SECTION A Read the case study below and answer the questions that follow. How Artificial Intelligence Will Transform Businesses What is Al? [100 MARKS] Before examining how Al technologies are impacting the business world, it's important to define the term. "Artificial intelligence" is a broad term that refers to any type of computer software that engages in humanlike activities - including leaming, planning and problem-solving. Calling specific applications "artificial inteligence" is like caling a car a "vehicle" - it's technically correct, but it doesn't cover any of the specifics. To understand what type of Al is predominant in business, we have to dig deeper. Al and business today Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a supporting tool. Although Al currently has a difficult time completing commonsense tasks in the real world, it is adept at processing and analysing troves of data much faster than a human brain could. Artificial intelligence software can then return with synthesized courses of action and present them to the human user. In this way, we can use Al to help game out possible consequences of each action and streamline the decision-making process. "Artificial intelligence is kind of the second coming of software," said Amir Husain, founder and CEO of machine-learning company SparkCognition. "It's a form of software that makes decisions on its own, that's able to act even in situations not foreseen by the programmers. Artificial intelligence has a wider latitude of decision-making ability as opposed to traditional software." Those traits make Al highly valuable throughout many industries - whether it's simply helping visitors and staff make their way around a corporate campus efficiently, or performing a task as complex as monitoring a wind turbine to predict when it will need repairs. Common uses of Al Some of the most standard uses of Al are machine learning, cybersecurity, customer relationship management, internet searches and personal assistants. Machine learning Machine learning is used often in systems that capture vast amounts of data. For example, smart energy management systems collect data from sensors affixed to various assets. The troves of data are then contextualized by machine- learning algorithms and delivered to your company's decision-makers to better understand energy usage and maintenance demands. Cybersecurity Artificial intelligence is even an indispensable ally when it comes to looking for holes in computer network defences, Husain said. Believe it or not, Al systems can recognize a cyberattack, as well as other cyberthreats, by monitoring patterns from data input. Once it detects a threat, it can backtrack through your data to find the source and help to prevent a future threat. That extra set of eyes - one that is as diligent and continuous as Al - will serve as a great benefit in preserving your infrastructure. "You really can't have enough cybersecurity experts to look at these problems, because of scale and increasing complexity," Husain added. "Artificial intelligence is playing an increasing role here as well." Customer relationship management Artificial intelligence is also changing customer relationship management (CRM) systems. Software programs like Salesforce and Zoho require heavy human intervention to remain current and accurate. But when you apply Al to these platforms, a normal CRM system transforms into a self-updating, auto-correcting system that stays on top of your relationship management for you. A great example of how Al can help with customer relationships is demonstrated in the financial sector. Dr. Hossein Rahnama, founder and CEO of Al concierge company Flybits and visiting professor at the Massachusetts Institute of Technology, worked with TD Bank to integrate Al with regular banking operations. "Using this technology, if you have a mortgage with the bank and it's up for renewal in 90 days or less... if you're walking by a branch, you get a personalized message inviting you to go to the branch and renew purchase," Rahnama said. "If 2/5 you're looking at a property for sale and you spend more than 10 minutes there, it will send you a possible mortgage offer. [Related: CRM vs. Marketing Automation: What's the Difference?] Internet and data research Artificial intelligence uses a vast amount of data to identify patterns in people's search behaviours and provide them with more relevant information regarding their circumstances. As people use their devices more, and as the Al technology becomes even more advanced, users will have a more customizable experience. This means the world for your small businesses, because you will have an easier time targeting a very specific audience. "We're no longer expecting the user to constantly be on a search box Googling what they need," Rahnama added. "The paradigm is shifting as to how the right information finds the right user at the right time." Digital personal assistants Artificial intelligence isn't just available to create a more customized experience for your customers. It can also transform the way your company operates from the inside. Al bots can be used as personal assistants to help manage your emails, maintain your calendar and even provide recommendations for streamlining processes. You can also program these Al assistants to answer questions for customers who call or chat online. These are all small tasks that make a huge difference by providing you extra time to focus on implementing strategies to grow the business. What does Al mean for the worker? With all these new Al uses comes the daunting question of whether machines will force humans out of work. The jury is still out: Some experts vehemently deny that Al will automate so many jobs that millions of people find themselves unemployed, while other experts see it as a pressing problem. "The structure of the workforce is changing, but I don't think artificial intelligence is essentially replacing jobs," Rahnama said. "It allows us to really create a knowledge-based economy and leverage that to create better automation for a better form of life. It might be a little bit theoretical, but I think if you have to worry about artificial intelligence and robots replacing our jobs, it's probably algorithms replacing white-collar jobs such as business analysts, hedge fund managers and lawyers." While there is still some debate on how, exactly, the rise of artificial intelligence will change the workforce, experts agree there are some trends we can expect to see. Will Al create jobs? Some experts believe that, as Al is integrated into the workforce, it will actually create more jobs - at least in the short term. Wilson said the shift toward Al-based systems will likely cause the economy to add jobs that facilitate the transition. "Artificial intelligence will create more wealth than it destroys," he said, "but it will not be equitably distributed, especially at first. The changes will be subliminally felt and not overt. A tax accountant won't one day receive a pink slip and meet the robot that is now going to sit at her desk. Rather, the next time the tax accountant applies for a job, it will be a bit harder to find one." Wilson said he anticipates that Al in the workplace will fragment long-standing workflows, creating many human jobs to integrate those workflows. A shift to more specialized skills As Al becomes a more integrated part of the workforce, it's unlikely that all human jobs will disappear. Instead, many experts have begun to predict that the workforce will become more specialized. These roles will require a higher amount of that which automation can't (yet) provide - like creativity, problem-solving and qualitative skills. Essentially, there is likely to always be a need for people in the workforce, but their roles may shift as technology becomes more advanced. The demand for specific skills will shift, and many of these jobs will require a more advanced, technical skill set. Al is the future Whether rosy or rocky, the future is coming quickly, and artificial intelligence will certainly be a part of it. As this technology develops, the world will see new startups, numerous business applications and consumer uses, the displacement of certain jobs and the creation of entirely new ones. Along with the Internet of Things, artificial intelligence has the potential to dramatically remake the economy, but its exact impact remains to be seen. Adapted from source: https://www.businessnewsdaily.com/9402-artificial-intelligence-business-trends.html: (Date accessed: 3 September 2023) 3/5