AI in the Enterprise
AI technology is improving enterprise performance and productivity by automating processes or tasks that once required human power. AI can also make sense of data on a scale that no human ever could. That capability can return substantial business benefits. For example, Netflix uses machine learning to provide a level of personalization that helped the company grow its customer base by more than 25 percent.
Most companies have made data science a priority and are investing in it heavily. A 2021 McKinsey survey on AI discovered that companies reporting AI adoption in at least one function had increased to 56 percent, up from 50 percent a year earlier. In addition, 27% of respondents reported at least 50% of earnings could be attributable to AI, up from 22% a year earlier.
AI has value for most every function, business, and industry. It includes general and industry-specific applications.
How AI Technology Can Help Organizations
AI has become a catchall term for applications that perform complex tasks that once required human input, such as communicating with customers online. The central tenet of AI is to replicate—and then exceed—the way humans perceive and react to the world. It’s fast becoming the cornerstone of innovation. Powered by various forms of machine learning that recognize patterns in data to enable predictions, AI can add value to your business by
Providing a more comprehensive understanding of the abundance of data available
Relying on predictions to automate excessively complex or mundane tasks
How to Productively deploy AI
In order to to deploy AI productively, a business enterprise must consider using some incredibly powerful tools. In this piece only two of such tools will be discussed.
ChatGpt
ChatGPT is a natural language processing tool driven by AI technology that allows you to have human-like conversations and much more with a chatbot. The language model can answer questions, and assist you with tasks such as composing emails, essays, and code. Interestingly, usage is currently open to public free of charge because ChatGPT is in its research and feedback-collection phase.
ChatGPT is an incredibly powerful AI tool but if you use it like most people, then you’re missing out on its full potential. ChatGPT can help generate business ideas if properly explored.
Some areas that can be explored include:
Generating a customer avatar also known as a buyer persona.
Acting as a customer support assistant
Analyzing the features, pricing, and market demand for a specific product or category during product research. There are many market intelligence software out there but ChatGPT can do it faster and for free
Drafting Documents & Contracts.
If you write software for a living, ChatGPT can 10X your productivity overnight. If you’re somebody who is a web designer coder, you can basically use this as an assistant.
These are just a scratch of the uses of this incredibly powerful AI driven technology as it is extremely intelligent and can answer virtually any question.
You can access ChatGPT simply by visiting chat.openai.com and creating an OpenAI account.
Once you sign in, you are able to start chatting away with ChatGPT. Get your conversation started by asking a question. Because ChatGPT is still in its research stage, it is free to use and you can ask as many questions as you'd like.
Midjourney
Midjourney is an AI that generates images/art from keywords. It is an independent research lab exploring new mediums of thought and expanding the imaginative powers of the human species. The Mid journey Bot may be used to make photographs, and the web app can be accessed, where you’ll see a gallery of your own work and that of other users.
How to use Midjourney AI
Step 1: Join the Midjouney Discord server
Step 2: Go to a newbie channel
Step 3: Use the imagine command
Step 4: Wait for the AI to generate the images
A combination of AI driven technologies like the two discussed above can boom your business communications and post across the internet space. Indeed AI can be used to optimize for more profit if properly deployed for business purposes.
Investment Opportunities in AI
As AI is successfully setting its milestones in all industries such as e-commerce, biotechnology, diagnosis of diseases, military, mathematics and logistics, heavy industry, finance, transportation, telecommunication, aviation, digital marketing, telephone customer services, agriculture, and gaming, businesses and entrepreneurs can leverage on the power of AI. As in the example of Netflix cited above, instead of having employees do the boring and repetitive work, AI can do it more efficiently while employees focus on other activities that can not be executed through AI.
Business organizations and entrepreneurs can also consider becoming AI developers. Such can invest by dedicating time, effort and other resources to learn and understand AI and how to develop their own AI driven technology. If you build a formidable team and develop a powerful AI technology you can charge a subscription for your product and service.
The simplest way to invest in AI is by investing in stocks of organizations who are leading in the AI sector as this is a highly lucrative sector. Some of the leading companies in the AI sector are:
AMAZON APPLE TESLA
IBM NVIDIA MicroSoft
SALESFORCE META C3ai
Henry Akpebe is the president of Constant Rescue Savings and loans and the founder of Salvami communications ltd. He is very passionate about helping small businesses succeed. You can connect with him on social media handles @constantrescue1