AI: What Is It & How It Can Transform Your Business
Hey everyone! Let’s talk about a topic that is louder than a coffee shop on a Monday morning: Artificial Intelligence (AI). Just to be clear, if you think AI is some future idea that came out of a university lab, you’re not even close! We’re talking about a truly disruptive force that is changing the world of business as we know it. Get ready, because we are going to explain how AI is not just a tool but a revolution that will take your career and your organisation to the next level.
Table Of Content
Where Did It Begin?
AI: What Exactly Is It?
4 Ways AI is Revolutionising Business
How Individuals Can Tap Into AI-Powered Growth
Upskilling Your AI Skills With The Jaro Education
Dream a Future with AI
Frequently Asked Questions
Where Did It Begin?
Before we dive into the depths of AI’s Wonderness, let’s quickly talk about where all this magic began – the actual artificial intelligence definition. In 1950, we saw the Turing test paper by Alan Turing, a seminal paper that birthed the first idea about AI. Now we are seeing an explosion of AI technologies, particularly because we have greater data capabilities than before.
Right now, there are almost 80,000 companies creating new AI technologies, with the big players focusing on machine learning and deep learning. In fact, McKinsey & Co. reports that the percentage of organisations from a year ago that have put an AI strategy in place has surged from 50% to 72%. That’s huge!
So, what is the reason for this AI love affair all of a sudden? Recent advancements in generative AI, which present disruptive technology capable of generating new content from internal learning patterns, contribute to this trend. For business leaders, it’s all optimism, with three out of four of them believing AI will have a disruptive impact in many of their sectors. No matter if at the finance, medical, retail, or light manufacturing level, AI is having a transformative impact, and it’s important to understand the abilities that transform the business landscape.
AI: What Exactly Is It?
At its core, the artificial intelligence definition is all about making smart machines that can think and act like humans. Think of it as teaching machines to mimic our decision-making skills, using vast amounts of data and human knowledge. Artificial intelligence can categorise data, predict outcomes, chat with you, and analyse information like a pro.
To bring AI into a business setting, you need to get familiar with some key components, including natural language processing (NLP), machine learning (ML), and deep learning. These technologies empower businesses to operate more efficiently and effectively.
4 Ways AI is Revolutionising Business
Now that we’ve set the stage, let’s dive into how artificial intelligence is not just changing the rules of the game but rewriting the entire playbook. Here are four transformative ways AI is shaking up the business landscape:
1. Mastering Big Data
In today’s digital economy, data is the new diamond. Businesses are collecting tons of data from so many channels: cookies, social media, surveys, etc. It’s one thing to collect data – it’s another to understand it and leverage it.
With big data analytics, businesses like Amazon can use it to create smarter business strategies, develop new markets, or improve workflows, etc. and while it’s great that businesses are utilizing data, the true power of big data is seen when machines can actually use it to do predictive analytics and anticipate your needs before you’re even aware of them. Really think about that – the next time you log in to Amazon and notice there are products suggested based on your purchases. That’s big data.
2. Personalised Experiences Like Never Before
Gone are those days when a single solution was used to meet all marketing needs. Today’s consumers demand personalisation, and artificial intelligence is answering the call. An unbelievable 63% of consumers expect businesses to provide personalised experiences, and they feel appreciated when offered amazing discounts or offers.
At this point, consider this: AI systems like Google Home or Amazon Alexa allow customers to engage with brands through voice commands. This is what customers care about these days – convenience and personalisation. AI allows companies to analyse data, understand consumer behaviour, and create campaigns that are targeted to individuals.
3. Automation: The New Workforce Ally
Let’s get into automation – one of the most important artificial intelligence benefits! While some people are worried about machines taking jobs, it’s not that simple. AI is here to help people, not to take their place. Artificial intelligence is changing how we work, helping us to be more efficient and productive.
Sure, some jobs will go away, but many others will change. Automation in areas such as customer service can save time by allowing chatbots to answer frequently asked questions, which allows humans to handle more challenging issues. This is a good thing, as businesses can better serve customers’ needs, and humans can spend more time on high-level and meaningful work.
4. Cutting Costs Like a Pro
“New technology” can often mean “expensive.” However, as AI technology improves and becomes adopted more widely, we can expect it to become cheaper. Now, businesses are figuring out what many people have known for a long time: that artificial intelligence is often much cheaper than other methods.
Take customer service chatbots as an example; they cut costs but also provide customers with an improved experience by getting instant responses. This allows the business to eliminate underutilised operations, reduce repetitive tasks and ultimately reduce cost, which could be overall cheaper in the end! Best of both worlds.
How Individuals Can Tap Into AI-Powered Growth
Alright, let’s get practical! How does artificial intelligence benefit your daily work life? Here are a few use cases that can kickstart your journey:
- Coming Up with Ideas: Experiencing some creative block? Use AI tools to generate new ideas for your projects or campaigns.
- Adjusting the Tone of Email: Want to adjust your emails’ tone? Artificial intelligence can give you a solid level of cordiality, which strikes the right tone for you.
- Reviewing Copy: Use an AI to help you look over your writing so that it does not lose itself and shocks the reader into action.
- Writing Appraisals: Writing performance reviews is a tough task. AI can ease the burden and provide helpful tips to you.
- Safe Space for Questions: Use AI platforms to ask questions and get advice without worrying if others will think you should already know the answer.
Trust is a significant barrier to AI adoption. Many people feel hesitant to adopt AI, primarily due to their lack of trust in the technology’s reliability. The answer to this dilemma is to find real-world applications that fit into your life. If your workplace doesn’t accept AI yet, don’t worry! Use it on your projects; use it in your spare time to discover for yourself how useful artificial intelligence can be.
Upskilling Your AI Skills With The Jaro Education
Feeling inspired to dive deeper into AI? Here’s where Jaro Education steps in. As India’s leading online education platform, we offer a treasure trove of courses designed to equip you with the knowledge and skills needed to thrive in the artificial intelligence landscape.
Whether you’re looking to understand the basics of machine learning or dive into advanced AI applications, Jaro Education provides great career assistance and academic guidance. Our Advanced Certificate Programme in Machine Learning, Gen AI & LLMs for Business Applications, offered by IITM Pravartak Technology Innovation Hub of IIT Madras, will help you position yourself at the forefront of the artificial intelligence revolution.
This course is designed to equip participants with the skills and knowledge related to Generative AI and Machine Learning technologies. Visit our website to register today.
Dream a Future with AI
As we’ve reached the end of this discussion of AI, it is clear that not only is the future bright, but AI is at the centre of it all. Adapting to AI is not only for career survival; it’s taking ownership of your career and the fate of your organisation. Knowing where AI is headed and obtaining the skills to capitalise on the potential of AI in your career with platforms like Jaro Education is the best way to keep ahead of the curve in a tumultuous career landscape.
Are you ready for AI? Whether you’re a business leader, a marketer, or merely an inquisitive explorer of the future, now is the time to start. That’s right, it’s time to take advantage of artificial intelligence and all of the possibilities that lie ahead, together. So, what are you waiting for? Trust Jaro Education and gain the skills and knowledge needed to navigate this rapidly evolving landscape.
Frequently Asked Questions
