The Rise of AI in Business
The Rise of AI in Business
Artificial Intelligence has been slowly integrating into our lives from our cell phones like Siri, our home devices like Alexa, or even websites with the current ChatGPT. However, AI has been around for decades. The first AI executed was written in 1951 by Christopher Stachey, as a computer program that played checkers. Since then, there have been countless iterations and expansions upon the use of AI. Now, people can scroll through social media and see their friends portraits turned into AI art, or speak to an AI on the easily accessible Snapchat platform, or even own tiny tech that sits on your work desk and acts as a robotic pet. With so many companies turning to the use of it, what effect does AI have on business?
Employee Productivity
One thing that AI can do to help businesses is increase employee productivity. According to Accenture, AI can automate “repetitive tasks” to give employees more time to do more tasks that are more critical to the business. Harvard Business Review’s research shows that the AI that does these backend tasks are the most inexpensive type and easiest for business to integrate into their systems. Not only with this help a business in saving time and money, but it will help employees by getting rid of small, menial tasks required for their job performance. One of the most common ways that this automation is being used is in chatbots for customer support on company websites. Rather than having a human assigned to online queries, an AI can answer most questions that a customer may ask.
Data Analysis
With machine learning integrated through AI, troves of data can be analyzed in seconds. This helps employees by reducing the overwhelm, stress, and most of all, time, that an employee would face when faced with multiple sets of data. According to Harvard Business Review, the tasks performed with machine learning can include customer buying predictions, fraud detection, personalizing digital ads, and safety and quality measures through warranty analyzing. The AI can provide detailed analysis and report it to decision-makers within a business to save time and money. Not only this, but because the AI is always learning, their models will continue to improve over time to deliver more efficient information to a business.
Recruitment
Much like automating backend tasks, talent sourcing and employee search can be bettered with AI capabilities. Forbes describes the process: “using AI can read a job description in natural language and recommend top candidates based on the described qualifications.” Because of this, hiring managers can receive multiple candidates at once to select for their position. Not only that, but AI can also analyze candidate interview responses and help the hiring process by evaluating them against the business needs. This saves the business time and even more so money by speeding up the hiring process.
Cybersecurity
At no surprise, an AI can also detect cyber intrusions and threats much like it can detect fraud. It does so with the data analysis previously mentioned. By having an AI recognizing patterns within a business, it can also detect when those patterns are disrupted by cyber-attacks. Business News Daily reports that AI can go back through those data sets to find the source of the threat or attack and help prevent a future attack. With AI diligence, cybersecurity professionals can prevent threats from becoming attacks and stay on top of their company security.
AI and The University of Fairfax
At The University of Fairfax, you can earn your graduate or terminal degrees in Business or in IT to help implement the future of AI into companies worldwide. Earn your business degree to become a higher executive that creates innovation through artificial intelligence by cutting costs and focusing on the important tasks your company needs. Or earn your software development degree to be the one integrating AI into company systems. Along with that, you can earn your information assurance doctorate to work with AI to prevent cyber-attacks to sensitive business information. All of our programs are online so that you can earn your degree from wherever you have an internet connection. Earn your degree faster with UoF’s programs so that you can get to the role you desire in your career and work with the advances of AI.
Accenture reports that 60% of Wall Street trades are automated by AI – and the rest of the world is on the fast track to utilizing the benefits of artificial intelligence. Learn more about how The University of Fairfax can help you in your business or IT ventures with AI by going to ufairfax.com/university/elearning.
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