Let’s face it when was the last time you saw someone “drive” a Tesla? Or asked Siri to ‘call dad’? When was the last time you decided to watch a show on Netflix based on “your” recommendations? More than likely very recently. We have entered a new era, the digital age, if you will. Years of manual data volume and algorithmic research are behind us.
So what exactly is AI?
Artificial Intelligence is defined as the ability of a computer or a robot controlled by a computer to do tasks that are usually done by humans because those tasks typically require human intelligence and discernment. To put it simply, Alexa. Yes, that device you ask to tell you the weather or play your favorite song is a perfect example of AI. And interestingly enough, the vast majority of companies have started to adopt this type of intelligence. Artificial Intelligence has gone through three primary evolutions: Neural Networks, Machine Learning, and now, Deep Learning. Let’s break this down a little.
Artificial Intelligence is predominant in the business world, but to understand this you must understand the breakdown of some of the differing subsets. First and foremost, machine learning is defined as the study of computer algorithms that can improve automatically through experience and by the use of data. The ability to discover patterns to improve consumer growth. Whether it be the use of image recognition during an x-ray or utilizing arbitrage to identify algorithmic trading; machine learning is clearly taking over as a prominent business strategy. So how exactly can you utilize machine learning in the entrepreneurial world? To understand and engage with the consumer! Adapting AI to your current software programs allows for a user-friendly experience that can sufficiently run on its own.
Deep Learning, a subset of Machine Learning (literally called Deep because of the continuous layers) dives deeper into the unstructured and structured data for training. Basically artificial intelligence is able to imitate the way humans gain different types of knowledge. Think Ozark money laundering levels.
Going further into the subsets of AI, there are chatbots and virtual assistants which are found on just about every website you go to nowadays. Because let’s face it, convenience and accessibility are key to growing your business on the consumer end.
Growing a Business through Artificial Intelligence
A study by PwC finds that 86% of people surveyed say that AI is becoming a ‘mainstream technology’ at their company in 2021. Companies are striving for growth through strong foundations in data which can only stem from artificial intelligence. I have found that there are some key components of AI which can be very useful in the workplace. How many times have you utilized a website chat box? Probably more than you can count. It is through this feature that customers are able to get the answers they need easily and sufficiently. All thanks to the “magic” of AI. Moreover, paid marketing campaigns (PPC), and data analytics are key proponents I have found to be successful in the business world. A business is driven by the engagement and progression of their analytics…enter pay per click marketing. A way to measure the success of paid advertising through consumer response, or clicks.
AI enhances the modern business world in an extremely progressive way. We are apart of a great shift in the world and in the workforce. As technology and AI grow, so does the creation for new and exciting changes. I always say that the most valuable resource for an entrepreneur is your time, so why not utilize these changes to increase your time and productivity? Not only is your own productivity maximized, but I am finding that people in the workplace are more driven to succeed by these advances in technology. I can only guess that AI will continue to grow and create a dominant impact on every industry in the world. We are entering a new day and age, what was once considered the unthinkable and impossible is becoming very much practical and real. While it may not seem like a necessary attribute for your business right now, it definitely is worth looking into the lens of it. A possibility to predict market shifts and interests of consumers to help prepare for what is to come will be the future key to the success or failure of your business.
The good news is, you have the choice here. So ask yourself this important question: how will you allow AI to enhance your growth in the business world?