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Artificial Intelligence and Innovation: What They Mean for Business

We are moving to a more digitised, AI-driven world. This article explores Artificial Intelligence (AI) and how companies can use it to innovate. It will also briefly explore what AI means for the future of jobs.

What is AI?

According to Wikipedia, “Artificial intelligence (AI) is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans and other animals.”

Thus, Artificial Intelligence is a form of Machine Learning.

In other words, Artificial intelligence (AI) is a machine-based ‘intelligent agent’ that, through data analysis, can tackle tasks that require ‘human intelligence’. In most cases, the machine functions autonomously, but human operators may provide specific ‘insight’ or instruction.

AI is an amalgamation of many fields, including computer science, mathematics, logic and psychology. It’s a relatively new field of study that’s achieving incredible results.

The goal of AI is to build systems that can perform tasks that are generally done by human beings.

With such technology, we could automate many different jobs such as accounting or managing social media accounts. Automating mundane tasks or jobs would therefore free up time to do more creative and cognitive demanding work.

AI is changing the way that we work and interact with technology. Self-driving cars are one such example. In the future, self-driving vehicles will do more than help people get from A to B.

Instead, they will collect and use data to build a world profile and all individuals within it – just like a human driver.

AI and Innovation

AI has evolved over the last few years and will continue to do so in the future.

As we move toward a future, “intelligent machines” will transform many jobs, including cognitive.

However, according to Accenture’s recent report, Process Reimagined, businesses will have to reimagine their processes to take advantage of AI.

Today, our digital world is becoming more complex – fueled by rapid progress in computers, smartphones, and sensors. Machines are controlling every aspect of our life. How businesses use this new technology will determine their fate.

How AI Will Affect Business Processes and People

In a world where the megatrends of digitization and globalization are impacting every organisation and profession, AI is one of the most powerful tools to help organisations innovate and lead.

Artificial Intelligence is a massively powerful asset that companies need to embrace, not just because it’s more efficient but also because this technology will make their products better and more innovative.

As AI-driven processes will become commonplace, today’s operational efficiency will remain a priority in the coming years. Operational efficiency will achieve this via the intelligent use of technology and data. 

Today work is being redefined by this Fourth Industrial Revolution.

The emergence of automation and robotics is opening up exciting new opportunities for innovation for small businesses too. 

However, as AI gains momentum, there will be more tremendous pressures on employees to be more productive.

See my latest book for more details Generation AI The Rise of The Resilient Entrepreneur.

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