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Our Group Assignment was about Artificial Intelligence.

AI is the development of computer systems allowing them to perform human tasks making them appear intelligent. And ultimately making people irrelevant.

Current State of AI:

Deep learning – learns by itself (branch of neural networks)

  • Use of AI in the stock exchange and outperformed the general market

Relevance to Business Managers

  • Advantages / Benefits
    • Cheaper labour because people are the hardest to change while automation is easiest.
    • Better outcome, for example Sales forecast system has improved decision making for many managers in different areas like marketing, sales etc. 
    • Protection of Companies and Bank using AI techniques, 
    • Less mistakes if AI is programmed correctly
    • Higher degree of personalization & satisfied customers 
  • Disadvantages
  1. It poses threats to lower-skilled workers in blue collar industries. 
  2. High cost of maintenance and if the computer system breaks down, all information is lost
  3. Cannot be compared with human brains
  • Costs –
    • Millions of jobs from the less-skilled workforce. However, it also increases productivity from more efficient work.
    • Data cost
      • Machines learn through the process of data mining
        • They process large amounts of data that is implemented into the AI
    • People/procedure cost
      • Adapting to new technology
    • Software-costs
    • Hardware-costs
      • Moore’s law = cheaper over time

Examples of products, vendors or companies that use AI:

  1. Cars – Tesla, Mercedes
  2. Apple(Company) – uses Siri(Product) for virtual assistance.
  3. Google(Company) –  Google Brain(products) attempting to mimic human-level intelligence.
  4. Prisma(Company) – application that takes your photo and turns into art pieces of style.
  5. Games – AlphaGo
  6. Genpact’s neural chat assistant, an AI virtual advisor designed to improve customers’ shopping experiences

1, 2 , 3 have their own AI companies working in different areas

The Future Use of AI

Nowadays artificial intelligence has been widely used in our life. Although it can only be used to solve basic problems by processing predefined data, companies and technology institutions expect to develop an advanced and stronger version of AI to be used for the future (Moore’s Law).

First of all, AI will make the recruiting process more productive by improving efficiency and effectiveness. Since AI has strong computing power and considerably fast processing speed, it can set up more meetings, process more candidates and review more résumés during recruitment period. Moreover, in the future, digitization will become an even more ingrained part of our daily lives. People will tend to engage in social networks more often, which enables recruiting AI to have more data and thoroughly process candidates’ network connections and use the predictive data as part of the criteria to assess a candidate’s working ability and experience. In addition, the use of AI in recruitment will help eliminate hiring bias and maintain a company’s reputation; this is because AI is impartial and does not judge people on their gender, races, backgrounds or anything else. This application of AI will reduce operation costs and assist companies to find the most suitable and competent employees to remain competitive (Ternynck, 2017).

Secondly, AI will most likely make a breakthrough in the automotive industry, especially in the context of Highly Auto Driving (HAD), according to Vision Systems Intelligence (VSI), a research company specialized in examining the technologies related to autonomous solutions. In terms of automated cars, AI can help vehicles mimic a driver’s behavior even in situations it has not been trained in. Generally, in order for automation to know what decisions to make while driving, it must be trained and tested in a huge number of situations, yet AI makes this process much easier by interpreting finite training data and employ it to unknown situations to predict the best possible outcome. Additionally, AI can also be applied to building better mapping and navigation systems, since it can handle large volumes of 3D data needed by sensor aggregation (Davidson, 2016). Therefore, in the future, self-driving cars will become more reliable and safer for business managers to ride and save their time on the road.

Besides, AI will help develop a functioning strategy machine and thus boost decision-making process as well. “Strong AI” will be able to think creatively and even abstractly, thus if advanced AI is combined with learning machines, they can ask/create critical questions worthy of answering, select the most appropriate information sources to answer each question, and finally solve complicated problems for business and other industries in a shorter time. For example, in the medical field, AI can be used to “cheat death,” as well as add human bio-enhancements, prosthetics or implants.

Last but not least, business and marketing departments are vigorously moving ahead with the adoption of AI technology, according to Meabh Quoirin, co-owner and CEO of the Foresight Factory & Future Foundation. AI enables marketers to know more about how to interact with their potential customers and improve their performance by analyzing customers’ behavior (Conick, 2017).

Conclusion:

If Ai is used for everything this could be an issue because they will be no jobs left for people and AI does not improve the same way humans do.Therefore, the obvious answer would be to limit the amount of AI performed. However, this is a fallacy in the sense that although jobs will be loss initially, people will adapt and the productively will slowly increase. In the long run, we feel that AI would provide many benefits that far outweigh the negatives. AI is a fundamental part of innovation nowadays. Almost all new disruptive technology comes in some form of AI, such as self-driving cars or virtual assistance (Apple’s SIRI).

 

In this website, we have a report, presentation and as well citation tab, to show our work done.