The Growth of Artificial Intelligence in Business
Companies have long used technology to automate repetitive tasks, resulting in lower costs, greater efficiency, better quality, and increased productivity. But in today’s rapidly changing world, businesses are increasingly looking to evolve from automation to artificial intelligence.
There is a critical difference between automation and artificial intelligence. Automation uses hardware or software to perform repetitive tasks automatically, without any human intervention. AI, on the other hand, is the use of technology to enable machines to replicate human behavior and make decisions without human input. AI manifests in myriad ways, from machine learning and robotics to natural language processing and artificial neural networks.
The rapid growth of possible AI applications is fueled by several factors. The development of artificial intelligence requires access to massive amounts of data that computers can “learn” from, and the ability to analyze that data. The cloud gives businesses access to huge quantities of data that can be used to develop and run increasingly complex models. And cloud-based computing has given rise to an exponential increase in processing power.
AI has the potential to transform industries as diverse as manufacturing, finance, transportation, and healthcare. But it can be easy to get caught up in the hype. Forward-thinking executives should consider these three questions when considering AI applications for their company:
- Can AI make our business more efficient?
- Can AI make us more profitable?
- Can AI solve specific problems for our company?
Answering these questions will help define clear goals for the development and implementation of AI applications to address your critical challenges.
Want to know more about where we are today with AI, and where we’re going? Download our ebook, Artificial Intelligence in 2019.
MicroAccounting’s cloud-based business solutions such as Sage Intacct give you the support you need to take advantage of emerging artificial intelligence opportunities. To find out more, call us today at 855-876-3773.