By: Edith Belmont
In the last century, technological advancement has been spectacular. Man has been able to fly for just over a century, nowadays, we are exploring Mars. The coming advances, without a doubt, are going to be more impressive than what we have seen. Therefore, it is important to know what artificial intelligence is, its advantages, and the impact it can have on human history.
If there is one thing that technology experts agree on, is that we are facing an unstoppable phenomenon that will change mankind’s history. Or, it is already changing history. Because the use of AI is a day-to-day thing, it isn’t something from the future, but is already noticeable nowadays.
Who hasn’t had contact with artificial intelligence?
We are awakened by an alarm that we set up in our smartphone. We take a cup of coffee in a machine, by only pushing a button they make and serve us the one of our preference. The watches we use measure our sleep time, steps, running, calorie burn, pulse, and heart rate. If we have doubts about a historical event, we can easily find thousands of clear and concise answers. Just take a quick look around you, how many smart devices can you spot?
Pretty awesome, right?
But, what do we mean by Artificial Intelligence? The topic of Artificial intelligence is told that was started by Alan Turing in his study “Computing Machinery and Intelligence”. Published by IBM in 1950. In this article, Turin, that is known as the “IT father” asked the following: Machines can think? The question triggered a series of discussions of how intelligent machines and the investigation to develop Artificial Intelligence (AI). Five years later, he presented the first AI program in his AI research project at Dartmouth (DSPRAI). This event defined AI research for the next decades.
Packard Hewlett defines AI as: “Artificial intelligence generally refers to any human behavior developed by a machine or system. In the most basic form of artificial intelligence, machines are programmed to ‘mimic’ human behavior using extensive data from previous examples of similar behaviors.”
The fundamental goal of artificial intelligence is to create machines or systems that can simulate human intelligent behavior and, in some cases, even surpass human capacity in certain specific tasks. These tasks may include pattern recognition, decision-making, language processing, planning, optimization, among others.
After centuries of theories, decades of investigation, and years of publicity, AI finally started to make a path in the business area, where the idea became a general function. A recent survey apply in the industry shows that 50% of the interviewed confirmed the implementation of Artificial Intelligence, while others are in the testing phase and plan to use it in the near future.”
The reality is that we are going to face difficult times, with a tough business environment. Because we are expecting a difficult landing on the global economy that will negatively impact our country, because of the issues that EMPODERAMIA has already exposed and analyzed.
Therefore, born the need for organizations to become more competitive, raise productivity and diminish their cost to defend their profit margin. The industry and businesses need to search for wealth within the organizations, generating added value and optimizing processes. A popular phrase in other words “Take care of each cent, because the pesos will take care of themselves”. Technology is a great tool to make it. Technology investment is the best way to improve productivity. The better the productivity the easiest to defend the profit margin.
AI offers numerous advantages and benefits for businesses in multiple areas. The investigation “The economic potential of generative AI: The next productivity frontier” by McKinsey & Company established: “The technology generates a great value in every area of the organization that will revolutionize the knowledge interior management of businesses”.
AI lead to machines automatize work that for humans results in repetitive and boring. Some advantages of using AI to automize the process are:
Decrease human error: Reduce the human intervention in some of the processes, and can end with the probability of committing any error.
Potential creativity: By freeing workers of repetitive and boring tasks, their minds will have more freedom to focus on a creative process. In this aspect McKinsey & Company state: “The company’s agents enhance their responsiveness and problem-solving skills, significantly improving the quality of service.”
Provides accuracy: Being capable of taking automatic decisions, Artificial Intelligence places the productive process to be more efficient and with a lower error rate.
Streamlines decision-making: Artificial Intelligence is capable of analyzing thousands of data in minutes. Also takes into consideration the possible updates of the same data. The information is summarized and updated with strategic decision-making professionals. The study of McKinsey & Company states: “Empower the team that knows important information, from virtual expert assistants, enabling them to make quick, better-informed decisions and develop effective strategies.”
Personalization and client experience: The AI can analyze the client’s behavior and provide personalized recommendations, upgradings the customer experience and elevating their satisfaction. This can lead to bigger client loyalty and sell increase. McKinsey & Company states: “The AI can revolutionize all client services related activities, improving their experience throughout digital auto-service. That can offer customers service in real-time. Reducing cost and generating brand loyalty.”
Customer service automation: Chatbots and virtual assistance by AI, can make the customer consults 24 hours a day, 7 days a week, which enhances the client satisfaction and reduce the need for personal support.
Process optimization of production and supply chain: AI can upgrade the production clarification and supply chain, minimizing costs, reducing waste, and improving efficiency globally.
Fraud detector and security: The AI can analyze behavior patterns and data to detect suspicious activities or fraud.
Investigation and development: The AI can speed up investigation and development by analyzing scientific data, and helping discover new opportunities, medicine, or technological solution.
Marketing optimization and sales: AI can enhance the effectiveness of marketing and sales strategies by identifying target audiences, personalizing content, and predicting purchasing patterns.
Market competition: By adapting AI can provide companies with a competitive advantage in the market, as it allows them to innovate, adapt quickly, and seize opportunities.
Generally, Artificial Intelligence can eradicate and transform the way of business operation, services, and actual disadvantages or future ones.
Can give humans “superpowers” (competitive advantages), enhancing the abilities that result in improved performance in all areas. surpassing the average level of competitors who either lack or don’t know how to harness this technology. Due to the velocity that develops and deploys the AI, it is necessary to act on time and in an intelligent way.
We need to move swiftly and do it now, we have to anticipate events and stay one step ahead of our competitors. As Tony Robbins says, “Anticipation is the key to power… losers react; leaders anticipate.” I insist that we must have the fluidity of water: that is, adapt quickly and adjust to the new market conditions… focus our business model on seizing the opportunity for maximum benefit.