I feel sorry for the management of Blockbuster as I pass through this store in my neighborhood. I have personal memories with this store. I grew here, from the kids section to the romantic and the forbidden section of adult movies.
There might be many reasons behind the demise of Blockbuster. I would focus on one in particular, i.e., the absence of Blockbuster's management vision, values, and adoption of emerging technologies. Emerging technologies cannot be objectively defined. Its definition evolves with time; take, for instance, smartphone technologies 5 yrs back and now. The same reason holds for Yahoo and conventional cab services for their loss to their forward-looking competitors, i.e., Google and Uber, respectively. The same reason might be a life changer for your organization at the business level and you at an individual level.
WHAT IS ARTIFICAL INTELLIGENCE?
AI is an emerging technology. The definition of Artificial intelligence (AI) is evolving. In simple terms, it is machine's ability to mimic human behavior, such as intelligence, with self-learning capability. Apple has acquired Emotient and VocalIQ which can capture human facial expression and voice. As mentioned earlier, the definition of AI is evolving we have identified 5 major components of the definition of AI which are mentioned in the following picture.
How Does AI Technology Work?
AI technology is an incredible achievement of modern engineering and machine learning. This technology grants machines the capacity to learn and use human-level intelligence for tasks such as reasoning, decision-making, perception, and more. AI utilizes several approaches for data analytics and predictive operations; notable methods include supervised learning, unsupervised learning, and reinforcement learning.
Supervised methods involve training a model on labeled data to recognize patterns; unsupervised approaches utilize unlabeled mechanisms to determine similarities between various data points; finally, reinforcement processes have the model learn through trial and error by adjusting its performance based on feedback from its environment.
Deep learning is another common approach of AI technology that deals with training artificial neural networks to process data. These networks are modeled after the structure of the human brain and consist of layers of interconnected nodes, which enable them to process information in parallel. This technique has been applied to impressive areas such as image recognition, natural language processing, and game playing.
AI technology generally relies on algorithms and statistical models to analyze data and create predictions or decisions. Various strategies exist for this purpose, such as machine learning and deep learning; however, discoveries are being made in AI daily.
Role of AI in Business Growth
It is always a wise decision to walk hand-in-hand with technology. Now, AI has become the new normal. It can automate processes, analyze enormous volumes of data, and offer insightful information. Also, using AI may enhance decision-making, streamline operations, and seize new development possibilities.
Moreover, AI provides a wide range of services that can transform industries. The ability of AI systems to comprehend and interpret human language is known as natural language processing (NLP), which makes chatbot exchanges more effective and facilitates consumer engagements, Thus, enhancing overall customer experience.
In addition, Machine learning algorithms make personalized suggestions, fraud detection, and predictive maintenance possible, enabling computers to learn from data, discover trends, and make predictions. Computer vision makes applications like object identification, autonomous cars, and picture recognition possible, enabling AI to analyze visual input.
The use of AI has significant business advantages. Automating repetitive and time-consuming operations allows for greater productivity and efficiency so that you can free up staff time for higher-value duties.
Furthermore, AI can also facilitate the creation of smart goods and services that meet changing consumer wants. Additionally, it helps enhance inventory control, demand forecasting, and supply chain management, resulting in cost savings and improved operational efficiency.
Therefore, When you use AI at its full potential, you can automate your business processes and grow your business exponentially.
WHY DO WE NEED TO EMBRACE ARTIFICIAL INTELLIGENCE?
Please read my column published in Australian Financial Review on 'Why' we should embrace AI as businesses and individuals
How can we embrace AI as businesses and individuals?
AI would be a major differentiator on how we do business and interact socially. With the introduction of AI, a range of mundane tasks as well as high end decision making can be delegated so the human brain can focus on "value added" decision making.
How Mindfields is helping clients?
- We identify/ map business processes and service offerings that can be enhanced by embedding AI.
- We have done an extensive research on AI covering leading organisations based in Australia, UK and US .
- We advise and assist leading organisations on their AI journey. Mindfields is a niche advisory firm with a global network and presence, having offices in Sydney, Perth, New York, Dubai, and Melbourne.
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