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How AI Will Impact Business in the Next 10 Years

By: SmallBizClub


How AI Will Impact Business in the Next 10 Years

The development of A.I. is doubtless the next milestone in humanity’s progress. Almost every aspect of our lives will be transformed. One of the areas where this change will be most profound is the way we conduct business.

As A.I. is still in its infancy nobody can tell for sure of the entire scope of business changes, but there are a few indications of what we can expect in the near future.

New services and products

Experts believe that the media, telecommunications, and technology industries will benefit greatly from A.I. in the next five years. The speed with which these industries can offer new products and services is expected to increase by 52%, all thanks to the massive amount of data provided by A.I.

The Marketing industry can also look forward to an exponential development of A.I. For example, we are already witnesses to how Facebook and YouTube are offering ads or songs that cater to our tastes with increasing accuracy. As A.I. advances, more accurate and personalized targeting will take place, which will, in turn, improve both customer experience and product sales.

Loss of jobs or potential allies

Blue-collar professions and customer service jobs are considered to be amongst the first that will be replaced with robots and A.I. Simply put, machines do not get tired, sick or bored; and they are much cheaper than humans.

The main advantage that A.I. has over humans is the incredible amount of processing power and access to a vast storage of raw data. With the right input and guidance input, A.I. can make much more accurate analysis and predictions than a human expert, at a fraction of a time.

This means that even white-collar workers, such as financial analysts, could lose their jobs, or parts of them, to A.I. Even the doctors are potentially in jeopardy because A.I. can utilize the patient’s data in such a way as to potentially prescribe the ideal medicine and therapy for each patient.

However, A.I. at this stage still relies heavily on human guidance. That is why we can expect that in the next 10 years, A.I. will become more of an invaluable assistance than a threat to most jobs.

Photo and Video Recognition

As the technology improves, so do our capabilities to take pictures and videos. We are using smartphones all the time to commemorate our important moments.

Technology giants like Facebook and Google have recognized this. They have dedicated significant resources and energy to A.I. research in order to improve their customer’s experience. Facebook is working on a DeepFace, while Google is making their image own recognition software.

DeepFace will ultimately be able to automatically tag every person in any picture, as soon as it is uploaded. On the other hand, Google’s software will be able to describe the scene in the photo using complete and precise sentences. Other tech companies will also have to invest in A.I. if they want to stand any chance of competing with the two internet giants.

Computer Vision

The strength of an A.I. can be seen in the already sophisticated real-time computer analysis of photos and videos. One of these specialized software packets that enable computers to do this is OpenCV. This software has many applications, from facial recognition to augmented reality.

Object detection with OpenCV is one possible application for this type of software. The goal is to accurately count the number of people that appear in video footage, mainly in high traffic public places. The A.I. can use this data to, for example, analyze store performance or to provide us with precise statistics for crowds at festivals or concerts.

The data gained from this software will significantly improve a company’s bottom line. For example, stores that do not have enough customers can receive additional marketing efforts.

As with all great changes, there are a lot of uncertainties. Many people are afraid of losing their jobs, not just among blue-collar workers, but also in the white-collar professions. There are many debates about possible outcomes, but everybody agrees that the benefits that the A.I. has to offer are simply too big to be overlooked or underestimated. One thing is for sure; companies will have to implement A.I. if they want to survive on the market.

AuthorPhilip Piletic’s primary focus is a fusion of technology, small business, and marketing. He is an editor, writer, marketing consultant and guest author at several authority websites. Philip is in love with startups, latest tech trends and helping others get their ideas off the ground. Informational credit to Stripo for their help with this article.

Published: December 12, 2017

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