APPLICABILITY OF ARTIFICIAL INTELLIGENCE IN BUSINESS
“Machine intelligence is the last invention that humanity will ever need to make”- Nick Bostrom
Artificial intelligence (AI) is the ability of a machine or a device to learn, think and express like humans. In the near future, intelligent machines will replace human abilities and skills. The main functions of artificial intelligence include providing information, reasoning, planning, learning and communicating. IBM’s computer Deep Blue (which beat chess master Garry Kasparov), Apples siri, Googles Deep Mind and the latest human robot Sophia are primary examples of AI. AI combines precision and computational power to solve problems and reduce error in operation. With the introduction to AI most of the business moves to a higher stage of developments like system automation, virtual assistance, chat bots etc. and lot more developments yet to come in the near future. Within next 5 to 10 years AI will surely revolutionize the business. This paper is an attempt to study the present and future applicability, benefits of artificial intelligence in business. We are using secondary data onto our research.
Key words – Artificial intelligence, Computational power, System automation, Virtual assistance
Every day technology is increasing tremendously. When we look back to the history, around two million years separate the first use of stone tools from the historic moment when Homo sapiens invented art and began to paint images on cave walls. Another thirty thousand years passed before the rise of arable farming and permanent settlement. The first symbols appeared a few thousand years after that, followed closely by the first written scripts. Then, around four hundred years ago, development began speeding up. The microscope was invented in the seventeenth century; industrialization in the nineteenth century enabled the first cities of a million people; and during the last century alone, the atom was split, humans set foot on the Moon, and the computer was invented. Since then, the processing capabilities and energy efficiency of computers have doubled at regular intervals. But while technological progress often develops greatly, the same is not true for human intellectual abilities. We are living in the midst of a surge of interest and research into Artificial Intelligence. It can seem like every week there is a new breakthrough in the field and a new record set in some task previously done by humans. Not too long ago, A.I. seemed a distant dream for specially interested researchers. Today it is all around us. We carry it in our pockets; it’s in our cars and in many of the web services we use throughout the day. A.I is a computerized brain capable of doing every intelligence task that a human can perform. In recent years the business sector has shown strong interest in artificial intelligence (AI), with AI-related research and applications rapidly increasing at home and abroad. With massive amounts of computational power, machines can now recognize objects and translate speech in real time. With greater depth, they are producing remarkable advances in speech and image recognition.
AI capability has improved to such an extent that a range of commercial applications is now possible in areas like consumer electronics, industrial automation, and online retail. Technology companies of all sizes and in locations all around the world are developing AI-driven products aimed at reducing operating costs, improving decision-making and enhancing consumer services across a range of client industries. And despite a decline in venture capital funding across industries overall in 2016, AI start-ups raised a record $5 billion globally last year – a 71% annualized growth rate and near-tenfold rise over the past four-year level. So artificial intelligence is going to be revolutionizing the business sector. Business will get a lot of benefits from artificial intelligence like saving time, increase productivity, faster decision making, avoid mistakes, mining vast amount of data, increasing revenue.
REVIEW OF LITERATURE
Everything that civilization has to offer is a product of human intelligence; we cannot predict what we might achieve when this intelligence is magnified by the tools that AI may provide, but the eradication of war, disease, and poverty would be high on anyone’s list. Success in creating AI would be the biggest event in human history. Unfortunately, it might also be the last.
With the increasingly important role of intelligent machines in all phases of our lives–military, medical, economic and financial, political–it is odd to keep reading articles with titles such as Whatever Happened to Artificial Intelligence? This is a phenomenon that Turing had predicted: that machine intelligence would become so pervasive, so comfortable, and so well integrated into our information-based economy that people would fail even to notice it.
There are many theories, research; arguments are going on in artificial intelligence. Many researchers and scientists say AI will have a positive impact on the business sector and other group says it will negatively impact the business sector. There is an enormously huge wave approaching from the ocean of technology in the name of Artificial Intelligence (AI). The emergence of AI has already captured people’s imagination and has made them more comfortable and acceptable to the new and better change. A few examples of AI’s inception into our daily life are ‘Siri’, ‘Google Assistant’, and ‘Alexa’. These virtual personal assistants respond to voice queries and interact with the user in a more intelligent manner. The rise of these AI-based personal assistants has made our smartphones even smarter. The advancements in the automatic speech recognition technology have played an important role in the development of these virtual assistants. Now imagine if a device can be equipped with powers to plan, imagine, perceive, learn, make choices, communicate, analyze, solve a problem, reasoning ability, making decisions and many such cognitive and super intelligent functions. Such a technology, which has already made its ground, is going to completely transform the way consulting companies are going to function in near future