Artificial Intelligence has become an integral part of our lives. Its capabilities in transforming businesses, improving workflows and systems, as well as enhancing decision-making processes, have been recognized by global companies. So, what opportunities does Artificial Intelligence offer?

The term Artificial Intelligence (AI) refers to the ability of algorithms and computer systems to gather, classify, process data, learn, and perform creative functions.

What types of AI exist?

There are three types of artificial intelligence known today:

• Weak AI: Also known as Artificial Narrow Intelligence, it can perform specific tasks and answer questions related to those tasks.
• Strong AI or General AI: This is the future of artificial intelligence. It won’t be limited to a single task, but will be capable of multitasking. It will think, learn, improve, and may even replicate emotions.
• Super Strong AI: At this stage, Super Artificial Intelligence will surpass human intelligence, gaining the ability to think, reason, create parallel algorithms, exhibit emotions, and operate autonomously.

Artificial intelligence today can perform various functions, including:

• Speech recognition and transcription into text.
• Facial recognition.
• Speech recognition for web-based search operations.
• Diagnosing certain medical conditions.
• Generating images based on given parameters.
• Creating digital photo and video content.
• Converting text into videos and images.
• Simplifying code generation.

Some of the well-known AI systems include ChatGPT, the Midjourney neural network, BLOOM, Make-A-Video, and others.

Artificial Intelligence and Business

The integration of AI has become possible in almost every sector of business, including the sale of goods and services. How do neural networks assist businesses?

Applications:

• Finance: AI handles the security of bank card usage, data protection, and algorithmic trading with the capability to make millions of automated transactions daily. AI services excel in market research and data analysis, including investment decision-making, portfolio management, and consumer financial control.
• Healthcare: AI finds application in interpreting medical images during diagnosis, analyzing heart rhythms, creating medical records, processing records for accurate diagnosis, formulating treatment plans, providing consultations, designing anatomically customized prosthetics, and diagnosing cancer and other diseases.
• Education: AI services for objective assessment, chatbots, personalized learning programs based on individual capabilities, neural networks, and virtual worlds motivate students to study.
• Media: Companies applying AI capabilities produce commercial, sports, and political reports, personalized briefings, and automated news content.
• Retail: AI usage extends to voice assistants and call centers, supply chain planning, demand forecasting, marketing strategies, pricing, and promotions.
• Advertising: AI empowers personalized ad messages tailored to each target audience category and generates ad materials based on data from successful ad campaigns, monitors campaign expenses, and guides users through the sales funnel.

How can artificial intelligence benefit business?

According to a report by PwC, the number of companies implementing AI is growing. This pertains not only to specific tasks but also to the full integration of AI into business operations. Why is artificial intelligence so crucial? It enables companies to progress in three key directions: transforming their business, implementing modern systems, and enhancing decision-making processes. This means companies can improve productivity, streamline business operations, increase profits, and reduce risks. AI also offers the opportunity to stand out from competitors by providing personalized services to customers.

The future of business is closely tied to AI in several key areas of application.

• Automation of routine processes – collecting, processing, and analyzing customer data.
• Enhancing cybersecurity and data privacy.
• Efficient planning and optimization of labor costs.
• Improved service quality.
• Offering in-demand services and products.
• Market situation analysis and forecasting.
• Processing orders, payments, and transactions.
• Enhancing supply chain and operations.
• Segmenting the target audience by parameters and creating advertising materials.
• Generating creative content.

One unique feature of AI that helps reduce decision-making risks is its ability to work with Big Data, enormous datasets related to pricing, sales, margin, demand, and more. Today, AI can forecast customer and competitor behavior, market demand, identify current and market condition-related issues and risks, classify them, and provide recommendations for addressing them.

Artificial Intelligence: Challenges and Opportunities

The coronavirus pandemic has triggered a global economic recession. It has become evident that the world needs new economic models, bringing the digital economy to the forefront.

Despite its advantages, AI has a number of challenges:

• Shortage of AI specialists
• Data quality and quantity
• Environmental impact

Data centers consume a tremendous amount of energy to train a single NLP model, and produce five times more carbon dioxide than one car during its entire lifespan. However, it is expected that by 2030, artificial intelligence will reduce greenhouse gas emissions by 4%.

Despite the challenges, statistics show that more and more companies are starting or continuing to implement AI in their business. According to surveys, over 54% of companies have accelerated their AI adoption process, and 86% of respondents agree that artificial intelligence has become the primary technology in their workplace.

According to a study by The AI Journal, 72% of companies have a positive outlook on AI’s role in the future after the pandemic. 74% of business leaders expect increased efficiency in business processes with the help of AI, 55% believe that AI will enable the creation of new business models, and 54% plan to use AI to develop new products and services.

Therefore, artificial intelligence is set to shape global competitiveness in the near future, providing companies with significant economic and strategic advantages.