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The Impact Of AI On The Future Of Business

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Posted December 14, 2017

Artificial intelligence is one of the most interesting branches of modern software technology that has already had a huge impact on our economy, our industry, and the way we conduct business. As time goes by, the scope of things we considered impossible for artificial intelligence is steadily decreasing, and in the future it is highly probable that AI will revolutionize almost every aspect of the further development of our civilization and take over the human workload as a whole. In this article we’ll review a few examples of how that is already being done in various fields.

High-Risk Inspection

Avitas Systems is a new business launched by GE Ventures that will focus on utilizing robotics and artificial intelligence in accomplishing a task deemed to be increasingly risky for a person to conduct on a daily basis. The task in question is the inspection of oil and gas facilities, and not only is it dangerous for the inspectors but it is also very costly and takes a long time to ensure that the crew remains safe.

Because of this, Avitas Systems believes that drones armed with adequate sensors and an Ai that can recognize potential problems in the infrastructure will be a far more efficient solution, primarily because robots can handle the heat much better than a human being. All of the information that the drone gathers is processed and analyzed via an artificial intelligence on a cloud-based platform, resulting in a much faster and potentially more accurate evaluation of the infrastructure and any possible risks.

Another major advantage of conducting an inspection with the help of robots and AI is that production doesn’t need to be halted for the inspection to take place; normally, a flare stack can get heated to hundreds of degrees, and for a human to be able to get anywhere near it, it’s important that the production process is first shut down and the flare stack cooled to an acceptable temperature.

AI-Controlled Software Patches

Updates are essential if you want to get the best out of your software in terms of security, functionality and performance. Any decent software-developing company working on an app will have employees working on the software every day to see how they can improve it and fix bugs and errors that happen to come up, and releasing this “patch” to the public as soon as its ready.

Amazingly enough, this too seems like a job that an AI can take over (or will soon be able to take over) from humans, at least according to the folks at Oracle. Back in October, this enterprise software firm announced that their 18c database system has begun using artificial intelligence to “automatically upgrade, patch and tune itself while running.”

The system works like this: administrator first provides a certain set of rules to the AI and AI then adheres to those rules and manages itself accordingly, weeding out any inconsistencies automatically.

Stocks

The main advantage of AI is that it can process a lot more information than a human being in incomparably less time, and this makes it able to accurately predict outcomes that depend on a very large number of variables.

An area where this can really be applied to a great extent is stocks, and that is exactly what Chida Khatua of EquBot LLC plans to do. The AI that EquBot is developing is basically a virtual portfolio manager that is able to consistently analyze more than 6,000 listed stocks from a variety of sources and taking countless factors into consideration – all for the goal of locating investments that it deems to be undervalued.

Of course, this has to be confirmed by an actual human manager before the bot actually does something about it, since the AI still isn’t capable of making such a decision on its own (or at least, not 100% of the time). However, according to Khatua, with the help of this bot the fund could potentially achieve a daily turnover of over 2%, which is a significant number for an artificial intelligence.

Customer Support

Finally, one of the most popular applications of AI in modern technology is actually customer service, where automated bots are being used to solve issues for clients that might not require actual human support. Back in May of 2017, the Royal Bank of Scotland announced that it would be implementing a chatbot to help alleviate some of the load that their customer service representatives had been under due to a large number of requests from clients.

The way the bot works is rather simple; the AI has access to an FAQ that it can cross reference with the customer’s question almost instantly. If the customer’s problem is something common, it simply points them to the solution that is already there in the FAQ – and if not and the bot cannot understand them, they are quickly transferred to a human representative that can help them with their complex issue.

This helps the human side of the technical support focus on the cases where their attention is truly needed, and lessens the workload concerning issues that they’ve already solved many times and that can be handled by an AI.

Conclusion

AI is constantly advancing, and the progress it has made in just the last ten years is unbelievable by any standards. With self-driving cars right around the corner and Facebook chatbots inventing their own language to make communication more efficient, it’s hard to predict what it’ll be able to do next, but we’re sure that it won’t stop here. The sooner we accept AI as the only logical progression of technology in business, the more we’ll be able to benefit from everything that it can offer us.

Author bio: Bojan Mijatovic is a marketing director at Clockify – a free time tracking app. As a keen enthusiast in new technologies and all-things-business, he likes to write about industry insights, from social media and SEO, to growth hacking and productivity. He is also an avid Formula 1 fan.

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