Just less than half a century ago – predictions like Google were considered a facade were flying around. With geniuses of that time claiming it’s just something silly for the general public to enjoy, there is no way it is practical. Yet today, there are 3.5 billion searches per day on the platform.
Imagine running a business in a world without the internet, digital word of mouth, reviews, or Google. It would be entirely different.
Which is why it is important to keep ahead of trends, and know exactly what is coming next. From Alexa to Siri right down to self-driving cars, AI is close – the only question is, what does that mean for your business?
Although, there is a lot of hearsay regarding the impact that AI will have on our daily lives. Through this article, we will be discussing some of the most probable effects businesses will need to be aware of moving forward into the new era.
AI For Marketing Is Already Here – Did You Know?
Shh, it’s a secret.
Well, not really. But if you were still thinking there is plenty of time to plan and strategize for the incoming AI technology, you are wrong! It’s here already, and certain corporations are using it to there advantage.
For example, the entire Facebook ad algorithm is based on AI. Analyzing which consumers react best to the adverts, and how to target them in such a way that it promotes sales – all in a self-contained environment.
Then you look at Amazon’s platform. Where products that you might be interested gets thrown up out of nowhere. Based on your recent search history and general inquiries.
As a business, it’s important to know your consumer base, and be able to turn AI to your benefits. For example, starting it off on the right footing when you create facebook ads. From the demographics, right down to the buyers persona.
Your Employees Will Always Be Number One
The biggest threat AI has is stealing jobs. It’s natural. After all, if a computer can do it better, faster, and cheaper – what do businesses have to lose. We already see it in public transport systems such as trains.
So what’s to stop AI from being your next admin clerk, sales representative, or accountant?
Well, AI will be a large supplement tool in certain manual jobs. However, at the same time, it will also create new job opportunities for people. After all, someone needs to look after the machines, ensure they are doing what they should be and learning the correct processes.
At the end of the day AI is not meant to replace human labour. Rather it is meant to remove the manual, low priority labour so that humans can focus on tasks that have more value to the business itself.
Predictive Maintenance For The Manufacturing Industry
If you are in the manufacturing industry, when you hear maintenance your hair probably stands up on end. With maintenance costs over billions of dollars industry, AI may just help some companies break the bank.
AI is able to take into account wear and tear on parts in machines, how long certain units have been in use; and from that give you an approximate evaluation on when you can expect to need to get ready for a maintenance check.
It’s predicted that thanks to this prediction analysis, mechanical failure will be less prominent in the manufacturing industry, which costs a fortune. As normally it halts production.
There Is A Cyber Risk And A Cyber Benefit Of AI
We see it in movies all the time. Even the most innocent projects turned evil. Sometimes, that’s just the way some of us humans work. And the same goes for AI. Although, for the most part there are countless ways that AI can positively impact not just your business; but everyday life.
At the same time, there will always be people looking to exploit this technology for personal gain.
One of the biggest risks to your business will be cyber crime. With AI able to counter anti-cyber threat measures as quickly as they come up, it will be an uphill battle for businesses to keep their data safe. Making data resilience an even more important project.
However, it goes both ways as white-hat hackers will be working diligently to find ways to ensure that there AI is more robust than any cyber lurkers looking to gain insight into your business critical documents.
Grace Frenson
I’m a freelance writer from Philadelphia. I recently graduated from Drexel University with a bachelor’s degree in businesses administration. While studying for my degree I interned under a notable financial consultant in King of Prussia, PA. I have a passion for finance and writing.
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