Can AI Control Business Decisions by 2020? Exploring possibilities
The very word intelligence and it being artificial denotes, the remarkable capacity of machines in aping human intelligence, by a mix of robotics, deep learning, machine learning and working without fatigue on a huge chunk of unwieldy data, aptly called Bigdata; to a level unforeseen in human history, at times even surpassing and positing a formidable challenge. AIs ubiquity is hard to ignore. All around us, seeping into our lives and making our lives easier and productive. Even the autocorrect option every given day, is our first and most simplistic tryst with AI. We are gradually loaning out big and important tasks earlier handled by dexterous minds. This speaks about the enormous quantum of trust we are putting in AI enabled systems and gaining dividends. To a layman’s imagination AI brings images of robotic arms descending on the scene and executing tasks for its creator. But it goes beyond humanoid robots. Advanced technologies of the day, like AI and Big Data Analytics are playing a transformational role in how businesses progress and perform. It has become the key area of investment for companies. Connect these with the IoT enterprise and what we arrive is a highly advanced form of business structure. IBM’s Watson is groundbreaking in the sense that it can process 67 million pages each second and forms and veritable juggernaut in the IoT linked backbone, fetching and furnishing a host of insightful information. AIs fascinations are unending!
Business leverage the potential of AI for task simplification, enhancing output, juggle with mammoth sized data, processing of information, gaining insight into market trends, predict outcomes and many more. So, we are already held in everlasting amazement by the sheer potential of AI.
So, as a consequence, it would not be some sort of exaggeration to also ponder over the question that “Will AI replace us in business decisions in a couple of years?”. This is something not inconceivable, if one were to look deeply and intently into the rapid strides made by AI. Though it may not be wholly but certainly we are going to cede a greater ground to AI. We have always looked at this question with a fair amount of suspicion. We do acknowledge its immense power, but can it display the same amount of tenacity and business acumen needed to churn out a good decision, or even mimic such leaders?
It’s interesting to see how business decision making in hands of AI will soon be an accepted reality, and how much of it!
Why AI gains the upper hand in business decisions?
In order to appreciate this proposition, one needs to juxtapose two scenarios, one before the arrival of AI and the other, its prolific use, post inclusion in systems. One had to work with an amalgamation of inconsistent and incomplete set of data, before AI burst onto the scene. This changed to near accurate simulations and predictive data based models, with AI. The whole dynamics of AI systems rests on a rich diet of data, augmenting and supplementing the cognitive intelligence, leading to complex yet definitive models, on which the whole decision makers are increasing relying on!
Not only this, the unique ability of such systems to correlate disparate patterns and weave them into a logical outcome, is what separates them from fallacious human mind, prone to error. Add to this, the unmatched speed, data collation techniques and resultant analysis, AI outclasses human decision making.
Areas of engagement, with AI as decision maker or influencer.
There are many areas where we are leveraging the decision making capabilities of AI systems, effectively. It is germane to the discussion to throw some light on its rising influence.
Consumer behavior is the pulse. A good grasp over it can bring business or turn it lacklustre! It’s often changing and hard to predict. AI models ace the game, with its models and simulation techniques. Answering the customer’s need, making real time decisions, suggestions are some of the benefits.
AI embedded with CRM make it robust to handle many automated functions. It acts as a goldmine for sales and marketing team, when they have a ready set of data to play with and improvise. Segregating, profiling, data management, indexing based on services sought, assessing potential customer make AI the blue eyed boy of CRM systems.
Recommendations on content and presenting it as an array of choices, with possible pros and cons, make the customer feel interacting in a personalized setting. This is key in creating targeted content and win base.
AI in healthcare, is making big waves, and has earned its fair share of trust in this critical segment. Case Based Reasoning is extensively being used in biomedicine, bioinformatics, and support to terminally ill and elderly. AI has shown promising results when integrated with complex clinical settings, deciding course of treatment, duration and precise control. Researchers came up with a model at Indiana University that suggested treatment plans to patients, which were 50% efficient and slashed costs by half! Decision making with cost benefit.
AI has evolved from being a discipline introduced way back in 1956, to becoming a part of our everyday life. And its integration into modern lives has been nothing short of being phenomenal. We have allowed it progressively to take charge, to take decisions. An AI researcher, Roman Yampolskiy, argues that we might have handed out more decision making capabilities to AI. He goes on to say, nearly 85% of all stock trades, control operation of power plants, nuclear reactors, electric grid, traffic light coordination and in some cases military nuclear response are AI based. As a balanced view, and not one that stokes suspicion, when we talk of business, AI will gain more and more ground. Algorithms will not fully replace managers of the upper rung, but will automate certain management decisions. Performance based decisions, monitoring, for a large section of employees will see AIs intervention. So, there is little doubt that AI will make more intrusion into the area of decision making, with attributes and features of a human running an organization. In a couple of years, say 2020, we will see AI equipped with greater responsibilities in financial systems, healthcare, customer care and many others. Despite all these developments, critical decision making in most situation will lie with managers meant for the job. Every technology has its limitations and AI is no exception. Future will see a synergy and convergence of AI’s decision making capabilities and human acumen to extract the maximum out of it.