Artificial intelligence (AI) in the home will be great. We will be able to use it to take care of those tasks that most people can’t stand doing. Like ironing and putting the trash out. But of course AI will be able to do many more advanced and complex activities in the home, through it’s self learning capabilities, which you can hear about in a recent article that I wrote here.
But when it comes to incorporating AI into our business activities, it becomes a scary subject for many people…
AI can be as simple as software running on high powered computers, which carryout activities such as data entry into an accounting system or you could even automate a full end-to-end business process.
AI can also incorporate physical robots too. The robots work with back end software and can be programmed to carryout varies tasks. Such as completing orders in a warehouse by locating and picking the required products. Or AI can build cars on a production line in the most efficient manner.
Yes, robotic technology has been around for ages. So what makes AI different? Well it’s self learning. The idea is that once it’s been trained to do a particular activity (besides doing it in the most efficient way) it can learn to do similar activities by itself. Self driving cars are a good example of AI technology that is self learning to the point where they can make their own decisions about steering, breaking, accelerating and parking.
I’ve been thinking how AI technology could be used in our business in the near future. And as we roll out nationally MY Print Service (our small organisation managed print service) warehouse automation is going to be a key area for us to get right, which will enable us to guarantee a high level of service to our customers.
This led me to think about how other industry sectors could benefit from AI technology too. And here’s the first 5 I’ve come up with…
Accountancy
AI will enable accountants to spend more time on things like strategy and advising. The real value of accountants is interpreting and telling your story based on your data and what does it all mean for your business strategy. Freeing accountants from tasks like reconciliations to focus on these questions will be a positive step.
Law Firms
The biggest, most obvious benefit to Law firms is time savings. Computer systems can analyse more information, more thoroughly than humans can, in a tiny fraction of the time. Computers can quickly search through and identify relevant data of all forms and file types, conduct legal research that would take a skilled attorney days to complete, and analyse contracts and other documents for errors, missing information, and inconsistent language. And these time savings can translate into monetary savings for the customer, since less attorney or staff time is involved in finding answers and identifying mistakes.
Wealth Management
I don’t think anyone can deny that the advice from your family friend whom you’ve known for years will be given much more respect than a robotic, monotone voice on a screen. But there are a number of things that the robotic voice can do better and faster.
Apparently 32% of companies in financial services are already using AI for predictive analytics, voice recognition and response, and recommendations. And instead of wasting hours a day answering questions about simple returns on mutual funds, financial advisors can use the saved time to enhance their client’s experience. They can start looking into long-term solutions and explore more investment options that a standard meeting wouldn’t normally have time for.
Manufacturing
The utilisation of AI and robots is particularly strong in industrial manufacturing as they re-volutionise mass-production. Robots are capable of doing recurring activities, designing the production model, rising competence, building automation solutions, eradicating human error and delivering superior levels of quality assurance.
Robots are capable of working for 24/7 in the production line without a break, allowing businesses to expand in terms of production capabilities to meet the high demand of national & global customers. And as robots replace humans and perform normal and risky activities, the number of workplace accidents will decrease too.
As AI takes over the manufacturing plant and automates boring and ordinary human tasks, workers will get to focus on complex and innovative tasks. While AI takes care of unskilled labor, humans can focus on driving innovation and routing their business to advanced levels.
Retail
AI can learn about customers, their preferences and their behavior to get to know them. AI can get to know them so well that it knows what they need and when they need it. And it knows this before even they do. When AI is capable of producing such information on the fly, there are numerous benefits that can be obtained immediately. Such as getting the customer to buy more and improving your customer’s experience.
AI in conclusion…
AI presents a very real opportunity for businesses and people, alike. The technology powers enterprise and consumer platforms, apps and interfaces that make life easier, businesses more efficient and everything more informed thanks to loads of data.
Adopting technologies like artificial intelligence can make your organisation more productive by cutting down the time you spend doing basic administrative tasks. Imagine how much faster your organisation could grow if you could spend more time improving your strategy, creating better products or spending more time with customers.
For businesses and startups, the use of AI translates directly into less time spent on routine administrative tasks internally, and happier customers externally. Adopting AI can be cost effective, complementary to customer engagement, useful in training your team and filling gaps in the workforce.
People do have concerns that the advancement of AI will lead to job loss. Yes, it’s true that implementing AI will strip away repetitive tasks. However, the fundamental goal of AI is not to replace, but to support, create and enable organisations to grow quicker. Luckily, the development of AI also takes time, which means we have time to adapt, train or retrain and grow alongside this mission-critical technology.
