AI in Business: How Artificial Intelligence is Transforming Industries

By Michael Jjingo

Artificial intelligence (AI) refers to computer systems capable of performing complex tasks that historically only a human could do, such as reasoning, making decisions, or solving problems. In simple terms, it involves designing machines advanced enough to perform tasks that previously required human intelligence.

AI won't replace humans, but those who can use it will have an edge over those who cannot. If you don't use AI, you are going to struggle since most roles will incorporate some form of AI. Humans equipped with AI will replace those without it. However, AI will augment existing roles, allowing companies to leverage human capabilities while automating repetitive tasks.

Regarding AI skills: coding, quantum computing, programming, technical knowledge, communication, emotional intelligence, design thinking, and critical thinking are crucial. In-demand skills in the AI industry include deep learning, reinforcement learning, computer vision, and natural language processing.

AI is expected to enhance industries like healthcare, manufacturing, banking, education, and customer service, leading to higher-quality experiences for both workers and customers. However, it faces challenges such as increased regulation, data protection, privacy concerns, and worries over job losses.

Just as the internet has drastically lowered the cost of information transmission, AI will lower the cost of cognition. According to Harvard Business School professor Karim Lakhani, who has studied AI and machine learning in the workplace for years, companies must embrace the technology, learn to harness its potential, and develop use cases for their businesses. “The places where you can apply it?” he says. “Well, where do you apply thinking?”

In this second wave of machine learning, applications built by humans are learning from examples and using structured feedback to solve problems independently. It starts with modeling using available data. The good news is that you do not need vast amounts of data to begin. Data is abundant in various forms, such as Excel spreadsheets, registers, and ledgers. You may not need much data to start making productive use of machine learning.

Understanding data inputs, expected outputs, and the intended application or solution is crucial. For example, data about car locations, time, and speed can produce reports for traffic flow management, which can then be used for traffic light management. This principle can be applied to telemedicine, CRM, fraud detection, banking, facial recognition, and more.

The successful strategy is to be willing to experiment and learn quickly. If business leaders are not ramping up experiments in the area of machine learning, they aren’t doing their job. Over the next decade, AI won’t replace business leaders, but business leaders who use AI will replace those who don’t.

The benefits of AI include efficiency through task automation, data analysis for informed decisions, assistance in medical diagnosis, and the advancement of autonomous vehicles. Advantages range from streamlining processes, saving time, eliminating biases, and automating repetitive tasks.

AI offers additional benefits, such as increased efficiency, accuracy, and productivity. It can automate routine tasks, optimize processes, and enable faster decision-making. AI can also provide insights and predictions based on data analysis, leading to better outcomes.

However, AI presents risks, including consumer privacy issues, data protection concerns, data integrity problems, biased programming, dangers to humans, and unclear legal regulation. AI may also have a carbon footprint and negative environmental impact due to its reliance on computing at data centres.

In conclusion, AI is not going to replace the need for a second brain anytime soon. No matter how powerful AI becomes, the data we input must come from somewhere, and the AI's outputs must be applied somewhere, where solutions or applications are crafted.

The writer is the General Manager of Commercial Banking at Centenary Bank.