How artificial intelligence can aid businesses in the digital age

Artificial intelligence (AI) has dominated headlines in recent months, with the rise of many smart tools seemingly starting a new chapter for human interaction with machines.

ChatGPT and a host of other language models have seen people replicate works from famous authors, while AI art apps have produced stunning recreations of classic pieces and dystopian views of the world alike.

It is not a new concept for many industries or businesses, but there is a growing sense of its importance as we adapt to a future intertwined with AI.

What is AI and how does it work?

AI is typically characterised by computer programs that work by analysing and sorting vast datasets and performing a task or response based on that analysis.

AI differs from automation in that the latter produces set outcomes from manually inputted data, while AI comes up with its own solutions and may also be able to source new information of its own.

For example, take the AI du jour – ChatGPT. Its database has been populated with incredible amounts of information from the internet, but it updates and adapts responses based on how users have interacted with it over time.

Examples of AI working in different industries

Legal: AI can be used to scan documents such as professional indemnity insurance policies, ensuring accuracy and thoroughness in fractions of the time that it would take even the most-skilled legal expert.

Construction: Cameras and sensors on worksites can improve health and safety by monitoring individual workloads and recognising when high-risk situations are developing. Warnings or alarms can keep people away from harm or instruct them to take necessary rest.

Retail: Automated delivery drones and robots are already a feature of many communities across the globe, while the rise of chatbots has also changed how many retailers manage their frontline customer services.

Finance: AI can spot irregular patterns across huge numbers of accounts, making fraud detection much more accurate. Financial markets are also influenced by technology, with AI-powered investment funds able to make split-second decisions to maximise profits.

Healthcare: Diagnosis can be performed in a matter of seconds by powerful learning machines, while it may also be more possible for rare and undetected conditions to be treated earlier.

What does the future hold for AI and business?

What is fairly clear about all of this is that businesses from all kinds of sectors are going to have to think about how AI can help them in the future.

In some industries, it may even become something of a gatekeeper for future investment and success.

Has your job been influenced by the recent AI revolution? Let us know your thoughts in the comments.