How Will Artificial Intelligence Impact Business?
As the years have passed, each decade has seen advancements in technology that have revolutionised day-to-day life. From the first iPhone to the Tesla, there have been countless technological advancements that have made life a whole lot easier. As we entered the decade of the 2020s, the popularity of artificial intelligence has boomed, and it has become a crucial aspect of a successful business. In order to stay ahead of the curve and secure business prosperity, businesses must adopt AI and understand just how much artificial intelligence will affect the future of work.
If you are looking to understand how artificial intelligence will impact business, continue reading our guide below!
What is Artificial Intelligence?
Artificial intelligence is a form of technology that is used to mimic human intelligence. Powered by machine learning and deep learning, artificial intelligence uses algorithms of data processing to provide responses to stimuli. They can do everything from generating images and text to answering questions, mirroring the cognitive abilities of humans.
Artificial intelligence has been defined as:
“At it’s most basic, AI is software that mimics and generates human behaviours – planning, generating ideas, understanding speech and visuals.” – Sulabh, Chief AI Officer, Deloitte Consulting
How Will Artificial Intelligence Affect Business?
With artificial intelligence’s power in mimicking human intelligence, there are many ways in which it will affect the world of business. With over 60% of business owners believing that AI will increase productivity, it is vital for business owners to assess both the positive and negative impact of using artificial intelligence in the workplace.
“Substantial brand value can be lost if the wrong decisions are made about the use of AI. Therefore, it is important that the various regulatory and other governance mechanisms are thought about now” – Kay Firth-Butterfield
Positive Benefits of Artificial Intelligence in Business:
Below are some of the many ways that artificial intelligence will positively affect business:
Perhaps the biggest benefit of using artificial intelligence in business is its ability to analyse large data sets with ease and accuracy. Delving into the depths of complex data, artificial intelligence can easily contextualise patterns and trends in data that humans may never be able to spot. When humans analyse data, they are subject to making mistakes and becoming tired during monotonous tasks, however with artificial intelligence, the length of their work is infinite when programmed to start.
Due to AI’s innate ability to analyse data, many businesses and industries have already been affected by its presence. One industry that AI has become widespread throughout is the financial sector, a sector that uses AI to analyse large amounts of data, spot fraudulent activity and approve ‘good’ clients. Artificial intelligence has also played a significant role in the stock market industry, used to analyse the intricacies of the stock market and generate comprehensive predictions for the future of business prosperity.
Companies such as JP Morgan and Schroders have already reaped the benefits of using artificial intelligence in business, using the technology to monitor trades and analyse data. Large companies can also use artificial intelligence to complete repetitive tasks, that require low levels of judgement, meaning that humans can commit their attention to more complex and important tasks.
Another of the many ways in which artificial intelligence will affect business, is the way in which people communicate within businesses and how businesses communicate with customers. One of the most recent developments in the field of AI is generative AI, with the evolution of generative AI such as ChatGPT making its mark on society already. ChatGPT has been used to power chatbots, which have revolutionised B2C communications, automating processes such as answering simple FAQs and reducing the level of human interaction required.
ChatGPT has also been used in internal business communications, due to the platform’s ability to generate content such as email responses and reports with simple human input. Many industries have already reaped the benefits of implementing chatbots and AI, including retail, healthcare and insurance sectors to name but a few.
If you want to learn more about how artificial intelligence such as ChatGPT can be used in business, hire one of our expert generative AI and ChatGPT speakers now!
“The most important thing for executives is to just start. Tomorrow isn’t good enough. Business leaders need to understand the capabilities of these new technologies and put in place an AI strategy that includes some clear self-challenge.” – Shamus, Head of Digital Disruption, KPMG
Similar to business communications, artificial intelligence will greatly improve customer relations. Along with the use of chatbots, AI can also be used to analyse conversations with customers to better understand their needs and requirements from your business. Areas of artificial intelligence such as sentiment analysis can be used to assess a customer’s tone of voice, ensuring that you provide the best service possible to clients by better understanding their needs.
Artificial intelligence also powers the use of chatbots, which ultimately allow businesses to cope with demand and reply to questions quicker than a human. Incorporating artificial intelligence into customer service strategies will allow businesses to provide a variety of dynamic answers to FAQs and build stronger relationships with clients.
This is one of the many ways that artificial intelligence is already affecting business. When scrolling on social media, artificial intelligence algorithms are used to personalise the content that is being shown on newsfeeds – whether that be designer handbags or the latest iPhone. Based on the content that customers interact with on a frequent basis, artificial intelligence has been used to analyse what things people are interested in and show them more of that content.
One of the most prominent examples of artificial intelligence being used to personalise customer experience is TikTok. A platform on which users upload short videos, TikTok use a comprehensive web of complex algorithms to ensure that the content on a person’s “for you page” is specifically catered to their interests.
It has been predicted that by the year 2030, the value of the effect of AI on customer personalisation could be almost $9.1tn !!
Negative Impact of Artificial Intelligence on Business:
There are also, unfortunately, negative implications of using artificial intelligence in business, which are:
Employment & Automation of Jobs:
Due to artificial intelligence’s ability to mimic human intelligence, there is fear that eventually it may replace humans in the world of work. As reported by The Telegraph, it is believed that by the year 2030, the demand for certain job roles will be very different to what they are at present. Jobs that include low-level data processing will be very low in demand, whereas roles that require writing and critical thinking such as researchers and doctors will continue to be in high demand.
For some people, artificial intelligence will have a very negative impact on business, rendering their job roles obsolete or of low priority. In the mind of a businessman, many argue why one should pay a person to perform a job role that could be automated by an efficient robot.
One of the leading experts who is warning us about the dangers of integrating artificial intelligence into society is Geoffrey Hinton – the former Vice President and Engineering Fellow of Google. Hire him today to learn more about the impact artificial intelligence will have on businesses.
Ethics & Biases:
Due to AI’s ability to mimic humankind, it too can fall subject to biases and unethical scenarios. Ethics are a key part of business, they allow strong relationships and trust to be built with clients and customers. If a business implements AI that is not ethical, this can negatively impact business and lead to great challenges. Whether AI is used to breach security or to spread biases, ethics is just one of the many negative effects artificial intelligence could have on businesses.
If you are looking to learn more about the dangers of unethical AI in business, why not hire one of our expert ethical AI speakers, such as Kay Firth-Butterfield, to detail the importance of practising ethical AI?
If what is expected in the future of artificial intelligence becomes a reality, humans could see a reduction in the amount of time they are required to work for. Although at first this may seem like a utopia, it is within human nature to fulfil a purpose, and if people do not have a job or work to perform they may feel as though they do not have a purpose – lacking the social and mental challenges that work used to provide.
“We have seen AI providing conversation and comfort to the lonely; we have also seen AI engaging in racial discrimination. Yet the biggest harm that AI is likely to do to individuals in the short term is job displacement, as the amount of work we can automate with AI is vastly larger than before. As leaders, it is incumbent on all of us to make sure we are building a world in which every individual has an opportunity to thrive.” – Andrew, Co-Founder, Google Brain
Although there are arguments that artificial intelligence could in fact aid cyber security, there is also a significant risk to cyber security due to the speed at which AI can access data. Due to its ability to exceed human ability in some areas, artificial intelligence has the possibility to negatively impact cyber security by delivering malware and viruses, which humans cannot uncover. The integration of artificial intelligence into business could lead to a negative impact on security, which ultimately stops businesses from creating trust with their customers.
How Can I Learn More About the Impact of Artificial Intelligence on Business?
Navigating the world of artificial intelligence is highly complex, and it can be hard to understand what is next for your business in this new digital era. A great way to increase understanding of the impact that artificial intelligence will have on business is by hiring an artificial intelligence speaker!
Here at The AI Speakers Agency, we are fortunate to work with the World’s leading experts on artificial intelligence who have committed their careers to the research and exploration of the exciting field. From the World’s first AI citizen, Sophia the Robot, to the former Global Head of Machine Learning for Amazon Web Services, Allie Miller, the list of speakers perfect to hire for your next event is endless.