The Rise of AI: Transforming Business and Daily Life

It’s in your smartphone, filters unwanted content from your emails, and even wins art competitions: artificial intelligence (AI) has become an integral part of our everyday lives.

This technology celebrated its 65th birthday last year, but it only became suitable for everyday use as a result of a development push in the last 10 years.

Businesses and industries are increasingly relying on the advantages that the use of AI brings with it, as a study by the digital association Bitkom shows. The proportion of companies planning or discussing the use of AI has also increased.
On the other hand, every fourth company in the US believes that artificial intelligence is overestimated. In addition, every ninth company is convinced that AI does not influence their own business.

How does that fit together?

Where is our technological future headed and what role does artificial intelligence play in it?

AI: a definition

First, let’s take a step back: what does “AI” even mean? There is no clear definition of artificial intelligence because even the term intelligence cannot be scientifically defined uniformly. So what exactly is artificial intelligence?

AI refers to computer applications that can solve tasks independently using algorithms. Human intelligence was previously required to solve these tasks.

This has changed to some extent with the development of AI systems: They learn from their experiences and can save and retrieve their knowledge. This enables them to react appropriately to unfamiliar situations.

How artificial intelligence works

It is important to know that AI is a collective term for various processes. It is therefore not so easy to answer how exactly artificial intelligence works. The best-known methods for simulating intelligence are machine learning and deep learning.

Machine learning

Machine Learning (ML) can recognize patterns in large databases. For example: A smartphone can recognize faces in a photo and automatically assign them to further shots of the same people. To make this work, programmers have developed algorithms.

In this way, the AI ​​learns to identify differences in the images, like a child who learns to distinguish a cow from a horse. The hit accuracy is increased with each run, as the programmers provide feedback as to whether the algorithm is correct.

Typical areas of application of ML are the many personalized recommendations that online services such as Netflix and Amazon play out to their customers.

Deep learning

In contrast to machine learning, deep learning is not based on the mathematical way of thinking, but on biology. The AI ​​systems consist of artificial neural networks that are modeled on how the human brain works. A modern AI system can find complex structures in data. In doing so, AI ​​optimizes itself.

Deep learning, develops calculation models from thousands upon thousands of inputs. In this way, the self-learning algorithms can recognize obstacles in traffic or learn chess without being trained by professional players.

Read Also: 3 Key Ways Artificial Intelligence Is Changing the Financial Markets

AI in companies – facts and figures

There are numerous studies on the subject of artificial intelligence in the corporate world, but it should be noted that AI can be defined in different ways. Is the recommendation algorithm in online shops already an AI? Or the Alexa voice assistant? Or will there only be the talk of AI when a fully autonomous car comes onto the market?

Without a uniform definition, it is difficult to give clear facts and figures. What all these studies show, however, is that more and more companies are experimenting with different forms of artificial intelligence to improve their hardware and software.

AI is an exciting and promising field that can give companies a competitive advantage by helping to increase sales and thus fuel success. In addition, AI research and use is subsidized by funding, such as an initiative of the European Union.

So much for the facts and figures, but where are AI systems used?

Areas of application of AI

From data analysis to chatbots to new services, products, and business models: the application possibilities of artificial intelligence in companies are huge. Smart applications are increasingly being found in our day-to-day business and are gradually finding their way into our offices: Voice computers, support hotlines, chatbots – all AI systems designed to simplify your everyday life.

“Hey Siri, send a message to…” or “Alexa, play music” – admit it, you’ve said those words to your phone too. Voice assistants are a form of AI designed to do things for you. Artificial intelligence is also ideal for creating analyses and forecasts: You can use the data records from your finance program to create forecasts for your sales, for example. Predictive maintenance is also useful.

Measurement and production data from machines and systems are used to derive maintenance information. The procedure aims to minimize disruption times and to proactively maintain the machines and systems. The actual occurrence of the fault can be prevented by proactively initiating maintenance measures at an early stage.

But AI can also provide relief and more efficiency in administration.

What added value does AI offer in business?

Keyword digitization – is one of the most defining terms of the 21st century and artificial intelligence, also known as AI, is right in the middle. Do you already use AI in your company? Many companies do this. AI ​​is not only used in the development, production, and administration. Artificial intelligence can also help us in everyday life.

Did you know that administrative staff spends up to a quarter of their working time on routine activities? Such tasks could easily be automated by using an AI.

To avoid complicated, monotonous, or recurring work in the office, you can delegate these tasks to a machine, i.e. an AI system. The reading and assignment of documents are then, for example, fully or partially automated – and at top speed, 24/7, 365 days a year.

Read Also: From An Excel Invoice Template To AI Tools – Standardization Through To Automation

For your company, the use of AI means a significant increase in efficiency, as you can make better use of the creative power of your experts. Instead of wasting the valuable working time of specialists with routine tasks, use their energy efficiently. For example, you can develop innovative products or design new business strategies.

Artificial intelligence can make your work in administration much easier – for example by automating your accounting. With the help of ELO Invoice and DocXtractor, for example, you can file, check, release, and book receipts in just a few steps and take your invoice management to the next level. There are also a few device-specific bookkeeping software such as Chromebook accounting software which helps to manage accounts more efficiently.

Two types of artificial intelligence

Artificial intelligence can be divided into a “Narrow AI”, i.e. a weak AI, and a “Strong AI”, i.e. strong AI.
One speaks of a “Narrow AI” or weak AI when AI applications can neither recognize images nor process speech. Previous AI applications can only work on limited problem areas. For example, some programs regulate machines and monitor readings.

However, many tasks require different cognitive processes, which is why individual AI components would have to be combined in AI applications to solve more complex tasks.

To a certain extent, it is already possible to combine different forms of AI – for example, text and image recognition are combined with language understanding at the meaning level for smart document processing.

One speaks of a “strong AI” or strong AI when the AI ​​forms can be combined in such a way that intelligent systems can adapt to their environment just as flexibly as humans. However, we are still a long way from creating such an AI, and in science, it is considered controversial whether it is possible to develop an AI up to this level.

Prospects

Research into artificial intelligence is still in its infancy. Therefore, the systems are still a long way from actually acting “intelligently” in the traditional sense.

As long as an AI does not act smartly, some applications must be monitored by humans. This costs resources, time, and budget, which is why many companies are still hesitating and initially observing developments. Also, some people fear the introduction of AI technology.

Be it because they fear that they will lose their job as a result of AI, or are skeptical about the existence of artificial intelligence overall.

On the other hand, AI brings both new opportunities and possibilities by moving a company forward as a whole.
Many activities are simplified by AI systems. You no longer have to type numbers all day or make unnecessary phone calls to get information.

An AI serves as your support, as an assistant, to make tasks easier and more exciting. In addition, new work groups are being created around the topic of artificial intelligence

On the other hand, AI brings both new opportunities and possibilities by moving a company forward as a whole.
Many activities are simplified by AI systems. You no longer have to type numbers all day or make unnecessary phone calls to get information.

An AI serves as your support, as an assistant, to make tasks easier and more exciting. In addition, new jobs are being created in the areas of research, programming, and implementation related to the topic of artificial intelligence.

So the AI is not your enemy, but can support you in your everyday work and relieve you of monotonous work – if you allow it!