Future Business World and Artificial Intelligence: How Our Decision-Making Processes Will Change? Popular culture, from the Terminator to Black Mirror and Matrix and Total Recall maybe Star Wars, have consistently presented us with a chilling depiction of artificial intelligence (AI) and a future in which it will take over the world. Although this guidance has been going on for many years, it has not been as effective as the smartphones that Steve Jobs made a part of our lives.
The smartphone was a revolution, and now we have data generators in our pockets, digital identities and even virtual assistants with a name, an object, a gender, who can say to us, “Hello, how can I help you?”, who can take voice commands and perform many functions for us.
Future Business World and Artificial Intelligence
We started to experience new features such as “Discover, your page, special for you” that these devices combined with the data collected in our social media accounts and shared our surprise that the ads we came across were a point shot, as a slightly frightening development. Some of us expressed our discomfort with uneasy expressions such as “they listen to us for sure, they read our messages, otherwise how can they know about my need?” and also referred to George Orwell’s description of Big Brother Television Show..
While we have not yet been able to get over our astonishment about the manipulation ability of these systems and algorithms that offer us relevant content and advertising based on our digital behaviors, that is, watch us, “Open AI” has entered our lives… We know there’s more, but in this article, we’ll tell you what AI really is, what it does, and how you can leverage AI to grow your business.
Capabilities and Development of Artificial Intelligence (AI)
AI refers to machine intelligence, or the ability of a machine to copy the cognitive functions of a human. Has the ability to learn and solve problems. In computer science, these machines are also called “smart agents” or bots.
In other words, AI eliminates human error, quickly and continuously analyzes a wide range of data, equips businesses with a complete range of information, and provides structured solutions to emerging problems.
Not all artificial intelligence has the same way of working and is not in the same structure. What is considered artificial intelligence is a formation that changes as technology develops. Because these systems, which have “learning” in their logic, may be oriented in a different way as they learn, and when learning is completed, corrections and fine-tuning begin, which is the main step that makes it perfect. In short, the more mistakes artificial intelligence makes in its first learning, the faster it learns and develops and can be perfect.
Future Business World and the Use of Artificial Intelligence
Dr. John Kelly III, IBM’s Senior Vice President of Research and Solutions, said: “The success of cognitive computing will not be measured by Turing tests (a test that measures whether a computer or other system has the same mental ability as humans) or the ability of a computer to imitate humans. The return on investment will be measured in more practical ways, such as new market opportunities, diseases treated and lives saved.”
As Dr. John Kelly points out, AI technology is not the beginning of an end in business, but a new tool for efficiency and efficiency, advanced innovative capabilities and better opportunities. Moreover, we have the chance to observe the effective use of this tool thanks to the adoption of artificial intelligence in the operations of many global companies.
According to a survey conducted by Tech Pro Research, about 24 percent of businesses are implementing artificial intelligence in many areas or plan to use it in the coming period.
In financial services
In financial services, PwC combined large amounts of data from the U.S. statistics office, citizens’ financial data and other publicly licensed sources to create a large-scale model of the financial decisions of 320 million U.S. consumers. In this way, They designed an intelligent system to help financial services companies map their buying habits, simulate likely financial behavior, and predict customer behavior. This system now allows these companies to verify real-time business decisions in seconds.
In the automotive industry, there are many artificial intelligence applications, from vehicle design to marketing and sales decision-making support. Artificial intelligence, for example, has laid the groundwork for designing smarter (or even driverless) cars equipped with multiple sensors that learn and identify patterns. Safe driving features that warn drivers against possible collisions and lane departures have entered our lives with the new generation of cars. Driverless Tesla, which was launched in this area, has a growing popularity (although it caused a chain accident in America).
Product Manager for Future Business World
If we do not look at this as the automotive sector and approach it as a transportation ecosystem, it will be useful to examine the robots that map the decisions taken by transportation service providers. For example, I think that developments such as electric scooter companies offering suggestions to facilitate transportation by looking at the route data of users and creating options interactively with data sets such as mobile applications and social media are also very important.
Similar situations exist in retail, marketing and sales. John Bates, Product Manager, Marketing Cloud, Adobe, says, “For retail companies that want to compete and differentiate their sales from the competition, retail is a hotbed of analytics and machine learning.” In short, artificial intelligence offers new and more reliable tools at critical stages such as developing applications, accurate forecasting for the marketing world, process automation and decision making.
The common and key point of these developments is that artificial intelligence systems can run millions of alternative scenarios in milliseconds instead of producing results over a dozen scenarios. The outputs we achieve are essentially machine-optimized business scenarios that will maximize revenues and productivity.
Artificial Intelligence and Business Decisions
As seen in the examples above, there is benefit-oriented and continuity under the fact that artificial intelligence does not fall off the agenda. The current use of artificial intelligence for commercial purposes has dramatically illustrated the negative effects of the fact that we used to have to rely solely on inconsistent and incomplete data provided by humans.
Unfortunately, the possibilities in which human beings can blend and extract experience and the knowledge they have acquired over the years are much less than in machines. By teaching machines the work of creating these possibilities, thinking about what we really need to focus on, namely how to benefit from these outputs, will allow business decisions to be made more accurately. In addition, this is the right ground for business professionals to show their true value.
Anand Rao, Global Leader in Artificial Intelligence at PwC, also believes that the limitless result modeling capability that AI has is one of AI’s breakthroughs: “There is a tremendous opportunity to use AI in all kinds of decision-making processes,” RAO said, underlining not delegating work to AI, but leveraging it in business processes.
Let’s explain them with a few examples:
Future Business World. Customer Relationship Management (CRM)
The use of artificial intelligence in CRM systems is all about the accuracy of the data produced. It is possible for the system to perform many automatic functions such as marketing communication management, business analysis and potential customer scoring and prioritization. It’s even very easy for AI to model people and give you an estimate of a customer’s lifetime value. Thanks to these features, which make the work of sales and marketing teams much easier, it should not be surprising to get more efficiency and more profitability outputs.
Product/Content Suggestion Systems
The sector that stands out in our overview of recommendation systems is of course the entertainment sector. Thanks to these systems, which constantly offer you new and relevant content recommendations, the efficiency / pleasure you get from the platforms increases, while this actually increases your time on the platform in the background (subscription, we can also say usage time). I guess there is no need to explain the importance of this context for the lifetime value of the customer.
The recommendation mechanisms work with an algorithm according to the footprints and interests in digital. In this regard, We would like to tell you about a great investment and vision:
When you press the stop button while watching a TV show or movie in Amazon Prime, you can see who the actors in that scene are. When this is combined with the amazing data of IMDB, which Amazon bought years ago and which stands for Internet Movie Data Base, a very important added value emerges.
Because Amazon can better predict users’ likes because of IMDB, it can also use it to make the recommendation mechanism it offers in IMDB better. So what happens as a result of Amazon combining this data with the behavior on the e-commerce side? For example, when you pause a scene in Amazon Prime, the products in the scene other than the actors are tagged and linked to the product page on Amazon.com. Imagine, Jeff Bezos is about to provide a power that can perform the social trade that has been talked about for years only by making sense of the data and in a hundred percent natural way thanks to artificial intelligence!
Automation Efficiency and Artificial Intelligence
The automation efficiency that artificial intelligence provides to today’s business processes has gone beyond the assembly lines of the past. Artificial intelligence has been able to accelerate processes and provide reliable insight to decision makers in various functions such as marketing and distribution.
For example, the automation of segmentation and campaign management in marketing has made it possible to make more efficient decisions and take quick action. The value of being able to gain insights into your customers that can help you improve your interactions with them is invaluable. As someone who has done a lot of research on marketing automation and has experienced a lot of marketing automation, I think that all companies that use CRM need systems that can work synchronously with this CRM.
On the other hand, distribution automation with the help of artificial intelligence provides a significant advantage for many retailers. Thanks to AI-powered tracking systems and control mechanisms, retailers can predict and respond to product demand much more accurately.
Again, let’s give an example from the e-commerce giant Amazon. Amazon, which acquired Kiva Systems, which develops warehouse robots, in 2012, commissioned the Kiva robots with product tracking, replenishment and order fulfillment after the job adaptation was made. This, of course, led to a huge increase in Amazon’s productivity.
The Future of Commercial Decision Making with Artificial Intelligence
Considering that it is not possible for artificial intelligence to take over the world, I think that there should be no fear of losing people’s current jobs to machines. I think that artificial intelligence can actually improve people’s jobs and allow them to work more efficiently, far from taking them away. Of course, I find it useful to draw the limit of this for the following types of works; repeatable, simple, relatively less valuable process management…
Decision makers and business managers can make better choices for their businesses and employees when they have reliable data analytics, recommendations, marketing scenarios, and automations through AI systems.
Breaking point for Future Business World
The real breaking point will be the development of artificial intelligence systems that can cope with the enormous amount of data generated. Currently, 85 percent of unstructured data is obtained from photos, emails, audio files, videos and certain digital footprints in the world. In other words, we are only developing our artificial intelligence and other activities with 15 percent of the data produced.
When the artificial intelligence platforms we put forward with this 15 percent begin to understand and use the remaining 85 percent, the world will become much more advanced than it is now. Business processes, training, sales and marketing dynamics will also likely be rewritten. Do you think that when that day comes, you, your employees and your company will be ready for these dynamics?