AI Trends 2018 & How to Make AI Work for Your Business
Artificial Intelligence is paving its way into the world of entrepreneurs. More businesses are adopting AI-based solutions like chatbots and virtual assistants for their business operations. In the current scenario, it is vital for entrepreneurs to watch out for these AI trends and how to make AI work for the business.
The AI space is very promising for businesses entirely, including employee productivity. This is the reason why the adoption barriers of AI in businesses need to be dealt with by the entrepreneurs, to stay relevant.
AI Trends 2018 for Entrepreneurs
Content Creation by AI
Humanization of data and data analytics will continue to hold strong in 2018, followed by more advancements in Natural Language Processing and Natural Language Generation. Companies can convert structured data into an intelligent narrative on the basis of natural language.
The democratization of data and AI is important to ensure that people who are not data scientists, understand the relationships in data.
The same technology is being used to generate automated content in news, financial reports, marketing, social media, and fantasy sports, among many. Automated content generation is going to get more traction in the coming year in the marketing and news industry.
Offline Data for AI
Data Analytics and AI-based solutions have been entirely dependent on online-generated data. However, some major retailers have moved into the new territory of offline data collected from stores and malls, through digital devices like sensors and actuators.
The insights generated through this data can be used by businesses to gain an insight on consumer behaviour and preference and assist in creating effective marketing models and price mechanism.
With the use of drones and IoT, AI companies will be able to transform the physical space we live in, into a big data source.
Capsule Networks are deep neural networks, that helps overcome the shortcomings of Convolutional Neural Networks for image recognition through years.
Capsule Networks account for spatial relationships between graphical elements and understand natural geometric patterns. They can recognize objects at different angles and views. This tech is expected to be the next big thing in image recognition and computer vision.
Make AI Work for your Business
Investment in Research & Innovation
Companies must find the AI uses suitable for their business. Being the first to delve into a new development would definitely be worth the investment made in R&D.
However, to ensure true operational improvements and to add value to the business, it is important to realize that adoption of a trend should not be done for the sake of it.
Complement, not Replace
Adoption of AI should not depreciate human value. AI in your business should ideally lead to a rise in job opportunities and improved efficiency. This technological development should complement your business and your human capital, instead of replacing it.
Fit AI in those areas and sectors where the technology will help people perform their job better and with more efficiency.
Fill the knowledge gap with the adoption of AI in your business. Educate yourself as well as your team on the basic understanding of AI and its potential implications.
This will help leaders be on the lookout and recognize areas in which implementation of AI could improve performance and profitability of the business.
It may seem like a technological advancement causes job loss in the initial stages, they result in a long-term balance with new fields to be handled and worked on.
Businesses that adopt AI into their operations must shift job opportunities towards the fields that would complement the implementation of AI into their business. The lower-level tasks may get eliminated by embracing technological advancements, but workforce then needs to be shifted to monitoring of the advancements.
Importance of “Human”
Automation may seem favourable and full of benefits over human resources, but some areas call for a human touch. Your business will always have some areas that require analytical skills along with the ability to be human when dealing with the environment that they work in.
AI as a field is going to keep expanding and advancing with increased potential and sustainability for businesses.
It is crucial for entrepreneurs to stay updated with the AI terminology, developments, and applicability in 2018. With this understanding and knowledge, entrepreneurs can navigate the potential of AI and benefit from the developments and improvements in the AI space.
Constant discovering, innovating, and creating is vital for entrepreneurs to stay ahead in the race!