AI and automation are hot topics in boardrooms, find out what this means for your business
“Of those businesses currently using or planning to use one of the specified… applications, the most common reasons for doing so was improving cybersecurity (35%) and creating efficiencies (35%).”
Artificial Intelligence has been around since the 1950s. In 1997, Garry Kasparov was defeated by Deep Blue, an IBM supercomputer.ChatGPT, launched in November 2022, was the first to introduce generative AI technology to a wider audience.
While traditional AI is limited to managing numeric data and small amounts of text in a document, generative AI can carry out research as well as generate completely new content.
AI can launch a new era of industrialism in which automation will drive enormous improvements in manufacturing capabilities, productivity and analysis.
The industry is beginning to be revolutionised by efficiency, cost-savings and insight into customer behaviour.
Automation can be used to automate repetitive manual tasks, allowing teams to focus on more rewarding, interesting work. Only humans can perform this type of work. It is important to interact with your colleagues and listen to their concerns and ideas.
AI is often used to emphasise automation, blurring the distinction between AI. It’s hard to distinguish AI from machine learning.
What is the new industrial revolution?
AI is a term that encompasses all technologies that mimic human intelligence. It has been developed since the 1950s.
Scientists didn’t have a breakthrough until they realised the advancements in machine learning. This made it possible to accelerate the development of AI-powered devices.
Machine learning is the technique of allowing computer software to self-learn from data and experiences. This is what defines the new age of AI.
cloud computing has reduced the price of processing power, and increased the processing capacity.
The algorithms of machine-learning programs have also been able to reach their full potential.
manufacturing is now on the verge of mass adoption of AI, which will lead to greater productivity, efficiency and lower production costs. Find out how SDMO can empower manufacturing businesses with automation and insights.
AI powers apps and systems to make our lives better.
Artificial intelligence systems make fewer mistakes when it comes to repetitive manual tasks than a human.
AI and automation can process data up to ten times faster than the human brain. It can also unlock insights and make data sense that humans do not have.
AI and automation in everyday life: Examples
AI and automation are two different things. AI is the self-learning aspect of AI.
Automating monotonous tasks like:
- Manufacturing processes
- Managing spreadsheets
- Invoices sent out
- Personalising mailing lists.
AI can be used in many ways. For example, it can detect cancer in radiographs by “learning” what cancer looks from past images, and comparing them to scans of normal tissue.
Home assistants are already commonplace. They can answer questions on travel, weather and other topics, as well as order groceries.
AI applications can also monitor security systems to detect any changes in their usual patterns.
Artificial intelligence is already part of our daily lives, both at home and in the workplace.
Google Maps may be using machine learning to calculate routes that are the fastest based on traffic patterns. Another example is predictive texting.
Amazon recommends products that we might like based upon our buying habits and those of other people who buy similar items.
Netflix recommends shows based on your viewing habits. Siri and Facebook both use AI to enhance the user experience.
Personal assistants and home helpers
Siri, Alexa, Cortana, and Home are all natural language-based assistants. This means that you can speak to the device and ask it for various tasks.
Over the last few years, query recognition technology has advanced dramatically. Some devices can now identify different users by their voice.
The banks are using the same system for telephone banking. These assistants are able to use machine learning in order to determine the user’s habits and provide relevant options.
They learn your preferences and then tailor their responses to suit them.
They will know your needs better the more you work with them.
As the Internet of Things expands, personal assistants will become more integrated with other devices.
Over time, these devices will help us manage our daily lives, from ordering groceries when our fridges are empty to controlling heating and energy usage more efficiently. They can also organise our family schedules, and monitor our health by sending us a message if we should seek medical attention.
Artificial Intelligence and Online Content
You’ve probably read online content that was generated by a computer, but didn’t realise it.
AI-powered systems are now creating basic content, such as descriptions and reports, to be used in the creation of copywriting.
AI will be increasingly used in chatbots
A professor at MIT developed the first chatbot in 1960, ELIZA. In the last few decades, a large number of ‘conversational agent’ software acting as automated customer service representatives has been adopted.
A chatbot is currently a simple, pre-programmed bot that only operates within a limited set of rules.
It can also be an AI-driven bot that uses machine learning and understands the language. This bot can self-learn constantly and become smarter using the same natural languages processing as a personal assistance.
A chatbot is capable of mimicking human speech, and can simulate a real conversation.
Chatbots are used to provide answers to basic questions. They can also be used to book flights, order food and receive recommendations.
AI and social media
Social media is the forefront of AI and automation for businesses. It uses this rapidly evolving technology to create relevant and targeted content for users, and ensure advertising is appropriately targeted.
AI can analyse visual content and tag objects and people automatically. AI-powered tools for sentiment analysis can measure the public’s opinion of your brand and product. It can identify influencers that could help promote your brand.
Amazon uses an algorithm that suggests products tailored to your search and purchase history.
Facebook and Google both use AI to create newsfeeds and personalised search results.
Machine learning is a powerful tool that can be used to understand a user’s preferences and habits. However, this technology is not new. Supermarkets have been tracking our shopping habits for years and providing unique vouchers.
Predictive analytics: Improve your predictions
Predictive analytics is becoming more sophisticated and accurate, allowing for you to make business projections, especially in these uncertain times.
It can predict changes in the price of raw materials, macroeconomic factors and the possible way your business will operate.
Data analysis is one of the most important applications of AI, as it can provide insights in many fields, including security, healthcare, and logistics/transportation.
As they seek to gain more insight from their mountains of data, it’s not surprising that Facebook, Microsoft, and Google are leaders in AI.
Steps to harness AI in a way that is more human-centric
Learn how to increase the value of your clients’ time by reclaiming lost time.
AI and its impact on key business sectors
AI is having a major impact on the following industries:
Healthcare
AI is already a part of the healthcare industry and has benefited it in many ways.
The application of algorithms to radiology images has allowed for the detection of tumours by far superior radiologists.
Treatments can be delivered much more quickly and the processing time for analysing scans has been reduced. AI can analyse large datasets to detect diseases and assist medical practitioners in making better decisions.
Data analysis can be used to optimise treatment plans and improve their management.
Virtual health assistants are chatbots which can perform time-consuming tasks, such as scheduling appointments. Bots can remind people to take their medication on time. They can also provide medical advice to patients and answer their questions.
Patients will benefit from increased recovery rates as well as a more efficient health care system.
Education
AI can be used to benefit education in many ways. A system can analyse how a student is processing information, and then tailor support to meet their needs.
A bespoke approach is the best way to help students who have learning difficulties.
Intelligent Tutoring Systems is another AI bot which can interact with the students and offer them tailored learning programs.
Automating the tedious task of grading paper is another major benefit. This takes time away from teaching the student, but by releasing this time the teacher can do more hands-on learning.
AI could have a dramatic impact on the classroom structure in the next few years. Learning environments that are more efficient and tailored to each student’s learning style and abilities could be designed. This would ensure that all students receive the support and assistance they need.
Financial Services
Machine learning algorithms, as mentioned above, can monitor an account’s use and stop it if any abnormal activity occurs. AI systems can detect fraud more accurately and with greater subtlety than anyone else. They can also reduce the number false declines that currently hinder both credit card users as well as commerce.
Algorithms can be used to improve credit scoring and mortgage applications.
Since years, the trading industry has been using AI to its fullest potential. Automatic Trading Systems is a set of algorithms that can sift through large amounts of data to improve analysis and speed up trading decisions.
Chatbots can be used to manage money and save. If you are willing to give an AI full access to your bank account, then you can receive financial and saving advice at a micro-level.
A mobile app called plum monitors and analyses your income and spending patterns to provide recommendations on when and how much money you should save. It will transfer small amounts from your account to a savings account.
Transport
As we have already mentioned, autonomous vehicles and cars can revolutionise the transportation system. From haulage to hailing-and-riding, they are a game changer.
Major benefits for the road would be the reduction of accidents by using self-driving vehicles and predictive analytics software to improve traffic flow. This data can be used to predict the paths of cyclists and pedestrians, and then more space is built into road systems.
Smart traffic light systems could be adjusted to allow for optimal traffic flow at different times. This would result in less congestion, particularly in cities.
Another application of AI in business is the use of systems by haulage and delivery services to plan the best route for their drivers. This helps them save money and reduce CO2 emissions and costs.
Google Maps uses AI to determine the most optimal routes, based on data from previous drivers and traffic flows. This results in a sat-nav system that is more optimised for everyone.
How can a small company implement AI and automation and benefit from it?
AI and automation have the potential to revolutionise many aspects of business and manufacturing. It’s great for big businesses that have the money to invest in the latest technology. But how can small businesses start taking advantage now?
AI has many applications that anyone can access thanks to the internet and cloud computing. As we have already highlighted, AI is an integral part of our everyday lives in a way we don’t even realise.
Business leaders can spend more time on strategy and innovation by using AI in their businesses. It can give us more information on what is happening in the business.
Sage AI for example, not only automates routine tasks like invoice processing, but also gives you a dynamic and real-time overview of your business’ performance. It provides actionable insights.
Small businesses can benefit from automating repetitive tasks, managing teams and customer-facing assistants.
Automated Email
Automated email platforms are designed to send automated emails in response to a trigger. You can send targeted emails to engage customers at the right moment in a sales cycle.
Direct mail marketing has been transformed by the development of automated email platforms. This is a channel that any business should leverage.
Share documents
Google Docs, and GSuite allow for automatic document sharing. This has been the case for several years. This allows for greater flexibility and agility when collaborating on documents.
Online accounting and invoicing
Sage Business Cloud Accounting automates the payment of invoices and eliminates the need to manually enter data. This allows you to spend more time on strategic planning and financial planning, thereby increasing your business’ efficiency.
Team Management
Basecamp, Trello, and Google Calendar are among the most popular task management software. The new generation of team management platforms, such as Asana, can help teams work in different locations and automate reminders and reports.
Slack, a popular example of AI and automation used in business, is quickly replacing email as the communication tool of choice for large companies. Many features can be automated, such as using a bot that sends a message to all members of the team.
It saves you time in meetings, where everyone can tell the others what they’re working on.
HR management tools like Sage Business Cloud People can help you run and manage your employees more efficiently.
AI can also help recruiters overcome biases, and predict how well candidates will perform on the job.
Chatbots
Chatbots are a growing area in. Small businesses can easily implement them on a basic basis via Facebook Messenger.
By using a bot to manage inquiries and answer frequently asked questions, you can spend less time answering phone calls. This allows more time to be spent on customer service.
A bespoke bot, which is coded specifically to meet the needs of your clients or customers and automate their handling can be created by businesses with more resources.
Businesses can automate bookings or orders without the need of a telephone agent. Other businesses can provide a knowledgeable assistant who can answer questions about their service or product.
AI and automation: The future of business
The automation of mundane tasks will allow people to be re-deployed to areas that offer greater value and efficiency.
Deep Learning, or “Deep Learning,” is a technology that will boost AI and automation for businesses. This rapidly evolving technology trains computers to process information in a similar way to that of a human brain. As neuromorphic computer is another type of technology that mimics the brain’s functioning. This will not only increase computing power, but also reduce energy consumption. It can also respond in real time to external stimuli, developing and reorganising neural connections the same way as our brains.
In turn, apps for customer service or infrastructure, such as self-driving vehicles, will be able make better and faster decisions, just like humans do when they react to events around them. AI and automation have significant and exciting implications for businesses.
As always, the workplace will adapt and restructure itself to meet this new revolution.
AI and automation offer many other benefits. It could make a huge difference in the profits of a small company by increasing efficiency.
