Artificial Intelligence and Innovation: What They Mean for Business

We are moving to a more digitised, AI-driven world. What’s clear is that there will be winners but most likely many more losers – not just among low- and middle-skilled workers but also among high-skilled professions.

Companies will use algorithmic intelligent machines to search for workers who are emotionally resilient and creative. No guarantee newly created jobs will remain unaffected as AI technology gains momentum.

According to Accenture’s recent report, Process Reimagined, Businesses will have to reimagine their processes to take advantage of AI.

What is AI?

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 changing the way that we work and interact with technology. Self-driving cars and driverless planes are two examples. In the future, self-driving vehicles will do more than help people get from A to B. They will collect and use data to build a world profile and all of the individuals within it – just like a human driver.

Similarly, driverless planes will gather and analyse information from the industry around them – for example, air traffic control and weather – and will feed this back to humans.

AI and Innovation

Technology has always had a double-edged sword. In the 1960s, ‘the Luddites’ (British workers concerned about automation) lost a pivotal battle to automation.

However, a powerful ‘digital alliance’ between computer science, engineering, and marketing brought about a digital revolution that saved factories and enabled new manufacturing types.

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.

As we move toward a future, “intelligent machines” will transform many jobs, including cognitive. In today’s digitised world, there are more tremendous pressures on employees to be more productive.

And, businesses are responding to this challenge by investing in AI systems and automation.

How AI Will Affect Business Processes

Although AI-driven processes will become commonplace, today’s operational efficiency will remain a priority in the coming years. This will be achieved via the smart use of technology and data.

For example, AI algorithms will take over from humans in the decision-making processes that require a significant amount of time. In the future, medical professions will be aided by the use of voice-based digital assistants that analyse scans and electronic health records. Numerous industries will be affected by the AI phenomenon.

However, in order to maximise the benefits, organisations need to address how AI can enhance and benefit their customer experience, as well as how it can facilitate organisational efficiency, optimise processes and enhance employee performance.

Today work is being redefined by this Fourth Industrial Revolution. This has massive implications for people’s welfare but it is also a chance for the business to use artificial intelligence to their advantage. The emergence of automation and robotics is opening up exciting new opportunities for innovation for small businesses too.

There will be winners but many will not be. What makes this even more challenging is that there is no one-size-fits-all approach when it comes to AI.

Want to know more about AI and how to thrive in the world of smart algorithms, check out my latest book Generation AI The Rise of The Resilient Entrepreneur.

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