Artificial intelligence can give you a 360 degree view of customer preferences and needs. Opinions expressed by Entrepreneur contributors are their own.
“If you don’t have an AI strategy, you are going to die in the world that’s coming.” — Devin Wenig, CEO of eBay. Whenever there is talk about artificial intelligence, Terminator -style robots that are stealing our jobs and will eventually take our lives come to mind. This picture portrays a false image of AI; AI is much more than just robotics and war machines.
The tools we use in our daily lives are getting smarter every day, from spam filtering in our inboxes to voice assistants in our homes. Google New uses AI to cluster similar news , and Nvidia uses it to create slow motion videos that outperform the Slow Mo Guys .
What is AI?
AI has existed for a long time, with the earliest work dating back to 1940 . But the most recent surge is thanks to two parameters — increased machine performance and new algorithms especially in the field of deep learning, a practice that tries to mimic the human brain to make decisions. Of course, AI is not limited to dDeep learning. Essentially the paradigm is that when the task is too difficult to program, we let the machine learn by itself; we let it program itself. While AI has delivered stunning results in some fields, it has also showed its limitations — to an extent that some experts believe a new “AI winter” is looming.
It is very important to know what AI is actually capable of — and what it’s not. AI does not “understand” what it is doing, but when it looks at tons of data, it can detect patterns which have proven to be exceptionally efficient. Knowing AI’s sweet spot lets you make best use of it.
What AI can do
Essentially, AI can help you with automation and prediction. Automation is not only about taking cumbersome, repetitive tasks from humans and assign them to tireless machines; we could do that even before AI. AI takes automation to a new level.
For instance, AI could do a quick analysis of your customer and give you a 360 degree view on their preferences and needs. This information could mark the difference between closing a sale and losing a sale as the customer interacts with your business. Also consider that AI can take care of this automatically, without any human intervention. […]