales prediction and the consumer behavior insight, the businesses can take successful steps in production, marketing, supply chain, and other business perspectives. The fact is that the most precious thing of our time is neither gold, diamond, nor silver. Data is the most precious thing in the modern world. When businesses apply artificial intelligence tools to big data, miraculous things happen. Enterprises are thus succeeded in making significant revenue that they couldn’t imagine in the past.

Banks, retail chains, airlines, cellular companies, multinational corporations, and many other businesses use artificial intelligence for their systematic business decisions. Additionally, artificial intelligence is also in immense use in robotics, where these robots are in service of automated production systems. Plane manufacturers, automobile manufacturers, and countless heavy, medium, and small-scale industries are using artificial intelligence in their production units for efficient and effective production. So, we can conclude that AI has revolutionized businesses, so now companies have become much more efficient and productive than were not ever before in the known human history.

Author

  • Freelance Accountant, Full Charge Bookkeeper, Financial Analyst, and Ex Banker with 15 Years of Professional Experience. Also a Blogger...

Related Post