Trending in Tech: A Deep Dive into Artificial Intelligence
Whether you are all in on Artificial Intelligence (AI) or not, it is looking like it is here to stay. This fast-changing technology isn’t just being used as a fun filter for your pet; it is changing how businesses are operating all over the world.
BookPal's marketing team had the opportunity to attend the Ad World Conference earlier this year and one topic was taking center stage. You guessed it, artificial intelligence! From best-selling author Seth Godin's keynote speech on redefining creativity to Head of Enterprise Marketing at Jasper, Samyutha Reddy's lesson on scaling output, it became clear to us that trusted thought leaders and well-respected organizations are increasing their use of artificial intelligence within their business operations.
With AI about to reach the $500 billion milestone by 2024 according to Forbes, it’s time to get on board. That’s why we want to help answer some of your biggest questions and concerns about AI and show you what it can do for your business.
What is AI?
What better way to define AI than to ask it itself!
ChatGPT says “AI stands for Artificial Intelligence. It refers to the development of computer systems that can perform tasks that typically require human intelligence. These tasks can include learning, reasoning, problem-solving, perception, speech recognition, and natural language understanding, among others.”
Simply put, it is a tool that mimics human intelligence and can make decisions and give information based on data and analytics.
Are there different types of artificial intelligence?
It is true that there are many different types of artificial intelligence. They perform differently and therefore have different limitations. Learning the different kinds is what can help you determine what to use in your business and which ones won’t work.
For example, if you are looking to automate your processes and perform a specific task autonomously using human-like abilities then Artificial Narrow Intelligence (ANI) may be the right choice for you.
If you are looking for an AI system with the ability to learn and independently build competencies, for example a sales team looking for a chat-bot to handle customer questions, then Artificial General Intelligence or AGI Artificial Intelligence is where you should look.
Why are so many people using AI?
Companies today have more access to information than ever before. However, the amount of information and data out there is astronomical compared to how much we are able to consume or even get out there ourselves.
Here enters AI! Ready to make you and your employees’ lives easier!
AI is no longer an experimental technology but an essential business tool for companies everywhere. It is bringing convenience and efficiency into the workplace and allowing your employees to use their precious time for big picture items and adding personal human touches to your business that AI can’t do.
AI has already proved that it is helping businesses reach larger audiences and maintain a continuous revenue stream within organizations. With at least of 99% of Fortune 500 companies now using AI tools its benefits are being felt throughout the business world. It’s time for you to get in on the action!
How worried should we be that AI will replace jobs?
Probably one of the biggest fears and questions that we have heard is will AI replace our jobs? While AI will be able to complete certain tasks more efficiently than humans, there is hope at the end of the day.
Organizations need more than just skillset to perform tasks. Artificial intelligence doesn’t yet have the abilities that make humans... well human. Critical thinking, human judgement, subjective thinking, and emotional intelligence is where we shine.
Think of AI as a tool you can use to take stuff off your plate. By freeing up more of your time, you can focus on bigger business operations and fuel your team's creativity.
While AI may perform certain tasks better than us, human connection and understanding will never be obsolete. YOU add value by being human and bringing your own personal touch, something that AI can’t do.
What is the impact of AI on creativity and the creative industries?
It's true that the creative industries are rapidly changing thanks to integrating AI. Many AI tools are starting to carry out creative tasks like copy AI/ writing creative copy or even creating graphics based off of prompts.
In fact, according to a study by Accenture, AI is estimated to increase productivity by up to 40% in the creative industries by 2035. Consider automating some of your tasks to make your workflow faster such as color correction and image processing. By having AI handle composition or content creation, you free up more time to focus on ideas, research, editing, and distribution of that content.
What can AI do for my business?
Companies that are embracing AI into their business are finding innovative ways to drive growth. And the beauty of AI is that it can fit into nearly any business strategy! Some of the many things it can do to help is:
- Boost productivity by automating your repetitive tasks to free up your team’s time to focus on bigger projects.
- Improve your speed and consistency by using AI-driven chatbots to handle customer questions, instant support, and guide the customers through the sales process in a timely manner.
- Marketing can ask AI to create targeted campaigns to segment audiences by having AI predict how customers will respond to your campaigns.
- Create personalized recommendations for your customers by using AI to track customer behavior on your website.
- Identify fraud and cyber threats in real time increasing your company’s security.
How do I start using AI in my business?
Since AI has so many different functions and ways it can fit into your business what’s important is identifying your organization’s needs. Do you need enhanced security measures? How about speeding up your customer response time? By understanding the different AI technologies and choosing the right one saves you a lot of time and money in the end!
After you select the technology that best suits your business and create a priority list of what you want it to accomplish let the AI magic begin! Create a pilot program to slowly start rolling out your AI technology and its capabilities to the entire company and when you start seeing the results start scaling it up.
At the end of the day AI is continuously evolving and changing businesses. If you are looking for more resources that can help you and your business explore the importance of AI and its benefits we are here to help! Our book experts suggest these 5 books that are changing the way people think about AI and its benefits.
- The Datapreneurs: The Promise of AI and the Creators Building Our Future by Bob Muglia with Steve Hamm
- All-in On AI: How Smart Companies Win Big with Artificial Intelligence by Thomas H. Davenport and Nitin Mittal
- The AI Factor: How to Apply Artificial Intelligence and Use Big Data to Grow Your Business Exponentially by Asha Saxena
- Power and Prediction: The Disruptive Economics of Artificial Intelligence by Ajay Agrawal, Joshua Gans, and Avi Goldfarb
- A Brief History of Artificial Intelligence: What It Is, Where We Are, and Where We Are Going by Michael Wooldridge