How Artificial Intelligence Will Transform Business by Wisdom PC
Posted on December 5, 2017 at 12:00 PM
While artificial intelligence is currently limited to mastering games like GO and running self driving cars, the days of humans performing repetitive tasks are quickly drawing to an end.
Soon, artificially intelliget systems will be as ubiquitous as electricity. Much like when we look back on the days before the invention of the transmission line, we will regard the pre artificial intelligence era as similarly anachronistic and quaint. Think this is far fetched? Check your pocket. Are you carrying an iPhone X? If so, you're already carrying around an AI chip in your pocket. This is only the beginning of a trend that will accelerate in the future.
This trend isn't merely limited to the consumer space, either. Artificial intelligence has already begun to replace humans for certain repetitive tasks. In the legal realm, automated artificially intelligent systems have begun taking over contract review and discovery. In Japan, AI has already started to take over the calculation of insurance payouts.
Some may lament the loss of human jobs to artificially intelligent systems, however this emotion is misplaced. For the moment, the assignment of tasks from human to machine is limited to repetitive tasks that provide little intellectual stimulation for the employee. Worse yet, it's a waste of valuable intellectual capital. Much like the invention of farming equipment freed up humans to work on more productive tasks, replacing humans with AI for repetitive office tasks will free them up for more productive ends.
As a business owner, we know that the real value in business comes from strategy and execution on that strategy. Not the research of documents, nor the calculation of quantities in a spreadsheet. Value is created through creating new products and services, and in forming bonds with current customers. Looked at through this lens, it becomes clear that the invention and incorporation of artificially intelligent business systems will be a boon for businesses. It will free up valuable human labor to get to the business of building business, rather than filing paperwork and hunting through documents.
This will spell the beginning of a new era for business. We will see accelerated growth in new products and services, and an explosion in customer care and quality, as resources are freed up to focus on these value producing tasks. Just as the industrial revolution transformed the quality of life for hundreds of millions of those alive at the time, the artificial intelligence boom will have a positive and long lasting impact on the standard of living for the billions alive today.
By far, the greatest danger of Artificial Intelligence is that people conclude too early that they understand it