Development in technology has always been an asset in transforming business and the way in which business advances. Innovation and technological advancements not only make our day to day life easy but also give us a simplified, reliable, accurate and competent way of excelling in an inexpensive world.
The industries have become so inexpensive that monetary dependence has taken a back seat and technology has taken the driving seat. One such technological advancement of today’s era is artificial intelligence. To put it in simple words, Artificial Intelligence is one of the greatest achievements of our time and is revolutionizing the businesses especially that cater to the mass training requirement.
Before we talk more about the businesses wherein Artificial Intelligence has made or can make its impact, let us in short, first understand the term Artificial Intelligence.
What is Artificial Intelligence (AI)?
Artificial Intelligence (AI) is the latest and unique way of electronic gadgets like computers, mobiles, or machines to think, adapt, learn and advise as we do. The machines today by the deployment of AI can work and respond like humans, or sometimes (no, many times) even better than humans. The use of AI in training the fresh recruits of an engineering/construction business to understand the functioning of a machine/software is the best example someone can quote.
Direct & Indirect Beneficiaries of AI:
- Manufacturing Industries:
- Automobile Industries
- Online Shopping (E-commerce)
- Construction Industries
- Emails, etc.
Some of the benefits that AI provides to stated industries can be listed as follows:
- Reduces time, avoids boredom and improves safety
The most important advantage of artificial intelligence is that it reduces time and saves money by optimizing routine processes. For e.g. AI can be introduced in automobile industries in training the employees to assemble different body parts of the car. With the help of AI, the layouts of the assembly shop (along with positioning of machines and process flow of the assembly shop) can be engineered in software and such software can artificially train the new employees/trainees without any human intervention.
This new way of learning avoids boredom and since the employees are not actually working on the machines directly. There are lesser chances of any mishap, hence, create a safe work culture. As many times the employee is at fault, software hints for rectification, unlike bosses.
- Increase Productivity, Efficiency
Artificial Intelligence has the ability to gather a vast amount of data automatically by tracking the previous assignments accomplished by us. With the help of AI, just to quote an example, Gmail and other trackers suggest you the very next word on the basis of your first word entered. This increases productivity by reducing the time to think, type and implement the next course of action. It can be used extensively in consultancy business, E-commerce business, FMCG business and business involving quick strategic & marketing decisions.
- Improve customers experience
Customer satisfaction is one of the most important elements of any business. Real-time customer service assistance, without human intervention from the client’s side, is yet another example of the use of AI is serving the customers.
Demerits of AI:
- Like two sides of a coin, every invention has pros and cons. To list out the de-merits of AI, it would be right to point out that AI has reduced human intervention to a large extent and would continue to do so in the coming time, hence might lead to joblessness.
- With text predictions, the power to think and remember is at stake.
- With AI, everyone is online with all personal information and activities are known to ones who actually should not know, hence the biggest security threat.
To sum up, as we know, that every invention brings in ease but with threats attached to it. It is advisable to know the don’ts before we embrace the dos. Things that are set to come, will come and AI is no exception. It is in the present and will increase four folds in the near future.