Recent advancements over the decade in IT/Cloud/AI technology show that AI is rapidly progressing toward the formation of a fully automated society and interconnected world. A future where productivity is expected to increase 40 per cent and annual economic growth rates will double by 2035 if not sooner.
What we have seen in Sci-fi movies is being unveiled before our very eyes: AI personal assistants can help customers and businesses find a solution to any need by sifting through all the data found on the world wide web. Robots are now a reality (robocops, robot maids, receptionists and waiters to mention a few), 3D Printing machines are already building homes under the supervision of computing experts and technicians, smart homes, smart cars are attracting more clientele.
Businesses of every kind—from Transport, Health, Agriculture to Hospitality, Education and more—have been able to draw enormous advantages from AI processes like text mining/Natural Language Processing, cognitive computing, knowledge management/machine learning and the numerous innovative apps and algorithms that are flooding the market at a progressive rate.
For any company or organisation, AI represents a vital resource for economic and productive growth, market presence and visibility and for gaining a competitive edge against bigger players and giant monopolies. AI processes like text mining that are used to extract valuable business data and specific business oriented solutions, when combined with Cloud computing systems that store data on external third party online host servers (or servers installed directly in the client’s IT infrastructure).
This can not only cut costs, but also predict mass consumer trends, and respond faster to fluctuations in customer demand and satisfaction while simultaneously rearranging supply chain logistics/operations and modifying the internal organisational infrastructure as needed in order to accommodate needed changes and/or prevent a predicted crisis or business hazard.
Semantics technology and text mining processes can recognise human language through text and speech and make sense of it as close as possible to real time. It is possible for businesses to sift through volumes of data in milliseconds and filter through all the gamut of human knowledge found in virtual libraries, business/academic journals, universities, professional organisations and consumer associations to deliver personalised recommendations and customisable single or multiple solutions.
The AI/Cloud industry partnership is also transforming the physical workplace, as more and more CEOs, managers and employees are taking advantage of ‘mobile offices’ allowing them to work out of the office from anywhere they like, saving them many hours of stress and also travel time. They are also using Virtual Reality forums to attract employees and conduct business!
Bots and algorithms can determine the cost risk factor and identify how to allocate the budget more effectively, while NLP (Natural Language Processing) through text mining can extract meaning from human language and turn unstructured data found online (data that is not categorised, tagged or classified and includes text docs, HTML or PDF files, blogs, audio/video files and more) into structured data (data that is fixed in location) that will help companies increase their business knowledge (as well as discover previously unknown valuable information from other avenues) and especially diversify to attract different audiences from various demographics.
For this reason any business should become acquainted first with the potential of AI processes, applications and implementation methods for their specific individual, single or multiple needs and should also expose the workforce to their innovative impact.