Once a part of science fiction but now a reality. Artificial Intelligence has now being used in almost every sector even though we have not yet found its complete capability because AI is vast. They were an integral part in understanding the components of the Covid-19 virus and they also played a pivotal role in the making of vaccines. The global AI market is expected to be worth $99.9 billion by 2023. By 2035, the estimated economic increase of additional gross value created by AI is expected to be $14 trillion.
Implications for Business Strategy: Artificial Intelligence can improve and enhance businesses in many ways. The entrepreneurs do not need to know how the AI works instead they just need to understand how and where the technology can be implemented and what growth it can cause. To understand these things, they need to know about the key elements of this technology and they are listed below:
Pros and cons of AI
· Supervised and unsupervised learning
· Machine Learning (ML) and Natural Language Processing (NLP)
· Neural networks and deep learning
· Computer vision
· Building and managing AI teams
· Predictive analysis
· No code/Low code platforms
Therefore, entrepreneurs must understand how Artificial Intelligence can enhance their business firms and also how to implement them. At present nine out of ten have already invested in AI.
AI and Business: Many of the top business schools in our country now offer courses to teach about the implementation of AI. They mold their students to build business for the future.
Implementing AI: By the year 2030 AI will become a driving force for millions worldwide at numerous levels. In the future, companies will have to utilize AI to keep up with demand. Companies must have clear targets and they will have to create highly efficient strategies that can be used to handle basic tasks that used to require a workforce. So that the employees can handle other complicated tasks. For example, an AI can understand the form of visitors to a specific website and what they want. So using this strategy, they show them specific advertisements that the user might be interested in. And this is a huge leap for the marketing sector because this is much more efficient than the old ways. Cybersecurity is a big deal in the modern world. Recent surveys state that AI would eventually work to completely automate all cybersecurity. As Artificial Intelligence (AI) becomes all-pervasive, a new report has forecast that technology would replace humans by 2031 in the field of cybersecurity, as hackers use more sophisticated tools.
The thing is AI isn’t just technology it is much more than that it is the backbone of our future. AI is nothing without a strategy. So the people and AI must work together as one team. As the people create a path for the AI with the insight of how AI can prove our life.