Artificial Intelligence - The Present & Future and the Role & Scope of AI in Business

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IntroductionWhat is Artificial Intelligence?

Artificial Intelligence (AI) is the simulation of human intelligence processes by machines, more specifically, computer systems. This includes basically three stages i.e. learning (the acquisition of information and rules for using the information), reasoning (using the rules to reach conclusions), and self-correction.

AI plays a pivotal role in any business organization. In order to streamline the business processes, enhance efficiency and maximize productivity, every modern business needs the latest software tools, especially, the AI-driven Hi-Tech tools available in the market. In the COVID pandemic situation, the need for a system to work from home online across the globe has assumed much importance in business.

Artificial Intelligence – in the present

Today, the internet has become a part and parcel of human life. We see the vast potential of Artificial Intelligence in each and every aspect of human life, be it in the field of education, engineering, healthcare sciences, aerospace, automobile, transport, financial services, communication, sports, and robotics. The impact of AI is seen on various other industries which include workplace, social networks, gaming, agriculture, online shopping, mobile, hospitality, entertainment, real estate, retail spaces, smart homes, insurance, banking and personal finance, events, cybersecurity, defense, politics, and Government.

Artificial Intelligence – in the future

The future of Artificial Intelligence is more challenging as AI targets automated transportation, to begin with. The other future challenges include Cyborg technology that is used to overcome humane cognitive and physical limitations by producing robotic limbs capable of communicating with the brain. To counter the threats posed by global warming and climatic changes, AI could use huge data and identify trends and use that information to find solutions to the world’s biggest problems like climatic change.

Robots and drones could be put in use to handle hazardous jobs like defusing bombs, eliminating the need for people to work risking their lives in extreme conditions. Robotics also holds the potentials to explore new frontiers, such as unexplored ocean and space. Machine learning uses the past to make forecasts about the future. It would be able to predict things as intimate as who will start dating and who will get divorced. We have seen that Japan has made the first big steps towards robotic pets and humanoids that can understand and feel emotions.

Role of Artificial Intelligence in Business

Artificial Intelligence can identify the vulnerability risks posed by possible cyber threats and attacks which may result in the loss of valuable data of the Company. In order to secure the data, the Company can develop proper and fool-proof strategies and data recovery plans to ensure to keep their data safe and secure against such unforeseen cyber attacks.

Did you ever think that your bank would be in your pocket one day? It is a reality that we are now moving around with our bank in our Smartphones in our pocket. We, as customers, always wish to have a hassle-free super-simple environment for purchasing products and services both offline and online and make payments through mobile apps instantly. Artificial Intelligence can safeguard monetary transactions through the latest AI-based technologies such as digital and cashless payment.

Did you ever realize the boredom and monotony to wait in a queue over the phone or a chat platform to talk to a real human customer care personnel to find a fix for your problem? Their inordinate delay in responding to the call is not just a disgusting experience for the customer but it might be a possible cause for him to shift loyalty to another provider. Apparently, this affects the company. AI chatbots have now come in aid for the Company as they can collect customer data through interactive conversations and help build a healthy loyalty-oriented and long-lasting relationship with the customers. It plays a crucial role in running a profitable business by the Company.

Who does not know the value of a brand? For example, Coca-cola is a popular brand name. It assumes great goodwill value which is intangible. Customers' feeling and their feedback about the product are vital for recognizing it as a brand. An AI-enabled system can handle customers’ feelings and sentiments about the brand. This helps the company to always maintain a healthy business environment and a satisfied consumer base.

Virtual Private Network (VPN) is not unfamiliar to us as far as the safety and security of networks systems are concerned. But the AL-enabled VPN systems have improved a lot over the months. It can now track user activities and their Internet Protocol addresses.

It has been a common phenomenon that we are often becoming victims of malware attacks. AI and machine learning technologies can help identify and stop malware and even block the new ones that are injected into the internet more often than ever.

Advertisement is another very important aspect of any business, but advertising costs are highly expensive. Companies can reach their targeted audience through customized AI-enabled advertising systems that provide full automated campaigns at lesser and affordable costs.

Business scopes of Artificial Intelligence

Artificial Intelligence has a vast market across the globe. While some countries have now gone far ahead in adopting the technology, the others are either slightly lagging behind or just woken up to follow them. If you go through the statistics below, you will very easily understand the vast scopes available for a prospective global market of AI technologies. The global AI market will grow by USD 120.00 billion by 2025 (Source: Statista) and Global GDP will grow by USD 15.7 trillion by 2030. According to the AI Market Report of Grandview Research (USA), the Revenue forecast is at USD 997.77 billion in 2028, a Growth rate estimated at a CAGR of 40.2% from 2021 to 2028. Regional scope- North America, Europe, Asia Pacific, South America, and MEA; Country scope- U.S., Canada, Mexico, Germany, U.K., China, Japan, India, and Brazil. Given below is a chart showing Global AI revenue forecast by 2025, penetration of AI Skills by Country, and Organizations deploying AI, by functional areas.

Wrap-up

Each and every organization faces diverse problems which can be resolved with AI-based technologies with utmost ease and efficiency. The businesses will have to identify the problem areas first and then take proper strategies and plans to address those issues one by one. The Company can then explore possibilities to develop an appropriate and customized AI-enabled system for lasting solutions to the given problems. This would build up customer’s trust and dependence while the Company operations become AI-driven and automated ensuring accelerated growth. The power of Artificial Intelligence is all-pervasive in the current century and each and every Company is now in the race to adopt AI technologies to empower them. In order to survive the peer competition, Companies must modify or replace some of their traditional plans according to their need and customers' demand to keep pace with the advancement of AI technologies.



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Recent Comments

18

Nicely laid out, Ajit! An intriquing article, indeed.

Jeff

Thanks a lot for the acclamation.

You're very welcome, my friend!

Jeff

AI is an effective advanced tool if used correctly. As writers we must not lose the human touch.
Nice post.
Stephen

Hi Stephen!
You are absolutely right. Proper use of AI-driven tools will be a boon. Thanks.

Scary!!!

AI is an advanced tool that will rule the world and is a disruptive technology. Thanks.

All AI is, is a bunch of programs that allow you to do things "maybe" in a better way but most AI stuff out there is a hindrance and serves no purpose.

It is only as good as the programmer.

Real AI and we are a very long way from that should be able to learn and better itself.

I remember when I worked as a software developer in the 90s, the big thing out there at the time was 4GL (generation language) and 5GL languages which were supposed to improve development.

This was what people call AI today.

All that did was allow you to create a computer program in a different language but once you compile a program it generated code that was basically unreadable.

Supposedly a high-level language like C, C+, VB etc.

At the end of the day, any programming language which is created as an object generates Machine code which is binary in its lowest form.

All these 4GL and 5GLs did was generate computer code which was unreadable and 10+ times greater in size than a normal computer program and overbearing on the hardware and ran extremely slow.

That didn't last long!

As I said AI is just a fancy term for something that has been out there for years.

As soon as someone hears AI they think this is advanced stuff and it isn't!

Mick

The use of AI-driven technology by Software/IT companies has become more popular these days. Software developed with AI technology would work most effectively for the betterment of mankind.

Thanks for your comments.

I'm sorry but you need to get your facts right first!

Listen to what Elon Musk has to say on this matter!

I mentioned the "Source" of statistical data within the para "Global AI revenue forecast by 2025. Please refer to Statista, Inc (www.statista.com) for details or further updates.

I didn't listen to Elon Musk. Please provide a reference & link.

Thanks and regards

Google it!

OK. Thanks, wozzy.

Yes, according to Elon Musk, Artificial Intelligence could one day outsmart humans. I am also afraid that one day AI would pose the biggest threat to the existence of human civilization. This would be a dangerous situation as building the Tesla robots would drive a car without a driver. At the same time, he said that the company's Tesla cars empowered by AI and robotic technologies would be safe. However, I believe time will tell how safer we are with such disruptive and innovative technological growth in transportation, medical equipment and many other fields in the coming days.

Hi, Ajit

There are already many excellent AI applications.

I have tried many AI writers for blog posts, and in my opinion, they are not ready to replace human research and writing. Much of the information is factually wrong or inappropriate for the article, and many of the most important points are missing.

I don't find it a time saver in helping me create a high-quality post. Like everything else, it will continue to improve.

Frank

I agree with you that some important points are missing. I wrote the article basically for an easy-to-understand manner by the common audience rather than going deep into the technicalities involved. I attempted to make people understand AI in simple terms and to give them an overview of the use of AI in the present as well as the future with particular reference to the role & scope of AI in Business.

Thank you for your comments.

Hi, Ajit

To be clear, I wasn’t criticizing the quality of what you wrote. I think you did a great job covering all the most essential points of AI! 👍🙂

I was simply adding some additional info regarding my opinion of the current state of AI writers, which some people, including myself, have tried as an aid to writing posts for their website.

I believe that AI will continue to grow, evolve, and become indispensable for various applications.

Frank

You are absolutely right. If we observe the present trend of growth and popularity, the day is not far from when AI would become an indispensable tool in the digital space.

Thanks and regards.

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