Since the turn of the century, the introduction of Artificial Intelligence (AI) and Machine Learning Capabilities have shifted away from personal use towards business and company-related activities. The OECD iLibrary (online library of the Organisation for Economic Cooperation and Development), has conducted ample research on how AI and Machine Learning as a Service (MLAAS) has positively impacted businesses around the world. The research suggests that various small-medium enterprises (SMEs) in countries such as the Netherlands, Belgium, and Ireland are leading the race when implementing AI as a tool for data analysis, with more than 50% of SMEs in these nations leveraging the use of software and technology to grow their influence.
Newer, and more advanced AI systems have now made it possible for nations in Eastern Europe and parts of Asia to adopt modern innovations to mitigate the use of human intervention and error. This has helped increase productivity, improve overall daily operations, and help build a better understanding of market trends and customer analysis. Rather than focusing on how these SMEs can solve traditional issues, business owners and entrepreneurs are shifting their focus on how AI and MLAAS will shape the future of business, and help grow awareness for more profound technological capabilities in everyday business use. When it comes to the sole proprietorship and other business structures artificial intelligence is paving the way for rapid change.
How has Artificial Intelligence changed the business sector?
Although the implementation of AI can be a costly venture, businesses are now making use of external or third-party operators to assist with the needed requirements. These include, but are not limited to Machine Learning as a Service, and Software as a Service (SaaS). Using these capabilities, smaller and medium-sized enterprises can now fully track and build data analysis on how customers engage with their products, services, and employees.
This enables companies to build more impactful marketing tactics that can be directly focussed on a certain group of customers, helping them build new connections and grow retaining clients.
Has AI changed the workplace environment?
There are various answers to this question, but the consensus shows that AI has largely changed the workplace environment. Since the start of the pandemic, millions of employees have opted to work remotely, while in other industries such as tourism, hospitality, and construction – AI helps employees build a better understanding of who their clients are, and how they can go to work to improve daily operations. AI hasn’t yet fully replaced human intervention, but it has brought forth a wide variety of services and platforms that now shape the everyday workplace.
What will the future of AI in the business sector look like?
Hundreds of speculations and suggestions from researchers and leading economists suggest that AI will eventually fully replace human intervention in the workplace. Although it may still be years before this shift will happen, there are already dozens of apps, platforms, and programs operating in the interim that focus on bringing change and modernization to businesses and our daily lives.
Can entrepreneurs benefit from software and technology?
Most definitely. Entrepreneurs have been a key driving force behind the disruption of traditional business, bringing to life more profound mechanisms of business, all hinged on the backbone of Artificial Intelligence. Some corporations have gone so far as to make it easier for entrepreneurs to access business formation and registered agent services, all in one place. Incorporation Rocket, an online platform that caters to the needs of entrepreneurs and business owners have improved their systems through the use of AI and research – building a massive online library of resources openly available to nearly any person for any corner of the world.
How will AI change in the coming years?
It’s not yet clear where we will stand in a few years in terms of Artificial Intelligence, but overall we can see that these systems have greatly improved the livelihoods of millions of people, and given entrepreneurs the tools they need to build fruitful business ventures.
Finally, there is a rapid transcendence from human to machine in the current business sector. These capabilities have given us more leverage to better communicate and understand where traditional methods have lacked innovation, and even more, bring about change to our understanding of modern business.