AI in Business Today and Tomorrow

While artificial intelligence as a concept has been around since World War II, it is only now beginning to scale into world wide use and mass adoption. Likewise, the AI hype is accelerating at a rate as great as the other great technologies of the 21st century, such as smartphones, Web 2.0, social media, and high definition television. Businesses need to understand the value of AI in their business today, because it will determine who will grow faster than everyone else tomorrow.

Like any other technology, those who are not early adopters feel hesitant to join and understand what artificial intelligence is all about. This mindset normally occurs when one feels overwhelmed and uncertain they will be able to successfully understand what lies ahead of them.

Don’t Know? Don’t Worry!

What many people do not realize is that technologies, especially the most complex ones, undergo many iterations of design, development, and simplification. Yes, artificial intelligence consists of a set of many complex theories. However, so do all other technologies that have come before. You can use your smartphone pretty easily right? Well, artificial intelligence will eventually undergo so many iterations of simplification that it will become as simple as using an app.

How Can AI Be So Simple?

Smartphones are so well-known because they are a first-class customer-facing technology. People hold them in their hands and physically interface with them constantly. Artificial intelligence will be, and is, an underlying technology that users will interface with everyday without knowing it, because they will not see it.

Have you used Google lately? Then you are already a consumer of AI, namely machine learning. Google takes massive amounts of data, from search results, Chrome usage, Google Analytics, etc, and uses it to figure out exactly what you are looking for. Google is now using AI to prioritize quality over quantity – this is a new concept and a game changer for content creators. In this scenario, you do not need to know how the technology works; you just need to know how it impacts you and your business. That knowledge alone is enough to change your future success.

Know the Types of AI

AI can be classified in a few ways. The highest level classification is based on how complex the AI is:

• Weak AI (aka Narrow AI) – AI that focuses on one particular task
• Strong AI – AI that can thoughtfully perform tasks, similar to a human being

Or a more specific categorization, based on the functionality the AI provides:

• Reactive Machines – these AI do not use past data to inform their decisions. They are more or less using a set of instructions, or algorithms, to make decisions.
• Limited Memory – these AI can use their past experience to inform near-future decisions. These systems do not store their experiences for long term use.
• Theory of Mind – these AI should know how to socially interact with humans. The technology behind this is still very new and limited.
• Self-awareness – basically, this type of AI would amount to all the capabilities of being human. This AI does not exist yet

But don’t worry! At this point you only need to worry about weak vs narrow, and reactive vs limited memory AI. At this point, everything else is in the distant future.

Using AI in Business Today

There is already a long list of ways companies apply AI in business today. As a businessperson you should focus on these main areas of AI (with accompanying examples):

Machine Learning

Have you ever heard that it takes the average person seven times to remember something new? On the other hand, it takes the average machine one time to remember something; and it will never forget that info. Now feed that machine millions, billions, or even trillions of pieces of information about something specific, like how to navigate a highway. Now, tell that machine how to learn based on all that data you fed it, and it will eventually become incredibly efficient at driving on a highway. This is what machine learning affords you – a better memory than people and the ability to make decisions as accurately as a subject matter expert.

Natural Language Processing

Those annoying chat bots from X corp’s customer support? Those are about to get a whole lot better. Newer versions of customer support systems are starting to use natural language processing with machine learning. This will more accurately figure out what you are talking about when you type or speak to them. These chat bots will become accurate enough to start replacing human customer support altogether in the next few years.

Robotics

Robotic AI sounds like something too crazy to be here today, but guess what? Those robot vacuums in our living rooms? They’re using AI to figure out how to efficiently navigate your home. And they are getting pretty good at it, too.

Sure, there are other fields, such as autonomous vehicles, but even these great technologies are partly derivative of the above list. Plus, the acceleration of AI is only going to introduce new technologies that will eventually overtake the primary items listed above.

Face the Profit

Do you have concerns about the morality of AI? Artificial intelligence is definitely something to worry about. Some of these new technologies are going to gut entire industries. People are going to lose their livelihoods as a result. And there is nothing we can do about it.

Let’s put numbers to paper. When “Company A” sees an AI tool that costs $1 million per year and executes an important part of their business automatically, that sounds pretty expensive, right? However, Company A choosing to use the AI it will replace two hundred employees which currently costs Company A $10 million per year. Using the AI saves them $9 million per year, but it kicks 200 people to the curb. What should Company A do?

The reality from the above example is stark and simple. The business must increase its profit in order to stay competitive. Let there be no doubt about it; if Company A does not use this technology, one of their competitors, “Company B,” eventually will. Company B will be at such a competitive advantage that Company A will have to adapt or die. The fact of the matter is that it is probably too late for moral dilemmas, at least in the United States. Companies must compete, and we live in a culture of deregulation.

AI is coming whether we like it or not. So get out there, put AI in your business today and make a profit!