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AI for Business in 2024: Types and Their Strategic Advantages

AI for Business in 2024 doesn’t need a formal introduction. The integration of AI-powered applications has become a reality in our daily operations. With companies leveraging the power of AI, their productivity and efficiency have surged at an exponential rate. In this blog, we will cover everything related to AI from definition, business benefits, and use cases to types of AI for your better understanding. This will help you to make better and optimized usage of AI technology for your business expansion in a competitive world.

Introduction to Artificial Intelligence 

Artificial Intelligence focuses on building intelligent machines by analysis of large volumes of data. Machines learn from old data and experiences to mimic human-like tasks. This is a perfect way for a business to enhance the speed, precision, and effectiveness of the team. AI for Business in 2024 involves complex algorithms and techniques to build solutions that can make smart decisions by themselves. Machine Learning and Deep Learning are the integral subsets of Artificial Intelligence.  

Read AlsoTop AI Technology Trends to Consider in 2023

Types of AI for Business in 2023

 

Multiple branches of Artificial Intelligence have been involved in the last few years on the basis of the capabilities and functionalities they offer for users. We have defined the most important ones for your understanding.

1- Narrow AI

Narrow AI, also termed as Weak AI has limited functionality as it works on a single narrow task at a time.  It focuses on a single subset of AI abilities and excels in that spectrum. The popularity of Narrow AI applications is growing in our day-to-day lives. The reason for the same is the presence of machine learning and deep learning techniques that is regularly evolving.  

2- General AI 

This is also considered a strong AI having skills to understand and learn any task that can be done by a human. It aids a machine in making use of knowledge to perform in different contexts. AI researchers are still missing the exact functionality of strong AI. They would require a methodology to make machines exhibit decision consciousness, offering a full cognitive ability. Microsoft has invested $1 billion in General AI through OpenAI.  

3- Super AI 

Super AI goes beyond human intelligence and can carry out any task out of human scope. The concept of this type of artificial intelligence sees AI has transformed to be so similar to human sentiments that it hardly understands them. It can bring its own emotions, needs, beliefs, as well as desires. The existence is still theoretical not practical observation has been around the corner. Some of the important characteristics of super AI consist of thinking, puzzles solving, making judgments, and decisions.

4- Theory of Mind  

AI offers an advanced level of technology and is present only in the conceptual form. Such a type of AI needs deep analysis that the people and things within the environment can customize feelings and behaviors. It should have a proper control on the people’s emotions, sentiments, and overall thoughts. Even though several improvements are made in this field, this AI is not fully available.  

Most Popular AI for Business Use Cases   

Most Popular AI for Business Use Cases   

AI for Business in 2024 has countless important benefits for human beings, and that can be highlighted by going through use cases. A few of them are mentioned for discussion:  

  1. Finance Sector

AI helps to detect and prevent any sort of fraud before they occur with transactions. These tools brings more accuracy than conventional techniques including credit scores, old sales data and customer purchase. Banks, insurance firms and other monetary firms leverage the power of AI systems.  

  1. Manufacturing Industries

Manufacturing industries have to deal with large volume of products and their inventories. To streamline the process, AI is really helpful in inventory management, product planning, quality management, and overall logistics management. This will effectively use manpower, machinery, and materials. Moreover, your business will achieve higher revenues with the support of timely deliveries, avoiding breakdown, and customer satisfaction.   

  1. Healthcare

Healthcare is no behind with the usage of AI for the manufacturing of drugs, patient care, surgical operations, and maintenance of records. The predictions and treatment of diseases with the best conversational solutions help physicians keep a proper check on critical illness. The extent of damage to human organs through AI-powered image analysis can be performed in case of accidents.  

  1. Retail Sector

AI is a major addition to retail stores in keeping a check on the inventories to properly address the demands of customers for a complete duration. Recent developments can be seen when the AI program recommends to customer about forgotten items or similar products. Reviews and feedback insights help to grow sales and customer satisfaction using AI. 

AI Tools and Frameworks  

AI Tools and Frameworks  

  1. Scikit Learn 

Scikit-learn is Python’s robust and open-source machine learning package. It offers several effective tools for machine learning and statistical modeling which comprise of classification, regression, and clustering process.  

  1. Tensorflow

TensorFlow is a reputed software library created by the Google team. It consists of computational algebra and optimization methods simplify multiple mathematical statements. TensorFlow is a popular deep learning framework that can easily train and run deep neural networks.   

  1. Theano

Theano is a NumPy-powered Python library that supports fast numerical calculation on the CPU. It is an important Python deep learning tool that is majorly used to create deep learning models using wrapper libraries.  

  1. Caffe

Caffe makes it simple to make optimum use of deep learning. It is built in C++ and includes bindings of Python and Matlab. Also,It is compatible with GPU and is, therefore, perfect for deep neural network production. It also runs with CPU-based kernel libraries including CUDA Deep Neural Network Library, NVIDIA, and Intel Math Kernel Library.  

Conclusion 

It is not hidden from us that AI has occupied a major part of human life. All needs of humans whether it is food, medicine, or home are managed by various businesses. Competition among businesses has made it mandatory to include emerging technologies in all business operations. Data is a primary source to keep a check on the demands and overall resource management.   

AI applications have served businesses with full potential that they can manage decisions using data insights. The technology, software, and hardware have evolved to a great extent that several complex tasks are managed by custom AI solutions without human interference.   

Although the involvement of humans is difficult to eliminate, it is important to understand that AI is available to improve the human processes that were earlier taking too much time to complete. AI for Business in 2024 will probably become so advanced that our demanding expectations will be addressed in the coming decades.  

Read AlsoTop 8 AI Companies in India (2023)

Frequently Asked Questions 

  • Why is AI important for a business?

AI is important for a business from multiple perspectives because it helps to solve several complex problems including fraud detection, image recognition, prediction and product recommendation faultlessly.  

  • What are the types of AI available for users?

AI is available in different types as per their capabilities:  

  • Narrow AI  
  • Strong AI  
  • Super AI 
  • Theory of Mind   

Significant progress has been made in the first two types of AI, and attempts are also being made to make optimum use of the third and fourth.  

  • How much does it cost to build an AI application? 

We build AI application serving different industry domain. The total cost depends on the business needs. Based on the expectations, price quote is provided. Different models are present including hourly, fixed fee model and staff augmentation. 

  • How much time does it requires to build an AI application? 

It completely depends on the project scope. If your requirements are being static, AI development company can share a timeline. We focus on project delivery within the deadline and stay focused on the quality.  

  • Will you address the errors after AI application is deployed? 

Yes. We monitor and test your AI application for any sort of possible errors. If any issue comes, we fix them to make sure your business operations are not impacted.