Artificial Intelligence (A.I.)
The second lecture and second seminar which we had was very interesting as it dealt with a topic which I am quite passionate about which is A.I. (Artificial Intelligence) and how it influences many of what businesses do from day to day. In this post I will highlight some key aspects which were discussed in class and add my own input on certain topics which may have been discussed.
Debunking the complicated nature of A.I.
Artificial intelligence is known to be a very specialized and complicated concept for most people however we learned that it is very accessible and easy for everyone to learn and also participate in.
In a TEDTalk given by Phillip Gerbert called the basics of AI for business, we learned that AI is a very accessible thing in which most resources can be accessed and found online in order to develop. He went on further to explain that AI would become crucial part of businesses around the world as it would contribute to helping understand the customer better in relation to what each business sells. He also explained that AI is not singular in it’s representation and could be applied to various aspects of businesses whether it be small or large. Another key point that he raised was that with the gathering of data becoming more and more important parts of a business, AI helps process data in a quicker and more efficient way which helps businesses achieve results faster.
In my opinion, I found what he said to be quite good as it breaks the stigma of AI being for an exclusive cult of experts, however, I believe what he failed to mention was that AI is wide spanning and it’s uses are vast hence anyone who doesn’t understand AI as a system and wouldn’t study it for a good amount of time wouldn’t understand how it applies to a business even with the knowledge of basics.
Furthermore, when running a business, it is important to know how a particular AI system is applied in the industry at various levels because not having an in-depth understanding of AI would lead businesses to hire experts which charge large amounts of money for services which may not be required as they would want to use just for the purpose of novelty.
I believe any company looking to hire someone to build an AI system or thinking of constructing an AI system themselves should take a good amount of time either learning from the company providing the services (in order to monitor them better) or should hire in-house experts which build the system and showcases it in a non-complicated manner.
Artificial Intelligence in small businesses
Artificial businesses have been stigmatized to be accessible to only large corporation however in the lecture we learned that there is a lot of potential for AI for small businesses.
The main example given to us was from a Youtube video by Bernard Marr in which he spoke about AI and big data in small businesses. He spoke about how he helped a small business who was a butcher utilize AI to help them grow and compete with a supermarket which opened near them.
He went on to speak about how he monitored foot traffic by using wifi and phone sensors to measure foot traffic and how the ads outside the establishment attracted customer based on each message. I found this very interesting as this is not a very complicated form of AI but still it widely helps in getting valuable data which alters the consumer experience.
Moreover, I believe that although there was not many significantly complicated AI techniques used in Bernard’s methods mentioned on the video, it was a good strategy for collecting and utilizing market data.
One downside of this video is that I thought it was exaggerated to market his own business as opposed to purely revealing an educational strategy although he was giving some good information and gave a lead-in to something us students can explore further on our own accord.
Day to day applications of AI
Another point which we discussed in the seminar was AI which we could see on a daily basis. We spoke about how plane ticket website use the users data such as the expensiveness of the device/spending habits to increase and decrease recommended ticket prices. For example, Apple users were given more expensive flight ticket options as their devices are more expensive.
Final Thoughts
I think this was interesting class and it gave us some real insight on how AI is used in difference levels of business. It was certainly a good start to learning about applications of AI and it’s practicalities. Now it’s up-to us to explore further about the specific uses of AI by improving our knowledge on it.