By Kaoutar Nasser | Staff Writer
When we think about AI and its usage, we tend to paint it as a science fiction dystopia however Artificial intelligence is more imminent than ever. Not only is it going to be incorporated into our daily mundane activities but also in much more complicated ones like business processes.
What is AI and how does it relate to business processes?
Now to understand the scope of AI in businesses and how transformative it can get; we need to understand what AI is and how it relates to business. To simply define artificial intelligence, AI is the development of computer systems that are capable of performing tasks normally done by humans. It is used in business to analyze data, predict outcomes, automate processes, and enhance decision-making by leveraging advanced algorithms and machine learning. By using it, businesses can streamline operations, gain insights, and innovate in ways they never could before. For instance, Netflix makes $1 billion annually from automated personalized recommendations while 48% of businesses use some form of AI to utilize big data effectively. AI has overtaken the big numbers in the business industry and has become indispensable in the daily operations of most companies by now. AI’s market size is expected to reach $407 billion by 2027 and is projected to reach a staggering $407 billion by 2027, experiencing substantial growth from its estimated $86.9 billion revenue in 2022 (Forbes Advisor, 2023).
Challenges and gaps in the intersection of AI and business
As big as these percentages are, they are met with a huge wave of doubt and concern from users. Over 75% of consumers are concerned about misinformation from AI (Forbes Advisor, 2023) and only 7% tend to trust chatbots when making a claim (Accenture). However, artificial intelligence is increasingly being adopted around the world: businesses and society are at a turning point as a result of its impact. The global AI adoption rate grew steadily to reach 35% (IBM, 2022). However, the gap between bigger and smaller companies is growing more than ever as big corporations are now 100% more likely to adopt AI in their business than small companies (IBM, 2022).
Thus, while the industry is growing faster than ever, there are also some gaps between customers and businesses and also from one business to another.
Now that we have a clear idea of what artificial intelligence is and how it interferes with businesses, it is essential to understand that AI is the future and that it is a fast-growing field. Thus, it is important to bridge the gap between both fields and make sure that we are preserving the rights of workers and creating more jobs with it rather than dismissing it. AI should be seen more as a supporting tool rather than a competition or a threat to human intelligence.
Sources:
Getch, K. (2019, June 7). How artificial intelligence will forever change your business. Vancouver Business Journal. Retrieved January 20, 2024, from https://www.vbjusa.com/opinion/columns/marketing-strategic-communication-column/how-artificial-intelligence-will-forever-change-your-business/
Haan, K. (2023, April 25). 24 Top AI Statistics & Trends In 2024 – Forbes Advisor. Forbes. Retrieved January 20, 2024, from https://www.forbes.com/advisor/business/ai-statistics/
Howarth, J. (2024, January 3). 57 NEW AI Statistics (Jan 2024). Exploding Topics. Retrieved January 20, 2024, from https://explodingtopics.com/blog/ai-statistics
How Artificial Intelligence Is Transforming Business – businessnewsdaily.com. (2023, October 23). Business News Daily. Retrieved January 20, 2024, from https://www.businessnewsdaily.com/9402-artificial-intelligence-business-trends.html
IBM Global AI Adoption Index 2022. (n.d.). IBM. Retrieved January 20, 2024, from https://www.ibm.com/downloads/cas/GVAGA3JP