There is a tendency for investors to focus their attention and investment dollars on assets located within the United States. This tendency is well documented and is referred to as Home Country Bias. People are generally more…read more
LUTZ BUSINESS INSIGHTS
SCOTT KROEGER, LUTZ TECH SHAREHOLDER
There’s been a lot of buzz surrounding artificial intelligence (AI). You’ve probably heard about AI or IBM’s Watson on the news. AI is a new technology with quite a bit to offer, especially with assistance in the workplace. Its uses are endless. So, what exactly is it and how is it useful to businesses?
What is Artificial Intelligence?
Artificial intelligence (AI) is “the development of computer systems able to perform tasks that would normally require human intelligence such as visual perception, speech recognition, decision-making, and translation between languages.”
AI can help simplify everyday processes but, which type of AI is best suited for your business’s needs?
3 Categories of Artificial Intelligence
There are three major categories of artificial intelligence:
Artificial Narrow Intelligence: This is sometimes referred to as weak AI, and is described as a type of artificial intelligence that specializes in one area. For example, there is AI that can beat the world champion in chess, but that’s the only thing it does.
Artificial General Intelligence: This is sometimes referred to as strong AI or Human-Level AI and refers to a computer that is as smart as a human across the board.
Artificial Superintelligence: This refers to an intellect that is much smarter than even the best human brains in practically every field, including scientific creativity, general wisdom, and social skills.
What is AI being used for in business?
Artificial intelligence is being used in business for a variety of purposes, a few of which include computational improvements/processing power, extremely large data sets, and to improve algorithms and implementations. While you might not realize it, AI can also help maximize workflows and increase overall productivity.
Just a few ways AI is used in business activities today include:
- Marketing automation
- Customer support chatbots
- Search optimization
- Social media
For example, when a business uses search optimization to help their company site rank high in customer searches; they are using artificial intelligence through algorithms.
In addition, when a firm uses a program designed to make data-driven decisions and predictions based off of available information, they are using artificial intelligence from machine learning.
Is AI primarily of interest to large businesses, or small businesses, too?
AI ranges from the calculator on your phone to self-driving cars. We use it all the time in our daily lives but don’t always realize it. That being said, artificial intelligence is of interest to all company sizes, depending on what you are using it for.
Artificial intelligence is continually changing the business landscape. Everyday processes will not only be affected by but be transformed through artificial intelligence as it continues to evolve throughout the future. Businesses that are willing and able to implement these changes will be able to gain a competitive advantage going forward.
Is AI for daily activities?
The goal with AI is to build a system that thinks like humans. So, AI can support your daily working habits. For example, humans are prone to make errors. AI can greatly reduce the chances of human error to improve your business’s efficiency and accuracy. In addition, humans perform many repetitive tasks that take up a lot of valuable work time. AI can help here too. AI can work on these tasks in a matter of seconds while also finding ways to make improvements.
There’s been a big resurgence in the demand for AI. With advanced computational improvements and processing power, AI is even used in cloud services. Furthermore, AI processes extremely large datasets, which allows for faster deployment of new technologies.
IBM’s Watson and Google’s driverless cars have shown huge technological advances and organizations are seeing significant improvements in algorithms that use machine learning.
Big Data is also driving the demand for AI now. Companies are using the cloud instead of physical servers. They’re looking for advanced security to deal with huge cyber threats.
AI, machine learning, and blockchains show promise for advanced storage and security. That’s driving the demand for AI to help businesses access information faster – and protect it.
Artificial intelligence can automate everything from customer support to social media and is helping with data entry and analytics, cybersecurity, and improved efficiency. AI can free up time to help you can work on value-rich projects so you can give your attention to your client and customers.
ABOUT THE AUTHOR
SCOTT KROEGER + LUTZ TECH SHAREHOLDER
Scott Kroeger is a Lutz Tech Shareholder with over 15 years of technology related experience. His primary responsibilities include overseeing the areas of managed technology services, custom software development, and creative services. In addition, he provides CIO level consulting to clients.
AREAS OF FOCUS
- Sales and Operations
- CIO Level Consulting
- Managed Technology Services
- Custom Software Development
- Creative Services
- Interface Design
- Web Technologies
- Systems Infrastructure
- Application Integration
- BA in Computer Science, DePauw University, Greencastle, IN
- Institute of European Studies, Freiburg, Germany
- Omaha Children’s Museum, Past Board Member
SIGN UP FOR OUR NEWSLETTERS!
We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.
13616 California Street, Suite 300
Omaha, NE 68154
747 N Burlington Avenue, Suite 401
Hastings, NE 68901
601 P Street, Suite 103
Lincoln, NE 68508
3320 James Road, Suite 100
Grand Island, NE 68803