What is Artificial Intelligence and how can it help your business?
Artificial Intelligence (AI) is a hot topic in today’s economic landscape. And it is easy to understand why: when used properly, it makes humans’ jobs easier, boosts their productivity, and ultimately increases the revenue of companies.
The impact of AI is profound and is already transforming the way many businesses operate. Since AI can work around the clock, every day of the year, it creates incredible opportunities for companies to develop and gain an edge over their competitors.
Ai can respond in seconds and produce output equivalent to that of a human. The process is usually based on training the AI model from enormous amounts of data. With companies generating more and more information than ever before, it presents a great opportunity for them to use the data to train the models and benefit from AI.
What is Artificial Intelligence?
In this blog post, we’ll explore how AI can help businesses. But before we delve into the subject, let us properly define AI.
According to Britannica, Artificial Intelligence is the ability of digital computers or computer-controlled robots to perform tasks usually associated with human intelligence.
AI involves the development of computer-based systems able to execute tasks that require human intelligence.
These systems are designed to simulate human cognitive functions such as perception, reasoning, and learning, then use that knowledge to make decisions and perform tasks. AI’s goal is to create machines that can think and act like humans, or why not, even surpass human capabilities.
There are various AI subfields, including machine learning, deep learning, natural language processing, robotics, and computer vision. Each focuses on different aspects of AI and uses various techniques and algorithms to achieve its goals.
Why is Artificial Intelligence gaining tremendous attention?
Artificial Intelligence has been around for some decades now and has been utilized in many ways over time. Although the oldest successful AI program dates back to 1951, Artificial Intelligence has only gained tremendous interest from the public lately, given the rise in popularity of AI-powered chatbots such as OpenAI’s ChatGPT, Google’s Bard, and Microsoft’s Bing.
AI can improve three crucial areas of a business: decision-making, processes, and customer service. While the first wave of AI was meant to automate processes and tasks, today’s ever-evolving AI solutions make companies dream big. It’s not just about automation anymore. It’s about augmentation.
AI-powered machines of today are helping companies make better decisions, find patterns and trends based on data, anticipate problems before they even happen, and improve customer service by expecting what each customer will require at any given moment. This way, companies can deliver on those expectations faster than they ever imagined possible.
How can Artificial Intelligence help your business?
There’s a variety of ways for AI to help your business grow.
1. Automating tasks and processes
The first and most obvious is automating processes that currently require manual labor.
Anything goes, from data entry to customer service calls or even financial transactions, without compromising on quality. AI makes these tasks easier and more efficient by removing human error from the equation, while still providing at least the same quality of service as if it had been performed by a human being.
2. Creating new and improved products and services
Another way that artificial intelligence can benefit your business is through product development and innovation. This comes in handy especially in existing market spaces where competition is fierce, since developing new products or services can prove tricky.
3. Increasing efficiency and productivity
By using AI algorithms as part of their research and development process, companies can reduce costs significantly while also increasing their odds of success. The systems are appropriate to this purpose, so it makes more sense to let them do their magic rather than simply throwing together random ideas and hoping something sticks.
4. Improving customer service
There’s also the customer service aspect, which tends not only to provide immediate results but also long-term ones. Artificial Intelligence is an excellent tool for improving customer service by providing faster answers to common questions and reducing call center wait times, among others. It’s a trustworthy partner able to offer customers what they long for in real-time, or even something better than they expected!
5. Getting better at decision making
We’re not done yet: AI can provide businesses with valuable insights into their operations, making them more efficient and reducing waste. For example, it can calculate how many orders companies need to fulfil daily to meet customer demand while minimizing costs associated with inventory management.
6. Securing the assets and improving safety
Artificial Intelligence can also improve safety and security in business settings. AI-powered surveillance systems can detect and respond to potential security threats in real-time, and AI can be used to analyze data from sensors to identify potential safety risks.
Let Artificial Intelligence take your business forward
Artificial Intelligence has the potential to revolutionize many industries. What is already certain is that it will have a significant impact on the way companies work. If used correctly, AI can hugely benefit companies, so it’s no surprise that decision-makers do not want to miss out.
We expect that AI will become even more sophisticated in the following years, so companies that embrace this technology stand to gain a significant advantage over their competitors.
At eTag Technologies, we’re aware that AI also has its challenges, both with its implementation and with the effects it has on the way companies currently operate.
This is why we aim to make AI more accessible to everyone through our digital enablement platform, eTag Fuse.
eTag Fuse can help with your adoption of Artificial Intelligence
eTag Fuse provides a centralized and easy-to-use integration framework which allows users and applications to easily access and utilize AI capabilities.
We intend to make the AI-assisted environment available to every user to assist and augment their capabilities to improve their efficiency and productivity for day-to-day activities.
Among the components in the platform’s library there is the OpenAI Connector, which provides access to OpenAI’s models and supports the management, implementation, and maintenance functions such as comprehensive management for prompt engineering and fine-tuning models (AI model training) for the specific needs of the organization.
In the future, we plan to expand the platform to include integration with other AI applications and the ability to manage chatbots for on-demand tasks. We will release a BOT framework later in 2023 to enable the management of many of the AI service providers out there.
Contact us today to discuss how we can help enable AI for your organization.