The Growing Impact of AI on Business

Posted at 31 July 2021

Artificial intelligence has made its way into our daily lives. From virtual assistants on our phones to smart kitchen appliances, this technology has become practically essential for many.

And it’s not just individuals who are embracing artificial intelligence—companies are implementing it as well.

What sort of impact does AI have on companies? How can it improve business performance? Find out in this article.

What is artificial intelligence?

For almost a decade, we’ve been hearing about artificial intelligence (AI) more and more in our daily lives. The technology has made its way into an increasing number of industries, and for some, it is becoming an essential part of operations.

The concept of artificial intelligence is often misunderstood, particularly due to its complexity. In short, AI refers to machines and systems that can perform a wide variety of tasks and imitate human intelligence because they learn through repetition.

Contrary to popular belief, AI does not exist to replace humans altogether. Granted, there are jobs that have practically disappeared due to automation. However, the idea behind AI is to help people increase their productivity by taking care of the operational work that used to be done manually.

The potential impact of AI on businesses

Companies are becoming increasingly aware of the positive impact artificial intelligence could have on their business. Since AI can be used to automate certain tasks, productivity and performance can be expected to improve dramatically for businesses that implement it.

Furthermore, AI gives companies the capacity to process enormous amounts of data at incredible speeds. As they process the data, the algorithms learn more and more about human behaviour. Companies can then use the information to provide their customers with more personalized services that are designed to meet their needs.

One good example of the potential uses of machine learning and AI is Netflix. The platform tracks users’ streaming content and viewing habits in order suggest more movies and TV shows they might like. This strategy has improved Netflix’s customer retention.

Considering the technology’s many economic benefits and impressive potential for profit, it’s unsurprising that a growing number of executives are opting to invest a significant amount of money in AI development.

Implementing AI in business: challenges and obstacles

Companies that implement AI properly can reap many benefits, including lower operating costs and easier decision-making processes.

However, integrating AI into a business comes with its own obstacles and challenges. If you’re ready to take the plunge and bring AI into your business, you’ll need to be prepared to take on the challenges that come with it in order to get the most out of your investment.

First, you need to determine what you hope to achieve by integrating AI into your business. Do you want to improve cybersecurity? Optimize production? Solve users’ technological problems? This will help you figure out what your needs are.

Next, make sure that the teams that manage your data are well-organized. Often, data specialists end up having trouble gathering enough data to design their machine learning models and keep them up to date. If your data isn’t well-managed beforehand, you’ll have trouble getting the most out of your AI systems.

Finally, artificial intelligence requires significant investment from leadership to be truly effective. Be prepared to invest in a variety of resources to create an AI system that will really make a difference.

Looking for a job in tech? Fed IT can help!

There is no doubt that artificial intelligence is becoming an increasingly integral part of business operations. And in this new reality, companies will need data management and IT professionals more than ever.

If you want a job with great prospects for the future and are interested in artificial intelligence, contact the specialized consultants at Fed IT. Every day, we help IT professionals find their dream job and take their career to the next level.

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