Some people consider artificial intelligence a trailblazing innovation that will automate every last human activity, while others fear it will wipe out the need for human intervention.
But in reality, AI is a computer algorithm targeted to make machines perform some degree of tasks on their own, without human intervention.
While often deemed as a concept of the future, AI has slyly made its way to the present through voice assistants, website chatbots, and recommendation engines. Artificial intelligence has changed the tech paradigm at large, and AI development company like Arna is transforming traditional software development globally.
In this article, we will simplify AI and explore how businesses can stay ahead in the AI era!
What is AI?
To state simply, artificial intelligence allows computers and machines to perform tasks on their own that otherwise require human intervention. AI analyzes business data, underlines patterns, makes sense of them, and applies them in the future when a similar situation occurs.
Artificial intelligence software development leverages the strength of AI and implements it at various stages of the software development lifecycle (SDLC). This way, engineers enhance the development process, ensure speedy delivery, and boost functionalities.
For businesses, this means a software solution that automates manual tasks, therefore reducing time, cutting costs, and increasing the efficiency of human resources.
Quick Look At Types of AI
AI is divided into three types: narrow, general, and super AI. Here’s a breakdown of all three:
1. Narrow AI: It is also called weak AI, as it is a system designed to automate a particular task, such as language translation, image recognition, or text prediction and autocorrect, etc. It does not have reasoning capabilities and only performs certain defined tasks.
2. General AI: More popularly known as generative AI, it has become widely popular. Based on existing data, GenAI can develop new data such as text, images, videos, code, etc. ChatGPT, Gemini, and LLaMA are all examples of general AI.
3. Super AI: Unlike the other two, super AI is still a concept of the future. While GenAI mimics human intelligence, superAI is said to surpass it altogether. It’s what you see in Nolan’s sci-fi, which seems unreal in the present but may develop in the future.
Where Does AI Stand in a Business Ecosystem
More businesses are collaborating with AI development companies. The reason is simple: developing in-house AI talent is both difficult and expensive.
Most business decision-makers want to increase their productivity, reduce costs, and explore new or hidden revenue streams. AI meets them exactly where they want.
It boosts productivity dramatically with reduced manual operations, streamlines all the processes, reduces dependencies, and helps with standardization.
During the COVID-19 pandemic, Moderna, a renowned biotech company, successfully yielded results from its years-long investment in AI and data science. Its AI platform helped in speeding up drug discovery, vaccine development, and clinical trial processes. AI played a vital role in the development of the mRNA vaccine.
This shows that the business benefit of AI is real, and many businesses have successfully identified this.
Now the challenge is not about AI implementation but about how soon businesses become AI-ready and start leveraging it to their advantage.
Business Benefits of Artificial Intelligence
Like Moderna, many businesses are leveraging the benefits of AI consulting services. Here are some of the most remarkable ones, applicable to businesses of all sizes and industries:
1. Automate Vital Business Processes: AI is capable of replacing manual processes with automated, streamlined tasks performed by machines. A McKinsey survey has revealed that 78% of business leaders have already adopted AI for at least one business operation. This is helping them automate and gain an edge.
2. Better Decision Making: AI processes a large volume of business data from across departments and operations and converts it into meaningful insights. This helps leaders make informed decisions fast. 75% of organizations are either already using or planning to use AI for better decision-making.
3. Improved Customer Experience: Customers are considered the king for businesses. AI development companies are enhancing customer experience through personalized recommendations, 24/7 support, instant query resolution, and more!
3. Reduced Costs: Automation is directly related to reduced costs. With automation, businesses can save human hours spent on manual operations and restructure their teams. They can employ their human intellect & unique strengths for more strategic tasks.
4. Boost Marketing Efforts: From content generation to setting up automated email and ad campaigns, AI has become key to marketing strategies. It studies customer behavior and assists with drafting effective marketing strategies while significantly reducing the efforts.
AI Consultants: Do You Need One?
For businesses trying to navigate the tech ecosystem, AI adoption can be a daunting topic. Multiple factors come into play, such as business size, industry, products/services, market, and customers, etc., before making any decision.
Artificial intelligence is promising, but there has to be a strategic application. An AI consultant or AI development company can help businesses make informed decisions. They study every aspect of business, discover pain points, and identify areas where AI can be applied.
So if you’re unsure about where you can implement AI, consulting experts make the most sense. You can always start small and move ahead from there, depending on your business requirements.
