How AI Can Help Your Business Grow - Peter Boolkah

How AI Can Help Your Business Grow

What is Artificial Intelligence or AI as it is more commonly known?

AI describes a machine function which mimics human behaviour. Artificial intelligence as opposed to natural intelligence demonstrated by animals and humans. It is also described as ‘any system that perceives its environment and takes actions that maximise its chance of achieving its goals’.

AI examples are search engines like Google, or voice recognition products like Siri and Alexa. Artificial Intelligence also describes sites like Netflix and YouTube as well as driverless cars. AI has been through many reinventions since its conception in 1956. Through the years it has been met with optimism and disappointment and often suffered through lack of funding. In the late 1990’s due to the invention and widespread use of computers, AI was finally taken seriously and started to be developed on a much wider scale. ‘According to Bloomberg, 2015 was a landmark year for artificial intelligence, with the number of software projects that use AI within google increased from a “sporadic usage” in 2012 to more than 2,700 projects’

There are many people who see AI as a threat to humanity. They believe that by making machines that can perform tasks as well as humans, humans are essentially redundant. However, AI plays a huge role in the business world. A recent survey found that 50% of companies use AI for at least one business function. AI is changing the way we work.

The major employer in the East End of London during the 70’s was the Ford Motor Company which first opened in 1931. By the 1950’s it employed more than 40,000 people at its Dagenham plant and during its time produced around 10 million cars. It employed huge numbers of people in East London and was seen as a job for life. Thirty years later those people are no longer working there. The plant at Dagenham has reduced dramatically and now employs just under 2000 people. In its heyday it spanned 44 acres of East London, now that land has given way to new housing. The 40,000 strong workforce has been replaced by machines. The machines help them to produce more which is of better quality and cheaper. For a business it makes sense to use the machines. Currently there is huge investment in AI, driver less car technology being the most commonly talked about. Elon Musk, a Silicon Valley tech magnate is pouring all his resources into this. Whilst the idea of a driverless car picking you up and dropping you at a restaurant seems unthinkable, it would be foolish to dismiss it. History has taught us that one constant is change. Back in the 1960’s who would’ve thought we would be able to hold business meetings via a screen with multiple people in different countries around the world.

In business and as a leader, it is imperative that you allow yourself to embrace change. Being open to changes in technology is key. It could mean the difference between being stuck trading at a profit of hundreds of thousands as opposed to trading at a profit of millions and growing your company to its full potential. There will be more financial investment in new tech including AI and your competitors will be using it. New technology may have a direct effect on your original product offering. If you adapt and work with it you will survive and move forward. Now is a good time to consider how new tech can help you. Fighting change will not work. The world moves at a much faster pace now and it may get even faster and it will continue to change. Don’t get left behind.

If you want to discuss new technology and how it can help your business move forward, get in touch here.

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