Every SME to large organization is looking to achieve that high paced business efficiency. No matter if you are running a pizza place or a luxurious multi cuisine restaurant. Every individual is looking for that golden ramp to revamp their business idea to the next level. But it’s not as easy as it seems. The stakes have changed, the owners are adapting smart business ideas.
These ideas help them to turn their local pizza restaurant into one of the most famous pizza places that is the hottest topic on all your socials. Is it a tool, an application, or a simple business methodology put into day to day effect. Well it’s sort of everything clustered together to provide the most optimum output.
You might ask how? But the correct question is what? You see both the local pizza place and the michelin start luxurious restaurant have one thing in common. Not the Italian chef shouting at the top of his lungs, that is the second common thing, the first one is ‘Data’. Yes! Data is that golden ramp we were talking about but you cannot just expect a free flight in the air by walking up to that ramp. You need a high powered and robust vehicle that could make effective use of that ramp. That vehicle is AI and particularly one of the branches of AI that supports the fundamentals of development, growth, and sustainability.
Be it a small town pizza outlet or a multinational global pizza business chain, Artificial Intelligence has the ability to revamp business with data in a fraction of seconds. So let’s learn about how the solutions revolving around AI developed can assist in the development of your businesses.
What is Applied AI? Leaning about AI
The base for Applied AI has been already created with effective use of digital transformation and robot automation taking place. Applied AI accumulates every information available to it and finds networked relations between them. It applies those logics as well as natural decisions to numerous processes, tasks, and preferences that are requested by the users.
One of the best ways to understand Artificial intelligence is understanding the basics of its working. You must remember a suggestion box that sits on an empty wall of a restaurant asking for suggestions to improve their tastes, services, hospitality etc. AI can be considered one of those tools that supplies the necessary data and information which it understands, establishes a relation between that data, and provides the suggestion back to the supplier. So basically AI is a two way giant high-tech automated suggestion box that needs information to provide information. Only difference here is that the box is just ultra smart and super intelligent.
Now you must ask how the AI is ultra smart to deliver solutions that can help a business to advance into the futuristic market? On top of that how does it become super intelligent to push that business sales and profit graph upwards? Well the answer is it relies on we people. See the AI has the ability to manipulate and play with the data in the most optimal way but the data needs to be provided. AI is not a ready-made machine it leverages on efficient and relevant data, through that data it can construct a set of arrangements that favors your business processes in the most optimum way.
So on a fundamental level the process of AI is to learn, adapt, and provide. Solutions that are developed using artificial intelligence technology learn the whole process of your business, it adapts your daily data algorithms, and provides accessible answers.
It is not mandatory. Considering the example of the pizza place mentioned above one can say the AI can work with and in different phases. First one acknowledging and the other being learning. Present an AI with the image of pizza and it will acknowledge that it is a pizza. But feed it with information related to Pizza such as How it’s made? What are the ingredients? What are the sauces? And it will learn about the PIzza, one can slowly develop the course and eventually it will learn about your pizza business to provide surprising solutions.
Understanding AI in simple terms
For example, for an AI generated solution it can combine the data it accumulated from the customer visits and how pizza is made, to tailor the perfect pizza preferences for your customers. The pizza could include combinations of toppings and sauces which you could have surprisingly never thought about.
That is how Applied AI works for businesses, it generates simple solutions through processing complex data. The speed, accuracy, and reliability comes after, the name of the game is how advanced one can utilize the data available to them and AI can do that sufficiently. It can modernize business processes according to the requirements of the owner and at the same time not disrupt the customer experience which has been essential in the past couple of years.
And it’s not like AI is something completely new that an individual cannot understand. In Fact it has been slowly making progress approaching customer experience space adequate. You may be using AI on a daily basis while ordering food while talking to a chatbot, on an ecommerce platform as it suggests the best stuff according to your preferences, or while playing games shooting AI integrated NPCs and yet you must have completely ignored it.
The primary solution to tackle this ignorance is to learn about the technology, properly evaluate the pros as well as the cons, and eventually utilize it. So let’s look at the benefits of applied AI technology when it comes to increasing the business output.
What are the benefits of Applied AI solutions development?
Being cost effective, efficient, and scalable are the basic sets of advantages which every expert or non expert must know when working with AI. The ones that have helped the AI to surface in this deep technological ocean of advancement properly elucidate the capabilities of Applied artificial intelligence.
The world of generative AI has been driving people across the internet crazy and the obvious reason being its capability to generate ideas from scratch. Whether it is to create content in the form of images or one needs to generate lines of codes this ability of AI has been making disruptions in the market. It helps users to automate tasks and increase efficiency. With proper input of data the user can generate the best personalized output. It defines the ability of AI to be generative through collecting relevant data.
Fast Decision Maker
Every organization and business idea has the potential to scale but the most probable reason for them to achieve their pinned goal is they are not approaching a decision faster. But it takes time to make decisions, there are factors involved, every perspective and datasheet needs to be analyzed to reach an excellent result. Here AI can assist you with quickly checking boxes for all the necessities mentioned above and provide the most optimal solution.
Brands are always looking for better ways or unique sparks to increase their customer base. Every successful brand peculiarly focuses the experience of their customers as they are the biggest promoters of their products due to word of mouth being one of the effective strategies in marketing. Integration of AI in various phases of product or solution development can help you improve your users’ experience significantly.
There are smart algorithms that can provide you with crucial data, answering questions such as what your customers are exactly looking for? What are their preferred choices? Do they like or dislike your services and much more? AI uses that valuable data to strategize your business according to your customers’ demands. One of the examples is smartly placing products in a clothing brand to increase sales.
Intuitions and calculations
AI is well known for performing fast calculations but there is another ability in that segment which has been the reason behind its exponential growth. The advantage is its ability to learn about something, understand it without carrying out any sort of detailed and explaining process. AI institutions will be the next chapter of the Artificial Intelligence revolution globally. It will address subjects such as predictive analysis, practical analytics, and applying simulating analysis.
The collective exploration of AI and automation has helped experts to coin a unique term “intelligent automation” which can also be rephrased as cognitive automation. The area combines two of the most important aspects that can assist in completely changing the business model of huge organizations. Apart from Applied AI and robotic process automation, it also includes business process management. In a sensible way it is deemed to introduce industrial disruptions which every IT-development company is trying to adapt and utilize.
The segment of Applied AI will not only benefit with improving customer satisfaction and reduce the cost of operation but it will also help organizations to play safe. It will allow compliance friendly business operations which has become a necessity nowadays. The kind of automated ecosystem AI, RPA, and BPM can develop is highly sustainable and safe in terms of flowing the data throughout the whole connection of devices, storage, and system.
Will AI replace humans? What are the consequences?
The answer to these kinds of questions can only be obtained through performing a trial and error method on a small scale. It is a fundamental theory to provide solutions to a problem but it can only expose the tip of the uncertainties that are yet to be discovered. However, experts have proposed an amazing theory which might provide an answer to the question.
They think that AI is an alternative and not the ultimate solution for all the problems. Every AI based solution requires data that needs to be processed, assessed, and analyzed to reach the final set of algorithms which offer an adequate answer, explaining why AI is a learning machine. It learns from us but we need to be cautious about what type of information we are providing. If an AI sees the pizza base as a dish and the toppings as the main food, we are the ones responsible to teach the AI the difference between a pizza base, a dish, and food.
Hence Applied AI will not replace humans, instead we will have to teach AI to perform tasks that might be complex for it, like how the tables turn right. So AI cannot replace use unless we use it as a tool and to conclude the answer, a little emphasis on the quote from a widely acclaimed and criticized movie; “It can only be attributable to human error”(credits- 2001: A Space Odyssey). Spoiler alert the quote is said by an AI, will leave up to you to find a figure of speech in that quote.
What are some of the industries using applied AI?
The scale and size of the industry does not matter as Artificial intelligence has been able to improve the performance capabilities of numerous businesses. One can find industry niches that have adapted AI at different levels to speed up their manufacturing process, be better at decision making, Effectively achieve sustainable business growth, and reduce the operating cost at various stages. Let’s have a look at some of the most popular and advanced industries working with Applied AI and corresponding solutions.
It is the most important industry that needs to introduce the latest innovations and needs to stay ahead of the curve. Healthcare sector has been gradually adapting Artificial Intelligence for performing minor diagnostics to executing large scale surgeries too. Being one of the largest banks of data, the healthcare sector has regarded artificial intelligence as a technology that can assist the healthcare workers to perform complex tasks much more conveniently.
The experts in the industry are trying to build an entire ecosystem of personalized healthcare that leverages the strong data processing attributes of artificial intelligence. They employ AI’s natural language processing and machine learning capabilities to integrate smart devices with extensive human care.
There are many tasks that can be performed with the help of AI such as Clinical Advice, Speech recognition for self-care, maintaining EHRs properly, and mobilizing a colossal amount of data much efficiently. There are healthcare institutes who have adapted predictive analytics to perform prognostic healthcare practices easily. Healthcare is one of the fastest accessors of Applied Artificial Intelligence Solutions.
As the current technological trends shift towards providing customer centric services and solutions, the Financial industry too has adopted technologies that have transformed their operations. There is a new term “Fintech” that has surfaced elaborating the advantages of influencing advanced technologies such as Blockchain, AI/ML, Web 3.0, etc. There are banking and financial services firms using smart AI solutions to improve customer experience, analyze sheets of data, and apply human-like logical reasoning skills.
Predictive analytics has been serving the industry on the main stage reasonably enabling the capabilities of financial organizations to scale. In the next few years maybe we will see a wave of super computers that could smartly SIFT through sheets of data without any error. AI technology can save time for both worker and user end too, chatbots, customer services, security, as it is able to recognize patterns easily.
2022 was the year of gaming and blockchain technology as we observed countless advancements. There were collaborative innovations that led to the development of decentralized gaming as well as blockchain based P2E models. Well focusing on the gaming sector AI has enabled mostly security and engaging quality of the games that are being developed integrating these technologies.
In terms of security developers are including artificial intelligence to recognize scripting bots and banning the players who are utilizing unfair means. Those unfair patterns and toxic playstyle can be recognized by an AI monitoring system to take necessary steps following the judgment.
An interesting way artificial intelligence is improving the gameplay for the user by including AI based NPCs (Non- Playable Characters). They are not in the possession of users’ control and act through a fixed set of algorithms that were not originally the result of true artificial intelligence. But through AI the NPCs are able to learn the game style of the users and adapt it to deliver a completely newer user experience.
In the food and beverages industry AI has been working on both the front restaurant side and the manufacturing side too. On the frontend side we have AI innovations such as, Smart-Food waste tracker that improves the warehouse management, Automated kitchen tools to achieve perfect precision in taste for the elite palettes, Ghost Kitchens where one can experience no human touch cooking, and lastly there is serving AI bots for improving the decision making and customer experience of the restaurants.
On the other hand when it comes to the manufacturing side, Artificial intelligence has successfully been able to increase the profit margins. The technology has been elevating the product and classification stage, helping with the management and demand-supply chain, predicting the revenue, and forecast for warehouse management. Ultimately it is able to develop cost-effective, smart managing as well as sustainable solutions for the food and beverages industry.
5. Social Media
Moving up we have a social media industry that is one of the fastest and trendiest growing industries and AI has enabled the potential of the industry across many platforms efficiently. With the CAGR of 28.77%, forecasting period 2021-2026, It was stated that AI did and will become one of the biggest sources of improving customer experience in the social media industry. From reducing the cost of operation by employing automated bots for gathering customers’ data to generating AI-based content, the technology has covered each and every parameter which will require a separate article to properly address the advancements.
Considering the user scale and how distinctively the platforms are performing, AI has even further benefited the social media through monitoring emerging trends, foul content, bots, etc. It also has helped brands to establish strategies to increase their brand awareness across the globe by running smart advertising campaigns. Understanding customers is one of the best ways social media has helped other businesses to gain a profitable engagement. Through predicting their purchase behavior, likes, dislikes, and gathering valuable information.
After blockchain technology making its mark in 2022, Artificial Intelligence is going to become one of the most trendiest technologies in 2023. The previous year ended with the introduction of a surface level AI-technology developed by Open AI; ChatGPT, which is a natural language processing AI bot providing you all kinds of solutions, information, and data related to various fields.
The sectors that revolve around Artificial Intelligence solution development will see a tremendous boost due to investors acknowledging the industry benefits of technology. AI has diverse segments and a vast area of solution stack that needs to be explored with precautions. And then there is this big debate about whether AI will replace humans or not?
Through proper research and development we could feed relevant information to Artificial intelligence to copy humans. Concludingly we can say that AI cannot replace humans as it cannot provide solutions to a problem like humans as well as it’s the other way around. Well employing AI can benefit one’s business through multiple ways but one should remember Intelligence cannot be bought, only true intelligence can yield quality business value.