The AI Industry in Business- All you need to know!

The AI Industry in Business- All you need to know!

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What is Artificial Intelligence (AI)?

Artificial intelligence/AI, one of the divisions of computer science, aims to reproduce or even surpass abilities in computational systems that are generally deemed intelligent if performed by a human. These abilities include:

  • Problem-solving
  • Reasoning
  • Learning
  • Pattern-recognition
  • Language-understanding
  • Visual perception

This is what the MBA course in ‘Data Analytics, Artificial Intelligence and Design Thinking’ aims to impart.

The World University of Design (WUD), Sonepat, is ranked second in the ‘Top 10 Private Universities offering Professional Education’ by the Education World India Higher Education Ranking. Besides, it is recognised as the ‘Best Upcoming University of India’ with the ASSOCHAM India Education Excellence Award. WUD Sonepat provides degree and diploma courses in Design, Visual Arts, Architecture, Business Administration, etc.

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Different types of Artificial Intelligence

There are two primary types of artificial intelligence:

Applied AI

It is more common and includes systems designed to carry out a single task intelligently, e.g. move a driverless vehicle or trade stocks and shares. This category is also known as ‘narrow’ or ‘weak’ AI.

Generalised AI

It is not very common and includes devices or systems that can theoretically handle any task, as they possess enough intelligence to find solutions to novel problems. Generalised AI is also called ‘strong’ AI. Examples of true strong AI don’t exist today, as these technologies are still in the early stages of development.

Many modern AI applications are empowered through a sub-field of AI known as machine learning.

What is machine learning?

The roots of machine learning (ML) lie in statistics. ML uses statistical models and algorithms to perform a specific task without using explicit instructions instead of relying on patterns and inference. For example, ML applications can:

  • listen to a segment of music and find other tunes to match the mood
  • read a piece of text and decide if the user is making a complaint or purchasing an order
  • accurately recognise faces, speech and objects
  • recognise and classify images according to the elements they contain
  • translate large volumes of text in real-time

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How are machine learning and AI used in business?

With time, AI research has enabled many technological advances, including:

  • automatic scheduling
  • autonomous driving
  • face recognition
  • machine translation
  • pattern recognition
  • predictive analytics
  • suggestive web searches
  • targeted advertising
  • virtual agents and chatbots
  • voice and speech recognition

Many of these are now frequent and provide solutions to a significant number of business challenges and real-world, complex problems.

Artificial intelligence (AI) is steadily entering everyday business use. From trend predictions to workflow management, AI has many different benefits in business. It also provides new business opportunities.

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How can one use AI technology?

  • Automate workloads – e.g. collect and analyse data from intelligent sensors, automatically route service requests, use machine learning (ML) to sort work, etc.
  • Improve customer services – e.g. use virtual assistant programs to provide real-time support to users (for example, billing and other tasks).
  • Improve advertising and marketing – for example, effectively automate many routine marketing tasks and track user behaviour
  • Increase efficiency and manufacturing output – e.g. automate production line by integrating industrial robots into your workflow and teach them to perform labour-intensive or mundane tasks.
  • Manage and analyse your data – e.g. AI can help you mine and interpret your data more efficiently and provide useful insight into your assets, brand, staff or customers.
  • Optimise logistics – e.g. use AI-powered image recognition tools to monitor and optimise your infrastructure, plan transport routes, etc.
  • Predict behaviour – e.g. use ML algorithms to analyse patterns of online behaviour to, for example, serve customised product offers, detect credit card fraud or target appropriate adverts.
  • Determine performance – e.g. use AI applications to predict when you might attain performance goals, such as response time to customer calls.
  • Prevent outages – e.g. use anomaly detection techniques to identify patterns that may disrupt your business, such as an IT outage. Specific AI software may further help you to detect and deter security intrusions.

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Benefits of Artificial Intelligence in Business

Many businesses use artificial intelligence (AI) technology to reduce operational costs, increase efficiency, grow revenue and improve customer experience.

For most significant benefits, businesses should consider putting the full range of intelligent technologies – including natural language processing, machine learning, and more – into their processes and products. Still, even businesses that are new to AI can reap significant rewards.

By implementing the right AI technology, your business may gain the ability to:

  • prevent mistakes and ‘human error’, provided that AI systems are set up properly
  • develop expertise by enabling analysis and offering intelligent advice and support
  • increase productivity and operational efficiencies
  • grow revenue by identifying and maximising sales opportunities
  • make faster business decisions based on results from cognitive technologies
  • access vast amount of data to generate quality leads and grow your customer base
  • save money and time by optimising and automating routine processes and tasks
  • use insights to determine customer preferences and offer them a better, personalised experience

Benefits of AI and humans working together

Research points out that AI doesn’t always perform best on its own. AI technologies are great at driving/replacing repetitive, lower-level tasks. However, businesses often achieve the most significant performance improvements when machines and humans work together.

For making the most of this powerful technology, one should consider AI as a means of augmenting rather than replacing human capabilities.

The potential of AI is here to change the way your business functions. All it takes to begin is an open-minded approach and a willingness to embrace new opportunities wherever and whenever possible.

Why you should join the MBA course at WUD

At the WUD two-year MBA course in Data Analytics, Artificial Intelligence and Design Thinking, harnessing the potential of upcoming technologies such as artificial intelligence, data science, and machine learning requires a new set of professional skills. Individuals with expertise will drive the business sphere to apply these skills to organisational needs and strategies while navigating the psychological, ethical, and societal implications.

The course aims to dramatically enhance the ability to make informed decisions of high quality by making the most optimal use of emerging technologies, human-centred design and application of design thinking. Design Thinking skills imparted through a hands-on learning journey will help you develop the creative-thinking skills needed to innovate in any organisational context. By elevating your creative thinking skills, you will return to work to create and support a creative culture within your organisation. It aims to develop a culture that is capable of confidently pushing and sustaining innovative efforts.