Abstract
The present era is possibly the most exciting period of human history because various technological innovations are taking place.Robots working in industries, self driving cars, and ARTIFICIAL INTELLIGENCE (AI) playing games better than world champions are some of the technological innovations under ARTIFICIAL INTELLIGENCE. Internet today is full of Artificial Intelligence-related articles, its recent advances and its impact on society and business. This paper gives a glimpse on how Artificial Intelligence has made its impact on all spheres of business practices such that there is not even a single field left where its impact cannot be seen. It also outlines the business benefits of artificial intelligence and finally, point out some of the risks in artificial intelligence in business and how to overcome them.
Introduction
Capability of computers to perform various activities went on rapidly. Humans developed the power of computer systems in terms of their working activity to increase speed and to reduce size with respect to time. Computer science developed a new branch named ARTIFICIAL INTELLIGENCE (AI), it creates the computers as intelligent as human beings. According to the father of AI JOHN Mc CARTHY, it is “The Science and Engineering of making Intelligent Machines, especially intelligent computer programs”.
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In the business world, ARTIFICIAL INTELLIGENCE makes business to perform elegantly. Most of the business firms adopt AI to reduce operational cost, develop efficiency, higher revenue and improve customer experience. Implementing Artificial Intelligence in organization increases the efficiency and reduces human errors, it leads to better outputs. AI is used already for practical decision making. The application of Artificial Intelligence business gain ability to:
- Avoid human error and build a smart system.
- Identifies customer preferences and creates good relationship with them.
- Save time and money by automating routine process and task.
- Increases profit by identifying and maximizing sales opportunities.
APPLICATION OF AI IN BUSINESS
There are many Artificial Intelligence applications that support business. It helps to increase the efficiency of the organization and it creates a bench mark itself.
· CUSTOMER CENTRIC
Most of the websites now provide ‘chat’ options. In this option customers can chat with the representatives. These Artificial Intelligence chat box are able to understand human language. So they can give information to customers . The representative can also collect information from the customer about their needs and wants.
· SECURE FROM CYBER ATTACKS
Top companies around the world provide huge investment in cyber security to protect their data from cyber-attacks. Artificial Intelligence provides security strategy that is strong and advanced. A business needs real time threat detection, mitigation and ideal prevention from cyber-attacks. Using machine learning algorithms and feeding those algorithms Information Technology and security experts can develop solutions to monitor behaviour, detect abnormalities and respond to threats.
· FRAUD DETECTION IN BANKS
Banks are also now using AI to discover fraudulent activities. The AI softwares are proficient to detect fraudulent transactions based on past datas. Beyond this application banks apply AI technology for bringing more ability to their back-office, bring smarter chat-box for customer service and personalized services for individuals.
· COMMUNICATION
Artificial Intelligence in business has the capability to understand spoken and written language. AI provides real time translation of spoken and written language, real time transcription, intelligent assistants, and voice control.
· EFFECTIVE PLANNING
Artificial Intelligence helps to plan future goals through inventory optimization, forecasting of demand, predictive maintenance, physical and digital network optimisation, navigation, scheduling and logistics.
· RECRUTING AUTOMATION
Recruitment of qualified workers is one of the most difficult tasks. Now employers are using Artificial Intelligence powered sourcing tools to find employees who are well qualified and pragmatic.
· MARKET PREDICTION
Artificial Intelligence helps business for market prediction to perceive penchant of customers. It can be applied in places like personalization, initiate work flows, enhanced searching and product recommendations. AI avoids unnecessary time and refines quality for customers.
· PROPOSAL REVIEW
When a company receives a proposal from contractor, Artificial Intelligence analyses the scope, pricing and the contractor’s historical performance to determine if the proposal is of right cost and will be done at the right quality level.
· ARTIFICIAL INTELLIGENCE IN E-COMMERCE
AI ensures competitive extremity to e-commerce businesses. AI software automatically organizes and visually searches contents by labelling features of the image or video. The software helps the customers in finding the products they desire. E-commerce retailors has already become experienced with AI capabilities.
· ARTIFICIAL INTELLIGENCE IN LOGISTICS AND SUPPLY CHAIN MANAGEMENT
AI equips businesses to act on consumer data to drive improvements throughout many areas of supply chain operations. Consumers demand shorter delivery waits from retailers and retailer will expect the same from manufactures and distribution centres. Autonomous heavy goods vehicle and robotic picking systems allows supply chain to make deliveries seven days a week.
RISKS IN ARTIFICIAL INTELLIGENCE
A super intelligent Artificial Intelligence doesn’t have human emotions like love or hate. AI becomes risky because it is programmed to do something destructive. Self- governing weapons are AI systems that are programmed to kill. If these systems are in the hands of the wrong person, they can easily cause huge casualities. The AI is programmed to do something beneficial, but it develops a destructive method for achieving its objectives.
DRAWBACK OF ARTIFICIAL INTELLIGENCE
· Not Recreating Humans
Machines do not have any feelings and moral values like humans. Because they are programmed. Machines cannot take decisions if a situation is unfamiliar to them.
· No Original Creativity
Human beings are highly diplomatic and have creative minds. Their thoughts are guided by feelings which are not in machines. Machines help to design and create, but do not match for the power of thinking that human brain has.
· High Cost
Artificial Intelligenc need huge cost because they are very complex machines. Their repair and maintenance also require huge cost. The software programs installed in AI systems needs periodic up graduation to the needs of the changing environment and need for the machines to be smarter by the day.
· Unemployment
Replacing humans with machines leads to large scale unemployment. If machines are more than humans they become more inactive. They start to think in a destructive way and create havoc with these machines.
· Lack Of Experience
Artificial Intelligence cannot be improved with experience. It leads to wear and tear. It stores data but the way it collects and use those data is different from humans.
· Risk of Cyber Attacks
Hackers who want to steal secret information about a company are likely to target of Artificial Intelligence systems.
· Legal Risk
Now there is little legislation to regulate Artificial Intelligence, but that is not enough.Systems that analyse large volumes of consumer data may not comply with existing and imminent data privacy regulations..
HOW TO OVERCOME THE RISKS ASSOCIATED TO AI IN BUSINESS
If we take a step back and think about how to use Artificial Intelligence rationally to help businesses it has to be understood and used as a technology which helps to solve business problems. There has to be a proper plan and operating model to use AI and it has to be properly implemented after thorough due diligence. AI needs training and interventions after that humans remain involved in setting and maintaining proper governance and control.
Soon AI will become an integral part of everything that we do because it helps to remove human errors and create more predictable outcomes so businesses should treat Artificial Intelligence as they do with any other new technology. They should analyse its benefits, risks and put proper control and governance to increase its benefits while minimizing its limitations
Artificial Intelligence has created anxiety amongst our work force. Firms can also try to implement a leader which helps the work force to understand the technology and how both can co-exist. Employees have been re-trained, re-deployed and re-focused to exist symbolically.
CONCLUSION
Business functions can be automated but the most important element is still the humans. Now the level of technology we are not able to create a fully automated business. Some business functions, such as accountancy and information management can be fully automated. Some other functions such as sales and marketing can be computerized to a very high level. But other functions such as general management cannot be automated.
References
- Wikipedia, www.wikipedia.com
- https://futureoflife.org/ai-principles
- www.forbes.com
- www.nibusinessinfo.co.uk
- www.forwardlane.com
- www.researchgate.net
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