Just a few years ago the phrase artificial intelligence seemed like something better reserved for science fiction, and certainly not for business purposes. Now, as we’re heading into 2017, that’s all changed, and artificial intelligence has gone mainstream everywhere from entertainment to the business world. Artificial intelligence technology and gadgets are even heading must-have holiday lists this year.
So thinking specifically in terms of business, the following are some ways artificial intelligence is likely to have an impact in the new year and beyond.
More Robust IT
IT is at the heart of what most businesses do, and it serves as the driving force behind the majority of business systems. With the introduction of more artificial intelligence opportunities, it’s likely that IT departments will be able to go even deeper in their capabilities because the need for human input will be greatly reduced.
According to Gartner predictions, IT will benefit from artificial intelligence components including natural-language processing and neural networks. IT will also be able to do more as a result, which will likely mean businesses who jump on board will have more efficiency and productivity.
Better Deal Making
Firmex reported on the concept of artificial intelligence in an original piece of content on artificial intelligence and mergers and acquisitions. Their belief is that AI will create opportunities for better deal-making in 2017.
The report details their belief that analytics engines will be able to go through contracts more rapidly and relevant data, and do so with more accuracy than a team of lawyers. That will improve not only the quality of deals and the logistics of the process but also significantly lower costs since legal fees usually account for about thirty percent of a total M&A deal.
For e-Commerce businesses, AI is also representing a new frontier of opportunity. In a piece on the upcoming trends impacted by artificial intelligence in Business2Community, there is a focus on the idea that retailers will soon be able to create new products that are based on customer preferences and past purchases.
Basically, with this idea what would be happening is that consumers would be showing an AI system what they like through their shopping and buying habits online. Then, as a result of that interaction, the system would be developing a design. That design could be 3-D printed resulting is a completely customized product.
AI is revolutionizing the way businesses deal with virtual assistants as well. In the past, a virtual assistant referred primarily to someone who worked remotely, but now with the implementation of AI, there are new opportunities for “smart assistants” who can handle specific tasks, and have an extensive capacity for knowledge and information retention.
Regardless of the industry, you’re in, artificial intelligence undoubtedly has the power to contribute to significant shifts in how things are done.