The business world is constantly evolving, becoming faster and more competitive, even as you read this article. One tech development that is changing the way business works is artificial intelligence (AI).
The use of AI in business has been groundbreaking, to say the least, and while there are so many positives, there are many who feel their jobs are threatened by its innovations. But it's time to change your perspective because these innovations are good news, but more and more people are realising the need for specialists.
In this article, we're going to take a look at just how AI has been changing the business world and why people should be furthering their studies and specialising to stay ahead of the curve.
How has AI changed the world?
To name every way AI has had an impact on the world would take more time than we have here. But at its foundations, AI has opened the world up to the integration of autonomy like never seen before. Customer support is no longer run by people; community management systems are successfully run by algorithms, and doctors can diagnose illnesses faster with the help of AI.
In the business world, AI has had a significant impact on productivity, sales, research, and product development. Even the financial sector is using AI to assess the markets and make informed trades and decisions based on analytical data processed and presented by AI software. And here's the thing: it's just the beginning.
AI is still relatively complicated. Not any average Joe can code and create an AI system tailored for a specific company yet. But we are seeing this happen, and as it becomes more normalised, it will also become easier to customise for different needs. Very soon, you'll see AI-focused subjects as a main component of many different business qualifications and degrees because of how central they will become in the business world.
Top AI Innovations That Have Changed the Business World
At the moment, AI is playing some significant roles in businesses. Here are a few functions AI performs in business:
Customer Relationship Management (CRM) Systems
AI is all about autonomy. Creating more space for basic services to function independently without consistent human oversight or involvement. While some think the integration of AI in customer relationship management will negatively impact employee opportunities, the goal is actually the opposite.
AI in CRM aims to improve the efficiency of CRM by effectively collecting, sorting, and analysing data for later use by employees. Allowing AI to do this opens up more time for employees to focus on other things, leading to greater productivity and better customer service.
Fraud Detection
While AI offers a lot of positives for customer service, it's also used to combat crime by detecting fraud. Banks and author financial institutes use AI software that's designed to analyse the data through their systems, pick up fraudulent transactions, and notify the authorities in real-time.
In some cases, it's been shown that AI integration in security systems like this has led to detecting an additional 30% of fraudulent transactions. While that may not seem significant, that's 30% more than what the traditional systems were picking up.
Predictive Maintenance
Things break; it's a part of life. However, as a business owner, having machinery that's down for an hour or two can have a negative impact on productivity and profitability in the end. That's why maintenance is so important. With AI, companies can now track the maintenance needs of their machinery before the break.
This kind of AI software uses information based on historical maintenance records and data directly from the machines to determine how long the machine will run before needing its next service. A great example of this is in modern cars. They'll tell you how much further you can drive before you need a service or part change.
Helpdesk Chatbots
Helpdesk chatbots are probably one of the most used features of AI. From bots in telegram groups to efficient chatbots that deal with customer support, AI has helped businesses manage and collect data from clients with efficiency and consistency. Chatbots mimic the way a real person talks, engaging with customers by listening and using pre-set responses to respond.
As of 2024, chatbots function on almost every service-based website. Yeah, you know that little chat section that opens up when you enter a website that's not an actual person? It's AI.
Smart Assistants
When it comes to artificial intelligence, this is probably a category you've heard about. The most popular smart assistants on the market today include Alexa, Siri, Cortana, and Google Assistant.
In the last two years, we've seen huge developments in AI, such as ChatGPT and OpenAI. But AI has actually been around for quite a while. Think of Siri, Alexa, Google, and Cortana. These are all smart assistants based on the AI model. These days, AI models like these can do a lot more than just follow basic prompts. Using voice recognition, AI can:
- Manage smart home technology and devices like plugs and thermostats
- Retrieve your calendar and other personal data
- Conduct online searches for information such as restaurant reviews and recipes
- Initiate phone calls and send text messages
- Facilitate product orders with delivery options
- Establish reminders and perform various other tasks
How to Adapt to AI Innovations and Take Advantage of It
While it's both exciting and daunting to think about the advances that AI has made and the potential it has to take jobs, it also has the potential to create new opportunities and shows us how important it is to specialise. So, the question is, "How do we stay ahead of this technology?"
Here are some ways you can take advantage of AI and remain relevant:
1. Adopt an attitude of lifelong learning.
As AI keeps evolving we can either embrace the need to adapt and embrace lifelong learning, or else we're going to fall behind. Attend workshops and conferences, take short courses, and stay updated with all the latest trends in your field.
2. Specialise.
There is an increasing demand for workers with specialised skills and knowledge in every field, thanks to AI. However, it can only work with what it already has available. Therefore, the world needs specialists to ensure that we don't stagnate and that misinformation is prevented. You can do this by taking a postgraduate course that will allow you to hone your particular set of skills. Those who develop expertise in a specific area can increase their value to employers, and this allows you to differentiate yourself.
3. Develop your soft skills.
AI is great when performing routine tasks, but it's quite far off from mimicking emotional intelligence. Developing your soft skills is something you can do to keep an edge. This includes improving your collaborative, communication, and problem-solving skills.
Final Thoughts
Since AI entered the playing field, it's been advancing in leaps and bounds and changing the way the world works. It's not just the business world being optimised with the help of AI, but so many others. While AI can do a lot of things, the world requires experts in each field. You can give yourself an edge and stay relevant in your chosen field by taking a postgraduate course. Universities like VU allow you to take a postgraduate course completely online so you can get ahead and maintain a great work-life balance.
