Blog 10 - Transforming Business - The use of Artificial Intelligence in Business

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Artificial Intelligence in Business: Blessing or a Curse?

To understand AI in business we must first figure out what artificial intelligence (AI) is? It can be defined as the simulation of human intelligence process by machines, scary stuff!, particularly computer systems. Some applications of AI may include; natural language processing, speech recognition and machine vision. Is AI out to replace us in the future? 
Is AI a curse to businesses? Here are some potential challenges, and possible solutions, that businesses may face if they chose to incorporate AI (Forbes, 2023).
  1. Lack of expertise: To tackle this issue you could train, collaborate, hire and use user-friendly tools. Building internal expertise is vital for successful AI adoption.
  2. Uncertainty Implementation: AI's placement is critical; avoid harming customer experience. It should aid, not replace. You should monitor closely to prevent frustrations that drive customers away.
  3. Outdated infrastructure: May affect AI implementation. You should seek experienced AI providers for smoother transitions, cost management, and expertise.
  4. Security concerns: AI obviously poses data security risks. Compliance, vigilance, and staying up to date on AI trends is crucial to mitigate threats.
  5. Intellectual property ownership: AI complicates IP ownership, causing a risk in infringement. You must guard against unauthorised use like copying or hacking to protect your IP.
Although it is a scary thought that we may coexist with 'robots' within the workplace, it may in fact not be all that bad! (Wharton, 2023).
  1. Improve customer service: Chatbot technology can help customers through live chats which are capable of addressing their inquiries effectively.
  2. Provide product recommendations: Use AI to recommend products that will align with customers’ interests and keep them engaged.
  3. Identify fraud: There are currently tools available which identify suspicious transactions through the use of machine learning algorithms can help prevent fraud.
  4. Analyse customer satisfaction: AI can scan through social media posts, reviews, and ratings that mention your brand. This insight gained from this analysis allow you to identify opportunities for improvement. 
  5. Optimise supply chain operations: AI can assist you by predicting the price of materials and shipping and estimate how fast products will be able to move through the supply chain.

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