Sunday, May 26, 2024

Benefits of AI: Why Companies Can Embrace AI, Instead of Being Threatened?

Artificial Intelligence (AI) refers to the learning and problem-solving ability in modern-day technology and machines similar to the human mind. Artificial intelligence (AI) is no longer the technology we get to see in Sci-fi movies. Chances are, if you have a recent model of a high-end smartphone, its camera is equipped with AI to beautify your selfies, although this is just a minor implementation of AI. The most crucial roles of artificial intelligence are across various business fields, from the world of big data to manufacturing, healthcare, logistics, and financial services. Experts say that AI is helping reshape the world. Artificial Intelligence benefits include automation, how it assists in digital applications and day-to-day tasks, smart decision-making, and many more.

Examples, where Artificial Intelligence (AI) is used in daily life, include Siri, Google assistance, and Alexa. With growing recognition, AI has the ability to bring massive use-cases to people with disabilities such as virtual assistants.

The Early Days of Artificial Intelligence Implementation

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Like any new technology, Artificial Intelligence is currently regarded with caution. The use of AI is also being regulated by decision-makers in governments and top industries. However, changing the status quo in critical fields like healthcare and finances is not something to be done overnight without careful consideration.

It is essential to know how Artificial Intelligence can change internal procedures and policies, impact sensitive areas like data protection, and alter the way employees work.

The difficulty with AI is that it has an undeserved bad name in popular culture. People have seen many movies where AI turns into a destructive force and attempts to destroy the human race. But, of course, key decision-makers do not base their corporate decisions on movies. Instead, they need to consider the opinions of their end clients – the general public.

However, someone has to make the first step, and it has already been made. The industries that made the first steps in AI implementation are the same that have embraced digital technologies to a greater degree.

Types of Artificial Intelligence

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As of 2021, seven important types of AI exist. The AI is based on functionality and technology. There are 4 types of AI-based on functionality and 3 types of AI-based on technology.

1. AI-based on Functionality

Relative Machines

It is known as the oldest form of AI as Reactive Machines have the minimal capability, and they possess the same ability as that of the human mind. However, in relative machines, memory-faced functionality does not exist, which means these machines do not have the capability of learning from their past experiences. Therefore, these machines lack the “learning” capability.

A very well-known example of a relative AI machine is IBM’s Deep Blue. This was the same machine that beat the Chess Grandmaster Garry Kasparov in the year 1997.

Limited Memory

It was amongst the first types of Artificial In which could “learn” through its experiences. Limited Memory AI system consists of a huge amount quantity of training data.

This AI system merges the capabilities to learn and react from the previously obtained data.

A very well-known and prevalent example of Limited Memory is fingerprint scanning machines.

Theory of Mind

This AI system insinuates understanding the wide-ranging entities they manage. Undoubtedly, this “understanding” includes belief systems, emotions, and thinking patterns as well. Thus, the researchers aim to make the machines better recognize the complexity of human minds and assimilate various elements that influence their thinking process.

An example of the theory of mind is Automated cars. Theory of Mind AI system is still a work-in-progress.

Self Aware

Self Aware AI systems are among the lesser-known types of AI that currently exist primarily as an abstract idea. When we pay attention to what AI is, and it’s part in our lives, the next target is to reach this phase. The aim of examining and growing this technology would be to obtain the self Aware AI system phase.

A well-known example self-aware AI system is of Robot ‘arm’ created by a batch from Columbia University.

2. AI-based on Technology

Artificial Narrow Intelligence (ANI)

ANI is the most frequently used type of AI in the contemporary world. ANI uses the previous learning experiences as well as training data present within its system. This type of AI usually performs more than one task.

Currently, this type of AI ranges from fundamental central advancements to algorithms that play a significant role in decision-making by machines. Furthermore, ANI is recognized as a “weak AI.”

A few examples of ANI are Google assistant, Google photos app, Apple’s face recognition technology.

Artificial General Intelligence (AGI)

For functionality, Artificial General Intelligence correlates to the Theory of Mind. This kind of AI is still in the early stages of development. Researchers are looking for effective ways to achieve human sentiments and other competencies into computers to enable them to function as humans.

The point here is to generate machines that can form associations over various fields individually. Artificial General Intelligence is still developing, and the outcome might be innovative for humans. However, AGI’s are still considered as a “weak AI” nonetheless.

Examples of AGI are self-driven cars, IBM’s Watson Supercomputer.

Artificial Super Intelligence (ASI)

In AI Research, the evolution of ASI systems in the future would be a peak achievement. This is because AI systems would use huge amounts of memory to accomplish tasks and make judgments even better than human beings.

The excellent amount of memory, fast processing abilities, and accelerated pace of intelligent decision-making would permit machines to complete complicated tasks efficiently and in a shorter span of time as compared to humans.

They will be able to make intricate decisions determined by various constituents like never before. The concept of ASI is already in its nascent stage and very much theoretical. However, it may become a reality someday.

Examples of ASI are Google search, Siri by Apply, Alexa by Amazon, Cortana by Microsoft.

Narrow or Weak AI

We usually experience “narrow” AI in our day-to-day lives. Narrow AI is known for performing either a particular task or a collection of similar functions. As John Searle stated, weak AI won’t become minds but can be helpful for testing hypotheses about minds.

Examples of narrow or weak AI are:

  • Siri
  • Cortana
  • Google Assistant
  • Google translate

Who Is Making the First Steps in AI Implementation?

A McKinsey report on the adoption of artificial intelligence found six key characteristics of early adopters. These characteristics are:

  • Focus on business growth over saving
  • C-level support for AI
  • Digital maturity
  • AI adoption in all core activities
  • Larger sized organizations
  • Adopters of multiple technologies

Three levels of adoption of AI

  • High adoption: Companies with the highest adoption rate of AI operate in hi-tech/ telecom, automotive/assembly, and financial services.
  • Medium adoption: In this category, we find companies operating in retail, media/entertainment, CPG
  • Low adoption: The slowest adopters are the educational, healthcare, and travel/tourism industries.

A close look at the list above reveals another significant characteristic: industries with a high interaction rate with the end consumers (education, healthcare) are less willing to adopt AI.

This deduction is supported by a survey conducted by GfK in which participants were asked if they would trust a computer algorithm (artificial intelligence) in the role of a financial advisor. The replies were:

  • 45% of participants would not be willing to give up a human financial assistant.
  • About 10% of participants would trust an AI financial advisor.
  • Approximately 50% of participants said they would not trust an AI financial advisor.

Does this mean that industries should put a stop to the general trend of AI adoption?
The answer is no.

  1. For one, progress is inevitable.
  2. Second, Artificial Intelligence brings forth significant benefits. It helps companies become more profitable, more flexible in responding to market demands, and more adapted to the new model of global trade based on online transactions.

Companies that already use AI in their operations have shared their views in a research conducted by Deloitte. Their replies are used as key reasons why all industries should push for a higher adoption rate of artificial intelligence instead of fearing it.

Why Companies Can Embrace AI, Instead of Being Threatened?

1. AI Can Improve Products

Computers are capable of processing vast amounts of data and performing calculations with maximum accuracy. This is very helpful in all the fields of manufacturing. AI can be involved in:

  • Product design
  • Conducting quality tests on finished products.
  • Testing prototypes
  • Preparing the production workflow

While most companies use a sampling system to test the quality and compliance of mass production, robots equipped with AI can test the entire batch of products, even if we are speaking of tens of thousands of items.

2. AI Helps Managers Make Better Decisions

AI implemented in business software can help managers perform advanced business scenarios, study the impact of decisions before making them, and predict how the market will respond to a new product or other changes (rebranding, mergers, new management team).

Apart from the computing abilities, AI has another strategic benefit: it does not have the shortcomings of human beings, such as an impulse or emotional decisions. This makes AI the perfect advisor to top-level management in large corporations.

3. AI Can Help Create New Products

Human imagination and intuitiveness are boundless, but a little more help is always welcome. For instance, product designers can develop a new product using AI assistants based on the market demand or on opinions expressed by clients.

For instance, the AI machine can scan the company’s social media pages and identify similar demands from followers – products they wished they had. Thus, the AI entity can propose a product idea at the exact moment when it is in high demand and before the competitors come up with it.

4. AI Can Optimize Internal Operations

Everyone knows how complex and burdensome internal regulations are in a large corporation. The business conduct handbook, the employee handbook, and the ethics handbook are long and complicated documents, and many employees have a hard time remembering every rule there.

With the help of Artificial Intelligence, all these documents and their corresponding internal procedures can become simpler and more transparent without losing their intended meaning. In this way, corporations can induct new hires faster and with less friction. In turn, they will become productive and integrate with the rest of the team sooner.

5. AI Will Free Up Workers to Deal with Creative Tasks

Despite the general fears expressed by people, managers understood a key aspect of AI: it will not destroy jobs but transform them. Robots will not replace humans. Instead, they will not have to deal with boring and repetitive tasks – all these will become automated and performed by the AI. Instead, the employees will be channeled toward functions that require intelligence, abilities, knowledge, and imagination – the key characteristics of human beings.

Thus, artificial intelligence will not take control over business operations and life in general. However, its role will be to perform tasks assigned by human supervisors and work to create a better life for people.

Artificial Intelligence (AI) benefits

1. Less scope for mistakes

At times, humans make mistakes by writing the wrong spelling or putting incorrect prepositions or in calculations. Computers and machines, on the contrary, do not make these mistakes and pay attention to detail if produced correctly. These errors may appear to be petty but can cost a lot to the companies, so companies depend on AI to avoid such minimal details.

2. 24×7 Accessibility

Instead of the restricted time limits of working hours of humans, AI is available 24×7. On the one hand, humans have to take breaks in between their work, but machines and computers, on the contrary, don’t. On the other hand, humans need food and fuel to work effectively, whereas computers don’t.

3. Completes recurrent tasks

Some tasks such as confirming one’s email address, sending One Time Passwords (OTP), verifying the account, reviewing the account may become “repetitive” for humans to monotonously repeating the same task again and again. AI, on the contrary, aid humans with such tasks. Thus, with the help of Artificial Intelligence, we can produce motorize these “unexciting” tasks.

4. Mass Potential

Artificial Intelligence has abundant future possibilities. AI can install it in different industries from healthcare to education and finance and many more.

5. New Innovation

AI is overtaking several innovations in different fields, in turn lessening the burden of humans. It is also helping humans in solving major modern-day problems.

A few examples of new AI innovation are:

  • AI for Cybersecurity
  • AI chips
  • Hybrids Workforce
  • AI for Quantum Computing

6. Applications of daily use

For instance, OK Google, Siri, Alexa, etc., applications help us humans in daily life by assisting in small too big tasks. From finding the answers to a particular question to helping us find a school’s location, these daily applications help us in our day-to-day lives.

7. Smart decision-making

AI takes decisions faster than humans and solves the problem by taking assistance from other technology it deems fit to. As a result, it takes fasters decisions and smarter ones that make sure that the problem is solved quickly and accurately.

How Artificial Intelligence is Benefitting And Reshaping The World?

AI is evolving at an amazing pace and changing the world that we live and work in. At present, Artificial Intelligence is advancing at an incredible rate. AI is an accumulation of various scientific technologies such as machine learning, mathematics, data science, computer science, and many more intricate technologies.

AI aims to lend a helping hand to humans, doing smarter and harder work. It performs the task on its own without the intervention of humans. It also takes helps from the previously saved data and corrects any minor to a major error that might occur.

From providing 24×7 assistance to handling monotonous tasks, helping identify disease to the self-driving car. Technology is evolving, and AI is developing more and more. In coming times, technologies such as machines and deep learning are bound to create extreme results which will end up helping humans.

A report published by Accenture in which 84% of their C-suite executives favored AI in their respective companies for growth purposes. The report states the following:

  1.  84% of executives globally believed they wouldn’t be able to achieve their set goals without AI scaling.
  2. 76% of the executives accepted they struggle with how to scaling AI in their business.
  3. Also, 75% of the C-suite executives acknowledged that if they don’t scale AI, there is a possibility of running out of business.

How Artificial Intelligence Benefits The Differently-Abled?

Communication can be challenging for differently-abled individuals. However, it is changing with the help of AI and modern-day technologies that exists today.

Many apps today have Artificial Intelligence to serve the differently-abled as well.

1. How Artificial Intelligence benefits Virtually impaired people

  • Talkback: This feature enables the users to use their smartphones completely. From making a call to checking the weather, Talkback helps them with anything and everything they may require their smartphones for.
  • Siri: Virtually Impaired people can make use of Siri’s voice control to stay connected with others. Siri’s voice control fulfills small to big problems of their users.
  • Cortana: It was created by Windows. On Cortana, visually impaired individuals can transverse their computers only with their voices. So, it is somewhat like Siri.
  • Google Assistant: Visually impaired individuals can use it to control their schedules and alarms similarly on Siri.

2. How Artificial Intelligence benefits Deafness or hard of hearing people

  • Ava: This app uses Artificial Intelligence to transcribe any conversation between people or a group of people. The algorithm of the apps also includes elements such as the name of the person talking, punctuation, etc.
  • Siri and Google Assistant: The users take the help of this app to stay connected with their loved ones.
  • Roger Voice: The app is similar to Ava. This is a French transcription app that works for group conversation. The app is available in 90 different languages.

3. How Artificial Intelligence benefits Physical Disabilities

  • Assistants like Siri, Google Voice Access, Google Assistant enable people to use their smartphones by voice commands.
  • IFTTT: IFTTT connects applications present in smartphones, so if there is a person with a physical disability, they can use the features and functions of their smartphones without any restraints.

Concluding thoughts on AI and its impacts,

In conclusion, AI as a tool has not only made the lives of ordinary people easier, it has and is helping differently-abled people who most of the time miss out on the opportunities and the things going on around the world. Moreover, with its multitasking capabilities, AI has also eased the assets’ workload.

Since AI is an evolving field, it has also helped us a lot in the healthcare sector. For instance, detecting diseases on time enables to help the sick person to get better before reaching a risky state.

AI can operate 24×7 without taking any breaks and without the intervention of humans. It is very much capable of doing the work on its own. AI also takes decisions on its own, which helps solve the problem. It has made a positive impact in the lives of people of all age groups, people with disabilities, children.

Key Takeaways on Artificial Intelligence And Its Benefits

  • Artificial Intelligence isn’t a single entity. Instead, it is an accumulation of different technologies working together to make a new gadget that thinks and works like the human mind.
  • Unlike humans, AI doesn’t need fuel or food to keep functioning properly. AI is available 24×7.
  • Less scope for errors: By using AI, there is minimal scope for human mistakes and errors to occur.
  • Artificial Intelligence is helping humans and has made the lives of differently-abled people easier and more convenient.
  • Types of Artificial Intelligence: AI is of seven types that are divided based on functionality and technology.
  • AI-based on Functionality: There are four types of Artificial Intelligence systems based on functionality, namely, Relative Machines, Limited Memory, Theory of Mind, Self Aware.
  • AI-based on Technology: There are three types of Artificial Intelligence systems based on technology, namely, Artificial Narrow Intelligence (ANI), Artificial General Intelligence (AGI), Artificial Super Intelligence (ASI).
  • Artificial Intelligence is capable of making smart-decision without the intervention of humans.
  • AI is consequently evolving and reshaping the world.
  • AI is also helping us in optimizing internal operations.
  • With the help of AI, we will be able to create new products more quickly.
  • AI is scaling in many new and different fields such as finance, healthcare, education, etc.
  • “Narrow” or “Weak” AI refers to machines that will help test hypotheses about minds but will not become minds.
  • There are currently three-level of adoption, namely high, medium and low adoption.
  • AI Can Improve Products: Because of its ability to process vast amounts of data. Artificial Intelligence is beneficial in manufacturing, digitalization, etc.
  • AI makes better decisions than humans: AI can help supervisors deliver advanced business scenarios by studying the impact of decisions before making them.

Is Artificial Intelligence a boon or bane?

If used properly and with good aim and intention, following regulations, AI in the 21st century is a boon. The workload of humans can be significantly reduced because AI produces good quality results, provides solutions, and is easily accessible.

Unfortunately, however, some features of AI can also become a bane and harm the lives of humans in many ways we can’t even imagine yet.

Should big companies like CCC, Ascent, Grammarly use AI?

AI lends a helping hand to big companies and makes workers’ work more approachable and easy. Furthermore, it also helps in doing repetitive and monotonous tasks on its own.

Does Artificial Intelligence benefit ordinary citizens, or is it a threat to their humankind?

Yes, AI may benefit humankind and ordinary citizens if used wisely and to aid the problems faced by humans. In fact, AI technologies may work hand in hand with humans to solve the modern world’s problems. 

 Can we run AI 24×7?

Yes, Artificial Intelligence can be operated 24×7.

What do you think? How will AI reshape our world and what other key benefits can we have once it is adopted globally?

Silvia Constantin
Silvia Constantin
SEO and Content writer, translator, dreamer. These are some of the words which describe Silvia. She believes in the power of words - both for good and for evil. She also believes that we can all choose to use words in a positive manner, to share information, ideas, feelings, and truth. There is nothing more rewarding than to be the instrument through which knowledge is shared among other people. From this point of view, she considers herself in a privileged position of trust, which she strives never to betray.

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