When most of us hear the term "artificial intelligence," we think of a machine that operates all by itself, analyzing data and processing information as it "learns" new functions. While there is a certain degree of truth to this perception, what we often don't consider is how it takes professionals trained in AI to help these computer programs reach their full potential.
If you're someone with a mind for business who has always been intrigued by the promise of artificial intelligence, earning your Master of Science in Artificial Intelligence in Business could lead to a career you'll love.
AI and What it Means for Business Operations Today
Artificial intelligence is something you probably use every day. If you own a car that has self-parking capability, you've been introduced to AI. Similarly, if you have smart devices, such as Alexa, in your home, this is another good example of artificial intelligence at work.
At its most basic, AI is defined as software that is capable of human-like actions. These include functions such as problem-solving, planning, and, most importantly, learning . If you've ever heard the team "machine learning," this refers to one of the capabilities of artificial intelligence. The more data you feed into a computer system that's capable of machine learning, the more functions it's able to perform. This makes it ideal for certain applications, including increasing business productivity.
This is one reason AI has become more commonplace in the 21st century. It can analyze massive amounts of data -- more data than a human or even a building full of humans could ever analyze -- and use that data to draw useful conclusions. For example, a factory may use AI to track the various machines used throughout a shift. Because AI can detect anomalies long before a human ever could, it can send messages to maintenance to let them know a certain machine is about to malfunction. As a result, a crew can be dispatched to clean and service the machine before it breaks down and before productivity is interrupted. This is the crux of AI for business operations.
Benefits of Human and AI Integration
Many people have a controversial view of AI. Some view it as a competitor, assuming it will one day replace them at their job. Others cite ethical issues with granting machines the ability to learn. However you look at it, AI is here to stay, and for businesses around the globe, this is a good thing. In fact, using AI to enhance business operations is a key argument in favor of this type of software. Some of the things AI can do for businesses include:
- Update customer files with address and contact information
- Replace lost or stolen credit cards
- Use natural language processing to read legal documents
- Predict which product or service a customer will most likely purchase
- Identify instances of fraud
- Retarget consumers for specific ads
- Offer round-the-clock customer service
- Create customized care plans for a provider's patients
It's easy to see the many benefits of using AI to enhance business operations and business productivity. At a glance, it's capable of taking on tasks that used to be time-consuming and laborious for humans and automating them in ways that are flawlessly accurate. Two areas where AI has proven immensely helpful include human resource management and cybersecurity.
Better Human Resource Management
Human resource management refers to the handling of people within an organization in ways that promote a positive work environment and high employee satisfaction rates. It encompasses many of the tasks that are vital to creating a productive workplace, including:
- Compensation and benefits
- Training and development
- Employee relations
If you consider that a single company may have millions of employees worldwide (think Walmart and McDonald’s), it becomes easier to understand why they may be interested in finding ways to automate HR processes. Every employee must be interviewed and trained, with their contact information filed and saved for future use. Some are eligible for full benefits, others for partial benefits, and others ineligible. Some may be paid weekly, while others are bi-weekly or salaried. It's a crazy amount of information for one HR team to manage. But with the help of AI, human resource management can become a well-oiled machine.
Peace of Mind in Cybersecurity
Cybersecurity helps keep your sensitive information secure online. It protects computers and networks from malicious online attacks and keeps hackers from stealing your credit card, bank account, or social security number.
AI is an irreplaceable asset when it comes to cybersecurity. Functions such as machine learning and natural language processing can analyze vast amounts of data and events, such as data breaches, malware, and viruses, and build risk profiles based on what they've learned. In this way, they can detect dangerous anomalies and predict when events are about to occur.
Efficiency and Productivity Gains
What can a business do to improve its productivity? The answer to this question used to be to adopt better hiring practices and increase training, both costly for any company. Today, it's AI. Using artificial intelligence, time-consuming processes, such as customer acquisition and inventory tracking, are now automated.
Growing Your Quality and Productivity
One of the main functions of AI is to automate mundane, repetitive tasks. This, in turn, frees up time for employees to perform more complex duties. In other words, people can get more done in the same amount of time. AI can perform other functions for a company as well, including analyzing data to monitor factors like employee morale and customer satisfaction.
Overall, Better Consumer Interaction
By automating processes such as checkout, retargeting website visitors with focused ads, and generating follow-up emails and correspondence, AI can improve the customer experience from start to finish. This, in turn, increases customer loyalty and overall profit.
Competitive Industry Improvement
Forbes predicts the AI market will top $500 billion by 2024. This means businesses must adopt AI technology if they want to become and remain competitive in the 21st century. Those who are trained and educated in AI are poised for future success. With these statistics in mind, University of the Cumberlands now offers a Master of Science in Artificial Intelligence in Business.
The MSAI program at University of the Cumberlands can be completed entirely online, making it easy for non-traditional students to attend class from anywhere in the country. As you earn your graduate degree, you'll take courses that teach you all about how AI is transforming every industry, including manufacturing, sales, marketing, healthcare, and finance.
For more information on the MSAI program at University of the Cumberlands, contact an admissions advisor today.