Artificial intelligence and machine learning’s importance for business have been under debate for some time now. Some consider it an integral part of the consumer relationship improvement and business development, others find it frightening. Advancements in IT, especially concerning the jobs previously made by humans, always raise a question of whether it will completely replace the human workforce. Today, we will discuss how AI could be useful for businesses and people.
How did Amazon become the most powerful organization in the world? Apart from an endless variety of products for any type of price, Amazon has learned to distribute product offerings according to the type of consumer. The essential part of this process is a huge amount of consumer data and algorithms that use it in order to predict behavior and preferences. This allows the company to deliver services to you accurately, fast, and for a price you are ready to pay. All of this is called AI. It helps businesses to understand their customers on a deeper level, using a lot of data. Knowing your customer is essential for business success.
Based on these facts, AI and machine learning are of course superior in learning and processing data than humans. However, what AI is struggling to do yet, is applying this knowledge to different contexts. It is challenging for AI to realize that some information can also be used in outsmarting competitors or creating new partnerships. Taking the existing knowledge and applying it elsewhere is too complex for current technology. There are postulates of sociology and business management that cannot be transferred to a machine in order for it to make correct strategic decisions.
For a successful AI implementation in business, it is important to understand what AI can AND can’t do for your business growth. Recognizing AI value and conveying its work into strategic actions will make your decision-making much more powerful.
