Contrary to the belief that Artificial Intelligence will birth forth robots that will put people out of jobs or trigger a robot invasion, AI is here to make our lives easier. Artificial intelligence is the birth child of the advancement of technology and progress. With artificial intelligence, owners of businesses no longer have to bother about how their goods will be sold given that E-commerce has come to stay. In the legal industry, law firms now have software for lawyers that automate their documents and proofread them to make them error-free. All these tools are here to make service delivery to clients excellent and to encourage efficiency. The business and legal arena are not the only ones that are continuously transformed by artificial intelligence; every sector has and will receive the revolutionary impact of AI.
What is Artificial intelligence?
Artificial intelligence pertains to a wide range of computer science focused on constructing smart machines that can do tasks that normally need human intelligence. Artificial intelligence is a science that cuts across several disciplines and approaches. Again, improvements in machine learning continuously create a shift of pattern in every tech industry area. Essentially, the core of the work of Artificial intelligence is simulating human intelligence in machines.
Artificial intelligence can be used in two ways: narrow (that uses artificial intelligence in a limited context) and general AI. Narrow Artificial intelligence can perform single tasks excellently. Examples of narrow artificial intelligence include Siri, Alexa, and Google search, among others. We also have Artificial General Intelligence that can be applied across a broader spectrum and excellently solve numerous problems. Robots in movies like 'The Terminator' and 'Star Trek' are instant examples of what typifies Artificial general intelligence.
How will Artificial intelligence transform businesses?
Building futuristic products
Several businesses can now create new automation, and help processes develop products by utilizing the possibilities that AI presents.
In showing how artificial intelligence will transform businesses, several businesses have begun changing how products are created and made. This is why programmers have created products such as Instagram that boost user experience. In the nearest future, it is envisaged that products such as this will make the transaction of business very easy. In fact, on Instagram, buying and selling of goods and services already take place. However, it is envisioned that businesses will ply their trade on a large scale on such a medium in the future.
AI-focused products influence in transforming businesses can be made possible by the following factors
Engineers of the present day continue to advance and so does machine learning algorithm
Central processing units are stronger and more efficient than they were years before
The internet of things increases the data that is employed in training AI.
Intelligent product Management
In years before the advent of AI, businesses such as factories used machines to do single tasks. However, since artificial intelligence has come into the fray, businesses that use machines can now produce lots of products in good time.
Artificial Intelligence can examine the IoT data from the connected equipment to predict the expected load through a specific type of deep learning network. Essentially, what this means is that AI is transforming and will transform business so that the speed at which efficient output will be produced will be sporadic. Businesses like the legal business aren't left out of this transformation; the usage of AI derivatives such as document automation software is capable of increasing efficient output and doing work faster
AI will change the process of trading
Since the advent of AI, data-centric hedge funds now rely a lot on advanced trading models. Using AI's effect, the trading systems now begin to think like the marketplace and discover new and profitable trends. This means that trader can easily predict the market, and losses are either going to be avoided completely or minimized.
As AI professionals improve on their innovation, artificial intelligence engines now make their predictions more accurately then ever. They can choose the best trading options in every situation after examining various market factors.
AI will revolutionize the customer experience
Customers expect a lot from businesses today because every kind of information is within reach. Detailed research shows that in e-commerce and customer experience, AI has impacted a lot to the end that most customers would rather buy things online than facially. In revolutionizing customer experience, AI employs Chatbots and Virtual assistance to improve engagement and boost the experience of various customers.
We recognize that it is no longer business as usual, as AI has been a game-changer for most businesses. Happily, the legal industry isn't left behind, as software for lawyers is fast becoming the norm amongst law firms. Do you know other ways that AI has impacted your business and would love to share your experience with us, let's have a chat.