In recent years employees have been exposed to many corporate challenges and new developments both negative and positive, many of which require employees to readjust their habits, work culture and life in general. Digitisation and hybrid work models are some of the few changes that have been adopted in businesses around the world.
One of these technological advancements that are currently making rounds in the corporate world is the use of Artificial intelligence to carry out common business tasks, increase business growth and more. As this application of Artificial intelligence in the corporate world continues to grow significantly, one is bound to wonder; is this digital solution a perfect means to increase service delivery and productivity in organisations or should employees be worried?
To be in a better position to answer this question, read this insightful article for more information on the rise of artificial intelligence, its significance to the business world and many other insights.
What is Meant by AI?
Though it only started making notable appearances recently, artificial intelligence is by no means a newcomer in the corporate world. The term was first used around 1955 to describe the branch of science that deals with creating computers and other smart machines that can effectively be carrying out tasks requiring human intelligence. AI systems achieve this by extracting vast amounts of data, identifying patterns to follow and making predictions using algorithms and other computer models.
Some of these AI systems require human supervision for better results whereas others can work efficiently on their own. The latter is a rare class commonly referred to as strong artificial intelligence. Weak artificial intelligent systems work under a limited simulation of human intelligence. It involves tools such as smart assistants, wearables and chatbots.
How Beneficial Is AI to The Corporate World?
Apart from increasing business revenue, there are vast solutions, possibilities as well as applications brought by the development of AI systems. Below are some of the few benefits of having AI in your organisation:
Reducing the Possibility of Human Error
AI continues to improve productivity and service delivery in organisations through its ability to automate projects that require high accuracy, quality and consistency. This is because artificial intelligence systems can work on massive amounts of data accurately for longer periods without experiencing fatigue, frustrations, disturbances and any biases normally seen in human employees. As such, it allows humans to pay more attention to advanced tasks requiring human cognitive skills and creativity without having to worry about other minimal tasks.
AI Models Operate Continuously to Produce Faster Results
Artificial intelligence systems are designed to work whenever they are required without taking breaks or tiring. As such these models can work around the clock to process data and identify tasks that need to be addressed even at hours when human workers are unavailable, hence helping to boost the organisation’s accessibility, efficiency and good service delivery. The ability of AI models to work tirelessly and process data quickly means that, unlike humans, the models can save time by producing precise and high-quality results within a short period.
For certain tasks whereby safety may be an issue of concern, AI models can be used to process data, explore risky environments and complete tasks that are otherwise deemed unsafe for human workers. It can also help in fraud detection through a quick and thorough analysis of data. Moreover, it can boost cybersecurity strategies by dealing with threats in a timely and efficient manner.
What Are The Impacts of AI on The Business World?
Despite having many significant applications in the business world, artificial intelligence is not immune to challenges and shortcomings. Below are some of the impacts of AI on employees:
- There is a possibility that AI systems may replace human employees in the workplace.
- It is costly to run and maintain AI systems and infrastructure.
- The development of advanced AI systems may encourage economic inequality
- Artificial intelligence models may contribute to the misuse of personal data.
Top 5 Common Applications of AI in the Corporate World
- Companies can now fairly recruit, shortlist and hire new talent within a short period.
- The organisation can use Artificial intelligence to monitor and improve cybersecurity.
- AI Can also be used to successfully predict financial markets.
- Automation processes enable companies to manage their financial matters accurately.
- Smart assistants and chatbots can be used to improve fast customer support and service delivery.
What are some of the challenges associated with adopting AI in organisations?
Some of the reported challenges of using AI systems involve:
- Lack of capital to invest and adopt AI models.
- Lack of expertise to run AI models.
- Shortage of data science specialists to aid in advanced and effective usage of AI.
What are the recent statistics regarding the benefit of AI in the corporate world?
A recent Harvard Business Review research has concluded that more than 50% of revenue generation was recorded for various companies that applied AI systems to their business.
Should employees be worried about losing their jobs to automated machines?
The answer to this depends on the extent to which your organisation decides to integrate AI systems into its daily operations. But recent research proves that the implementation of AI systems will replace certain jobs and at the same time create new opportunities.
The use and development of AI systems in the corporate world is evolving rapidly. Its benefits and applications continue to leave everyone in awe. However, it is important to consider the implications of AI systems to our lives and to monitor the development of these systems to avoid any unethical issues and to ensure that artificial intelligence continues to change our lives for the better.