How AI And Machine Learning Can Positively Impact Your Business And Small Businesses

Artificial intelligence is making waves across the business world and will continue to do so. The rate in which technology is developing means that we can depend on systems that a few years ago would be unimaginable. Instead of performing every task manually, companies are learning the power of automating systems, resulting in an increase of effectiveness, productiveness and ultimately companies are creating greater profits. AI systems and machine learning can improve many aspects of your business including customer service and cyber security.

What is AI and Machine learning?

AI is when human intelligence processes are completed by machines. Expert systems, natural language processing (NLP), speech recognition, and machine vision are a few specialised uses of AI. On the other hand, machine learning is the use and development of computer systems that can learn and adapt without following explicit instructions, by using algorithms and statistical models to analyse and draw inferences from patterns in data. A few examples include image and speech recognition, predictive analysis and medical diagnosis. This means that while AI encompasses the idea of a machine that can mimic human intelligence, machine learning does not. It aims to teach a machine how to perform a specific task and provide accurate results by identifying patterns. Both technologies can have positive effects on businesses.

Product Quality Assurance

If you run or operate a manufacturing company, product quality is crucial when managing your reputation. However, this task can be tedious, time consuming and costly in terms of payroll. Due to the task being necessary, AI provides a useful solution to this problem as AI can automate the scanning and evolution of products. This means that the software can detect flaws in your products, allowing you to detect them before they reach the customers, leading to greater customer satisfaction.

To many this may sound intimidating, trusting a machine sounds absurd, especially to those who have run a successful business for many years; they may not see the point of investing in AI technologies. However, 37% of organizations in 2019 use AI in the workplace as the percentage is due to increase immensely. This means that more and more companies are beginning to use and trust AI as it drives productivity and allows businesses to work quickly sand more effectively than in the past.

Customer service

AI is emerging as a powerful tool for customer service. For example, Chatbots are becoming increasingly prevalent for their ability to mimic human-like conversations and perform routine tasks. This enables businesses to deliver prompt, seamless and favourable customer service, reducing wait times and staff costs. Chatbots are continuously improving their accuracy and effectiveness due to learning from all customer interactions. In fact, many customers are unaware of the fact that AI technology is being used and that they are interacting with a machine rather than a human. This means that the systems are so effective and intelligent, they may be more effective than humans in certain roles or circumstances, emphasising their reliability.

Cyber Security

AI is rapidly becoming an essential component of cybersecurity. With its ability to analyse millions of data points and predict outcomes, it’s crucial to protecting against cybersecurity threats such as supply chain attacks, phishing and ransomware. For example, machine learning can identify patterns quickly by processing large data sets. Once the technology knows the standard pattern, it can check for changes in the pattern that might identify as potential cybersecurity threat. Many AI-based detection tools can also respond to potential threats. They may be configured to kill the process, lock out the user or send out an alert to IT for a resolution.

However, AI and Machine Learning shouldn’t be seen as the redeeming feature to your IT worries – even though it could be – it should add more to already effective IT system. Every business will have to make changes to improve processes and the general running of the business, and this may eventually mean choosing highly capable technologies over humans as AI and ML will become increasingly more effective and more cost efficient in comparison to humans.

The Challenges of AI

Despite all the positives AI can bring into businesses, as well as enhancing everyday life, AI requires a lot of preparation to be implemented properly. It can be quite a large expense to integrate and develop existing technology to ensure that it Is capable of operating with AI.  It also needs to be installed gradually as a one-time implementation is costly. Alongside this, businesses will need to be trained on how to use this technology, taking up valuable company time. However, once you have opened your eyes to the wonderful world of AI and all the benefits it can provide, the cost will be justified as in the long run, AI can help build a more productive workforce, This, therefore leads to businesses making larger profits outweighing the negatives.