AI Facts Every Business Person Should Know About
[This article was written by Olivia Diaz.]
Artificial intelligence has been buzzing around the globe due to its faster progress by gaining a ubiquitous presence in present lives. In the past years, Amazon has come up with the Echo smart speakers and Apple has introduced an AI chip with the alluring features of facial recognition and understanding voice commands.
Although artificial intelligence is not as pervasive for automating and enhancing business processes. Many study reports claim AI to automate most of the jobs over the upcoming decades but perhaps the media hype and misinformation there is no doubt in how AI is potentially going to impact the businesses.
In this post, we will be having a look at the latest AI trends along with the implications for enterprise automation. Let us get started with.
AI Trends are Evolving and Cannot Be Ignored
It is seen that machine learning algorithms are beating humans in tasks be it voice-to-text translation or image recognition. Such a boom of AI depicts a breakthrough in deep-learning algorithms, the proliferation of big data in order to train these algorithms, and an exponential speedup in processing power for machine-learning hardware like GPU (Graphics Processing Unit) chipsets to cut down the training of the machines from months to days and hours.
All of these factors are expected to accelerate as enterprises are making use of the cloud-based data centers for storing their data and provide unprecedented big data infrastructure to train machine-learning algorithms. In the same way, the hardware chips can also boost up the algorithm training. Major brands like Intel, Google and NVIDIA are releasing next-gen GPU chip hardware to speed up the training process.
AI is seen in terms of Limited Scope
It is highly questioned how AI will revolutionize enterprise automation in the future. Experts predict that organizations will adopt narrow AI or supervised machine learning which is focused more on one task. AI algorithms are used to train the data in order to learn how to perform a task.
Take a look at an example where an enterprise wants an AI algorithms to scan PDFs and invoices, validate them and trigger the accounts payable process automatically. Such an AI solution can be limited only to automate the task of text-filed recognition and formatting. AI can be used for more in detecting frauds during invoicing tasks where the organization needs to design and train a new solution by focusing on other features and patterns. In the near future, AI apps will fit a narrow paradigm of using training data for supervised machine learning.
AI is not all about Technical Stuff
Few AI apps do not adopt faster but can even compare technical requirements. Broader solutions ensure that the organization’s portfolio unlocks the essential value in the near term while paving the way for long-term apps. Factors to consider while making a decision to use AI for enterprise automation:
One-time costs – Examination of the initial capital outlay for a new AI solution like acquiring training data or developing an algorithm. AI platforms offer open-source access to the algorithms along with ‘pay-as-you-go’ service to lower your fixed-cost hurdles but accessing to train the data that is either expensive or turns out to be a powerful source of differentiation.
Cost Variations – Evaluate all the associated costs by displacing the existing solution with an AI solution consisting of all the technical hurdles and explain the decisions and human obstacles that are resistance to the change.
External Troubles of System – Determine if any of your integrated solutions require complementary technologies. For instance – an AI solution should be integrated with innovative IoT sensors and emerging robotics technology that is more complex to adopt. Consider all the extents that are going to affect third parties which did not choose to use the new technology bearing in mind that the value of the solution increases as more users adopt it.
The Future Ahead
Here, we come to the end of the article. We hope you have got an idea about the extended benefits of Artificial Intelligence to your enterprise and how you can incorporate them all with ease. AI benefits both the small and large businesses and therefore it is crucial for the business to have a clear roadmap on how to go with AI so as to minimize the disruptions. Till then – keep learning!
Olivia Diaz is working at eTatvaSoft, an Enterprise level Web & Mobile application Development Company. Being a tech geek, she keeps a close watch over the industry focusing on the latest technology news and gadgets. For more details about company please visit. Follow me on Twitter