AI is growing fast and isn’t set to slow down, here’s how to get a fraction of its power for your business
The rising awareness of Artificial intelligence is steadily increasing with different business buzzing, while others whirl about the inception of AI.
In a report by Forbes, it was confirmed — the growth of AI is way up.
Interestingly, Stanford University finds that AI is outpacing Moore’s Law — almost every three months, the speed of artificial computation doubles.
That’s incredible…
It’s even more fascinating to know, with this incredible, almost superpower system, you can ultimately create a very more susceptible business. But in the meantime,
What is AI?
AI for short means Artificial intelligence. Artificial Intelligence, or AI, is a branch of computer science that aims to create intelligent machines that can perform tasks that normally require human intelligence.
This includes tasks like understanding natural language, recognizing speech and images, making decisions, and solving problems.
AI works by using algorithms, or sets of instructions, to process large amounts of data and learn from it. This process is called machine learning, and it allows AI systems to improve their performance over time as they are exposed to more data and feedback.
AI is a type of computer technology that makes it possible for machines to learn from experience, adapt to new situations, and perform tasks that typically require human intelligence, such as recognizing images or understanding natural language.
In other words, AI can help computers to do things that normally only people can do, like thinking and learning. It is like having a robot that can learn and think like a human but runs on a computer instead of having a brain like humans.
AI can be used for many different things, like helping doctors diagnose illnesses, improving transportation by creating self-driving cars, or even helping us to find new planets in space.
AI is a really cool and exciting technology that is changing the world in many different ways!
Here is a tip of the iceberg use cases of Artificial Intelligence
Medical sector
The integration of Artificial Intelligence into the medical sector has accounted for a high increase in medical responses according to a report.
Its full prowess as a result of its integration into the healthcare ecosystem has accounted for 23% of the Clinical Outcome of Respondents according to U.S Healthcare Executives.
In fact, Digital health startup Thymia is a prime example of the use of AI in the medical sector. Thymia developed an AI-based video game that is meant to provide faster, more accurate, and objective mental health assessments. Patients on the platform are evaluated based on the video games they enjoy, after which a baseline assessment is created. Then, AI looks at thousands of anonymized facial features on video and studies audio to identify the likelihood and potential severity of depression. The platform offers continuous, remote monitoring for patients and clinicians to understand the conditions and treatments in real time.
Financial sector
The financial sector is no exception to the ravaging power of Artificial intelligence. Here is a curated list of how AI is changing the financial sector
- Fraud Detection and Prevention
- Customer Service
- Personalized Marketing and Recommendations
- Loan Approval and Underwriting
- Risk Management
- Investment Management
- Trading and Algorithmic Trading
- Financial Planning and Budgeting
- Insurance Claims Processing, and
- Blockchain Technology
- Security
Unlike every other sector, the security sector has AI two-sided — it has both negative and positive impacts.
The rise in cyberattacks is helping to fuel growth in the market for AI-based security products. A July 2022 report by Acumen Research and Consulting says the global market was $14.9 billion in 2021 and is estimated to reach $133.8 billion by 2030.
Nevertheless, there has been an increasing adoption of AI on behavioral analysis tools. This goes to say, the analysis of behaviors adopted by hackers, such as timing, method of attack, and how the hackers move when inside systems.
This helps the analyst on getting firm postulates for his research when faced with cyber threats.
Additionally, here are 3 ways AI improves Cybersecurity
- Threat Hunting
- Vulnerability management
- Network security
- Inform decision-making
AI decision-making serves as the future of intelligence in businesses. For several decades, the backbone of modern business has been data. It has helped businessmen and entrepreneurs shape their decisions.
Besides, it allowed them to learn in-depth about their customers. Here are 3 core decision stages AI helps businesses in making
- Decision support
- Decision augmentation, and
- Decision automation
This could range from making marketing decisions to customer recommendation management, and social computing.
AI vs Your Business
For the past few years, thousands of jobs and activities have been flipped — from being handled by humans to Artificial Intelligence.
And every day, more of these tasks are heavily handled seamlessly by AI, and for the next few seconds, you’ll discover how AI can help you get more deliverables from your business in minimal time.
Create Contents
If you’re stuck on creating content that increases your brand visibility and gets you the right customer for your business, worry no more.
There is over 5 content writing heavyweight lifting AI that helps you not only generate incredible content ideas but also create tailored content for your business once you feed it with the right data. Typical examples of these tools are chatGPT, Jasper, etc.
Predict Ad performance
AI tools exist that tell how well an ad will perform even before running them.
These AI-powered tools could also analyze your ad copy to attest if it’s aligned with Facebook ads policy before using them.
They also make suggestions on what needs to be fixed, such as images, text, or videos.
Follow up with leads
Quite stunning, but YES, you don’t need to follow up on your leads again manually.
There are awesomely well-programmed AI tools that help you with following up on your leads.
They do this through website chats, SMS, and emails before handling the leads to humans after they’ve taken the lead through different qualification processes.
Customer Support
This has been a major breakthrough in AI since its inception. Thousands of human customer support has been laid off from work.
For instance, sectors like Banks, Brokerage Firm, and others, now uses AI-powered bots that are embedded in their website, so before getting access to human support, your issue might likely get fixed by these bots, through the use of their automated generated text-question that gives room for users response.
The Future of AI for Businesses
The invention of AI promises the end of trivial tasks and makes tasks that require superhuman intelligence easy. Some of the benefits of exploring AI for your business is
- Saves time and money
- Improves customer experience
- Automates customer interactions
- Automated Operations
- Predicts outcomes
Conclusion
AI like every other technology can not work alone. It has to be incorporated into your business goals and objectives — creating an AI roadmap — that resonates with the business goals.
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