8 Artificial Intelligence Questions Every Business Leader Must Ask

The world is already on the threshold of a digital insurgency. Over the next 10 years, artificial intelligence will monumentally alter the far-flung swathes of our lifestyle. The global industry is already prepped for this revolutionary change by AI, especially in three core areas – human resources sector, productivity, and customer experiences. Taking this opportunity, we have come up with an exclusive post on 8 artificial intelligence questions every business leader must ask. Before plunging into those 8 key questions, let’s have a quick sneak peek into what AI is and why it matters so much.

Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution. ~ Albert Einstein Click To Tweet

What is Artificial Intelligence?

Artificial intelligence (AI) enables the machines to develop intelligence and learn from experience, get adapted to new inputs and make them capable of performing human-like tasks. The most common examples of AI in use today include the chess-playing computer, self-driving cars, neural networks from the likes of Google’s DeepMind, Siri, Alexa, Texla etc. and these all are designed to depend heavily on smart learning and natural language processing. By integrating AI, computers can be trained to accomplish extensive tasks which involve mammoth-sized data, whilst identifying patterns in the data.

The Artificial Intelligence Wake-up Call – 8 key AI questions every CEO must ask

Almost every IT enterprise and media have laid their eyes upon the potential aspects of AI in terms of speech recognition, learning, planning, and problem-solving skills. And it is time the business leaders paid attention. However, before adopting this amazing breakthrough, here are 8 key questions business leaders should be asking as they assess this opportunity and invest in AI’s life-changing potential.

8 AI Questions Business Leaders Must Ask

1. What is this AI craze all about?

Whether it’s AI, blockchain technology or Internet of Things – every new technology entices business leaders to adopt it and enhance their business grades. Artificial intelligence has the efficiency in combining its epidemic performance skills with any machine/platform including computer hardware, big data, the blockchain, the IoT and also deep learning, data mining, neural networks, cognitive computing, and robotics.

AI can be used to its true potential for transpiring businesses and enable the CEOs to become better decision makers. Business leaders should invest time and interest in understanding the vast opportunities artificial intelligence beholds, and the areas it can be implemented.

2. How is AI going to disrupt your industry?

As per the predictions made by the Bank of America, by 2025 AI will amount to $33 trillion. However, at present, the impact of artificial intelligence on businesses is scantily distributed across the globe. Even though it’s already making potential changes in the field of logistics, technology, retail, education and automobiles, less instinctual industries are also ripe for the interruption.

3. What will be artificial intelligence in the next five decades?

Here are the prospects –

• Enhanced speech, voice and image recognition
• PAs will be replaced by conversationally-driven AI assistants
• Devices will run individually
• AI will be commonplace in the industry
• AI is going to revolutionize the medical world

As AI technology evolves over the years, we need to wait and watch how the world adapts accordingly.

4. How will AI affect HR and how employees can be trained accordingly?

AI is certainly going to enhance the work performance and quality of the jobs. However, a recent survey in the US suggested that 47% of workers fear to lose their jobs with the advent of the AI-enabled automation. The business leaders should be adopting this theory in a more positive way and the implementation process should be transparent and research-based.

5. How will AI impact customer experience?

While almost every organization might have faced the similar issue of running out of resources and products, AI is here to empower the customer experience. With the onset of newest features and technology, customers’ expectations are also rising dramatically. People are able to shop and make transactions with just a few clicks from their laptops and cell phones.

With the increasing demand for a personalized shopping experience, artificial intelligence in retail offers advanced consumer-focused solutions such as personal shopping guidance and kiosks. In a bid to satisfy their customers, enterprises are now looking forward to integrating AI applications such as Natural Language Processing, Strong AI, Inductive Reasoning etc. With the help of AI, companies can deliver tailor-made experiences and reduce the burden on sales associates due to exhaustive tasks.

6. How fast is AI moving?

The AI wave is spreading actively and almost every enthusiastic CEO is keen on having a taste of it. Artificial intelligence is rapidly developing and is already starting to change the world, at a pace that is worrying to some experts. World tech leaders like Elon Musk predicts AI will reign supreme and that it is already advancing like a “Tidal Wave”. Musk had this to say,

It’s difficult to appreciate just how far A.I. has advanced and how far it is advancing because we have a double exponential at work. We have an exponential increase in hardware capabilities and we have an exponential increase in software talent that’s going into A.I.

7. What will be AI’s impact on company’s success?

AI’s impact on success will be as such that in the future; it will be difficult to distinguish whether work is done by automation, AI or humans. With the integration of AI, companies can have increased productivity and achieve goals within a shorter time span. Entities, who have enabled AI in their business processes are six times more likely to have higher revenue growth.

8. How will AI impact society?

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While there is a growing concern that AI will hugely affect the workforce (thanks to Stephen Hawking’s comment on artificial intelligence), here are some astounding benefits society can have from AI in future –

• The AI-induced education system will define the future of academics and students
• Improved personal hypothesis systems will create an entirely new artificial life form
• Intelligent Internet of Things will be more prominent
• Quantum computing extensions will be commonplace in future
• Artificial Intelligence will be vulnerable

So those were some key questions every business leader should ask for better understanding of artificial intelligence. We put forth a few pertinent questions for our esteemed readers –>

• Is your business integrated yet? What impact is AI having on your business grade?
• Where do you see AI in the next 5 years?
• How do you see artificial intelligence impacting workforce, human resources, and business activity?

Looking forward to your thoughts!