HOW IS AI AND MACHINE LEARNING REPLACING HUMANS IN BUSINESS WORLD LEADING TO SAVINGS.

Artificial intelligence as we all know is a key to the modern world. With a heavy rise in technology in the 21st century and the upcoming centuries , machine learning and artificial intelligence is taking over human activities in order to make life easier . Since the development in technology, human beings have become more tech-reliable. From waking up in the morning to going to sleep at night, every aspect of our lives , either directly or indirectly , are dependent on machines and AI. AI and machine learning have also started to pave their path in businesses in recent times.

Maximize AI and minimize risk-

AI is far better at predicting behavior than the human mind. That’s cool. AI can also develop value systems we can’t explain, leading to questionable decisions that seriously impact our lives. That’s scary. Here's how AI can help in businesses,

· Avoid regulatory and ethical issues

· Optimize AI through control and collaboration

· Create a robust AI quality assurance process

· Harness the power of AI to deliver real business value

It is useful for companies to look at AI through the lens of business capabilities rather than technologies. Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees.

For eg, There has been a 6X increase in the annual investment levels by venture capital (VC) investors into U.S.-based Ai start-ups since 2000. CrunchBase, VentureSource, and Sand Hill Econometrics were used to determine the amount of funding invested each year by venture capitalists into start-ups where AI plays an important role in some key function of the business. The following graphic illustrates the amount of annual funding by VC’s into US AI start-ups across all funding stages.

Artificial intelligence is becoming good at many “human” jobs—diagnosing disease, translating languages, providing customer service—and it’s improving fast. This is raising reasonable fears that AI will ultimately replace human workers throughout the economy. Never before have digital tools been so responsive to us, nor we to our tools.

Also, there has been a 14X increase in the number of active AI start-ups since 2000. CrunchBase, VentureSource, and Sand Hill Econometrics were also used for completing this analysis with AI start-ups in CrunchBase cross-referenced to venture-backed companies in the VentureSource database. Any venture-backed companies from the CrunchBase list that were identified in the VentureSource database were included.

Internationally, robot imports have risen from around 100,000 in 2000 to around 250,000 in 2015. The data displayed is the number of industrial robots imported each year into North America and Internationally. Industrial robots are defined by the ISO 8373:2012 standard. International Data Corporation (IDC) expects robotics spending to accelerate over the five-year forecast period, reaching $230.7B in 2021, attaining a Compound Annual Growth Rate (CAGR) of 22.8%.

Humans and AI actively enhance each other’s complementary strengths: While AI will radically alter how work gets done and who does it, the technology’s larger impact will be in complementing and augmenting human capabilities, and thus leading to savings in the business. the leadership, teamwork, creativity, and social skills of the former, and the speed, scalability, and quantitative capabilities of the latter. What comes naturally to people (making a joke, for example) can be tricky for machines, and what’s straightforward for machines (analyzing gigabytes of data) remains virtually impossible for humans. Business requires both kinds of capabilities. So this is is the answer to your question about how in the recent and changing times AI and machine learning is taking over in businesses than humans!

~ Atreyee Panja