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The uses of technology and artificial intelligence in the business world.

Written by Mo, Abbas, Charlotte and Neve.

Technology has become an imperishable part of modern society. The uses of technology are endless and can be used in all areas of life. Historically, humans relied on physical labour to survive in their lives, however, with the implementation of technology into society, many industries have advanced and required less physical labour and more mental prowess.

Using technology can provide more accurate results in an efficient manner. A common use of technology would be the internet. The internet is a large network connecting people with each other and providing access to information which previously could only be found in books. Businesses tend to use this form of technology to promote awareness of new products and services available, while consumers can also research relevant information regarding those products and services through the use of search engines such as Google and Bing; this emphasises how the use of technology can be a catalyst to advance businesses in a speedy manner, providing more room for an increased return on investments spent.

Technology is also used largely for storing data. The use of data servers and physical components, such as hard drives, to store data which reduces the use of physical storage and allows universal access to data using cloud storage. Virtual storage can speed up search processes, however, the use of virtual storage has the issue of data security.
As data can be stored online, a conventional method of securing that data would the use of passwords and encryption. This allows for access to data to be provided only to those who have the password to access it.

However, a common issue in modern technology is hacking. Hacking is the use of technology to illegally access technology without permission; this could occur through internal or external attacks. Businesses with personal data of their consumers must take precautionary measures to prevent consumer data from being leaked, which can be rather costly; although the risk of losses in the business due to leaked information would be larger. An example would be Whatsapp’s 256bit end-to-end encryption which prevents users’ messages and shared items from being accessed without permission. There are laws to help deter and prevent illegal access to data, such as the Data Protection Act 1998, however, relying solely on legalities would not stop losses occurring in the business.

Artificial intelligence (AI) is the new trend in modern technology and business giants, such as Amazon, Apple and Google, are attempting to get ahead in terms of implementing AI technology in different aspects of their business.

Firstly, artificial intelligence is technology which possess’ or mimics human intelligence. A common example would be Apple’s Siri. Siri uses natural language processing to take pre-defined inputs and provide results, per the pre-written programming codes. Apple’s implementation of Siri into their products allows for consumers to reap the benefits of having a virtual assistant which completes tasks and answers questions through a quick search of the internet, if it’s not pre-written in the coding. A more advanced implementation of AI in the business world would be Google’s DeepMind. This form of AI takes raw inputs and provides results by actively learning, rather than relying on pre-written coding.

Currently, AI technology has been implemented in three different industries: finance, security and retail. This means that an AI does not necessarily have to be a virtual assistant; it can also be introduced in the robotics side as Amazon have shown with their product, Amazon Echo, where the virtual assistant has a physical form. Amazon have also implemented AI technology in their warehouses to assist employees tasked with picking. Machines roam the warehouse with stock that delivers directly to the employee to pack and send to dispatch where it is delivered with their new robotic delivery or through other methods of delivery which they employ.
In the finance industry, the Royal Bank of Scotland implemented AI technology in their data servers to attain real-time statistics and relevant financial information without having to mine through large amounts of data for a prolonged amount of time.

Artificial intelligence can help reduce delays and increase efficiency as proven by Analytic Software and Solutions, an AI support company. The possibilities of AI technology are endless, and businesses are investing billions in research and development. However, as AI technology can be hard to understand and maintain, business’ often employ the services of analysts to keep their AI updated and maintained; which can be very costly. This reduces the likelihood of small business being able to invest in AI technology leaving the titans of the industry to get ahead quicker than the rest.

In conclusion, technology and artificial intelligence can be a blessing to business when used and maintained correctly, however, it can also ruin businesses if data is not protected effectively or if technology is out-dated.