The Impact of Artificial Intelligence on Business Structure

Artificial Intelligence ⯀  

Artificial Intelligence (AI) is becoming more and more prevalent in today's society. Essentially, artificial intelligence can be defined as computer science that attempts to create intelligent behaviors. Many people feel that it has the potential to become the future of business. This is a bold statement, which deserves a deeper look.

The Role that Artificial Intelligence Plays in Business

Artificial Intelligence is already being used, in various capacities, today. For example, voice recognition software has become very prevalent, as well as image recognition and problem solving software. So, how can artificial intelligence be implemented into businesses? It will be able to contribute to enterprise resource planning, supply chain procedures, as well as demand management. Also, it is useful in collecting data, such as browsing history and purchasing preferences, which can be utilized by companies to create more effective marketing strategies and to develop a better targeted customer base based on consumer demographics and trends.

How it is Beneficial in Improving Customer Loyalty

Also, it will be able to impact customer service and help to anticipate changes in consumer purchasing trends. In regards to customer service, artificial intelligence software is already being implemented in various capacities, such as through telephone support. Automated systems have been developed to assist customers with customer service issues when they contact customer support. Often, these automated systems are able to eliminate the need to speak to a live customer service representative, which has the potential to save the company money in the long run. Also, in regards to anticipating changes in consumer purchasing trends, software has been developed that is useful in determining whether a customer will be interested in buying a product or not, which will increase customer engagement, as well as encourage customer loyalty, brand recognition, and repeat purchases because the company will be better able to appeal to its customers. Also, front end development can play a role in improving artificial intelligence, overall because it has the capacity to improve the collection of data, as well as by identifying errors within the system. So, what is front end web development? It can be defined as the process in which HTML, CSS, and Javascript are utilized, in order to create a website interface.

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The Hype Often Associated with Artificial Intelligence

Many people have assumptions about artificial technology and how it may render human tasks obsolete within the realm of business, which will leave many people without a job. This isn't the case because the technology isn't that far advanced. Decisions made by companies need to be regulated and overseen, which is difficult to do when utilizing software. Human input will always be valuable because we are able to judge situations on a case-by-case basis and make informed, relevant decisions. Therefore, artificial intelligence is something for businesses to get excited about. It can help them to streamline various facets of the company and help them to operate more efficiently.

When utilized properly, it can make a huge differences in the way that companies perform and their overall ability to succeed. Also, you shouldn't necessarily fall victim to all of the hype associated with artificial intelligence, which is prevalent within our society right now. Many of the ideas associated with artificial intelligence may be sensationalized and not based on the current applications available with AI and its overall functions. Essentially, its purpose is to enhance a company, rather than to dominate the business world. Therefore, it is important to conduct your own research, in regards to AI, in order to obtain an accurate and well informed decision. At its current state, it is not something to be feared and if businesses are able to embrace it and incorporate it more, it could be a valuable asset.

By  Kevin Faber	Embed
Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book.