Artificial intelligence (AI) can make or break a business, depending on how you look at it and use it. Proponents say AI can streamline a company’s operations. But opponents say it will supersede human entrepreneurs and employees.
For startups, AI could augment aspiring business owners to create a successful new start up. But it’s not exactly encouraging to hear a successful businessman, Elon Musk, to say that AI could wipe out the human race.
Co-founder of GNS Healthcare, Iya Khalil, strongly disagreed. “Some applications of A.I. may be concerning. But we’re just starting to see machine learning improving treatments in medicine.”
Then again, AI and machine learning are vital to their process of improving health outcomes.
Physicist and author of The Artificial Intelligence Revolution, Louis Del Monte, feels the opposite. “Experiments suggest that once machines have neural networks, they will be able to ignore their initial programming. We won’t be able to program laws and assume that humanity is safe.”
Whether or not AI is safe should not be the only focus of entrepreneurs. They should look at it as something that they can leverage in the way they do business, whether it’s an offline or online business. Because the reality is AI now has increasingly effective machine learning algorithms that can help in different areas in business.
How can entrepreneurs use artificial intelligence to their advantage?
Develop and measure more effective marketing
Machine learning algorithms are developed to analyze data faster and easier than any human can. In a business where data changes as sales increase, the ability to analyze data by the volumes is vital.
Artificial intelligence has the capability to sift through volumes of data to identify patterns and trends. For an online business, it even provides details on how to develop an effective content strategy.
Take it from Amazon’s CEO of worldwide consumer Jeff Wilke, he uses AI to track behavior and pinpoint purchasing trends for each consumer.
Complements human workers
Many would say that AI is the start of a robot takeover, resulting in people losing their jobs. But most entrepreneurs look at it in a more practical view, seeing how artificial intelligence can help with task-driven applications.
AI can take care of administrative tasks, so human workers can focus on more creative and engaging work in essential areas. By taking care of the simple tasks, AI allows humans to put their talents and efforts to better use.
Predict consumer behavior
With a technology called sentiment analysis, no one can say that AI is incapable of reading and understanding the complexity of human emotions. The algorithms of sentiment analysis allow artificial intelligence to provide reliable human perspectives on specific topics, allowing a business to predict consumer behavior.
Sentiment analysis was used during the election campaign of President Obama in 2012 to gauge how the public would react on specific policy announcements.
Improve efficiency of business processes
It’s every entrepreneur’s dream to see their business grow faster because of efficient operations. But improving daily operations is not always easy, whether you run a bricks-and-mortar store or an online business.
But machine learning algorithms can do the heavy lifting, analyzing different systems and workflows like supply chains. This enables a business to identify areas for improvement, especially in streamlining the workflow and using resources more cost-effectively. Integration of artificial intelligence is most beneficial to the manufacturing sector.