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Artificial Intelligence (AI) has been a buzz word for years, something associated with automation and the future, such as driver-less cars or robots replacing humans. However, the modern world is widely becoming a technology-driven world, therefore AI is no longer something intangible and futuristic, but rather part of our everyday lives. London Corporate Training recognises the importance of AI, especially for businesses, and has designed an Artificial Intelligence in the 21st Century seminar to cover this widely sought-after topic, including AI in business and modern day living and learn the latest trends and developments.

We are currently in the grip of what has become known as the ‘fourth industrial revolution’. Just as steam once transformed industry, now data and artificial intelligence (AI) are revolutionising the way we work and live. And for some, the changes this will bring will be stark, which is why more and more businesses are getting trained up in the field. A recent report from the Office for National Statistics (ONS) has predicted that 1.5 million people in England are at high risk of losing their jobs to automation.

What is Artificial Intelligence?

Artificial intelligence is essentially the simulation of human intelligence processes by machines. It is a wide-ranging branch of computer science linked with building smart machines capable of performing tasks that typically require human intelligence. Today, AI plays an often invisible role in everyday life, powering search engines, product recommendations, and speech recognition systems, such as Siri.

To simplify this even further, AI systems work by ingesting large amounts of labeled training data, analysing the data for correlations and patterns, and then using these patterns to make predictions about future states. In this way, a chat-bot that is fed examples of text chats can learn to produce lifelike exchanges with people, or an image recognition tool can learn to identify and describe objects in images by reviewing millions of examples.

Artificial Intelligence in business

Gartner predicts that 50% of enterprises will have platforms to operationalise AI by 2025, versus 10% in 2020. Although AI is still in the early phases of adoption by many companies, more and more organisations are eager to introduce more AI functions into their operations. Whilst for many there is the fear of becoming redundant by technology / computers, it is also being widely accepted and welcomed in terms of efficiency and effectiveness. What’s fascinating is how AI is acquiring data and creating rules / algorithms for how to turn the data into actionable information with step-by-step instructions for how to complete a specific task.

AI is already disrupting virtually every business process in every industry. As AI technologies proliferate, they are becoming imperative to maintain a competitive edge. Below are some key functions which already widely use AI:

Marketing

AI is already being widely use in marketing in many ways which are unbeknown to many.

  • Develop and execute marketing strategies
  • Segmentation: according to interests, demographics in order to target ads to them based on browsing history
  • Chat-bots to solve problems, suggest products or services and support sales teams.
  • Analysing customer data.
  • Recommendations and content curation
  • Personalisation of news feeds
  • Social semantics and sentiment analysis.

Sales

AI has the ability to give sales teams specific information and insights they need into to sell.

  • Aids in sales forecasting.
  • Predicting customer’s needs and requirements.
  • Helps predicts when to communicate to prospects, what they need in the sales funnel and how best to convert them.
  • Chat-bots incorporated into websites to provide immediate service to prospects / customers.
  • Dynamic price optimisation.

Research and Development

AI is brilliant when it comes to innovation, growth and development, especially in sectors such as healthcare and pharmaceuticals, financial and automotive.

  • Collect and analyse masses of information efficiently and accurately.
  • Solve problems and create innovations solutions.
  • Product recommendations and purchase predictions.

Human Resources

Will machines ever replace humans in a such a function that focuses on relationships, people and connection. The answer is that it can hugely compliment what HR team members are doing, and make their role a lot more strategic and streamlined.

  • Initial stages of interviewing, recruiting and talent management.
  • Automating repetitive tasks, especially in large organisations with 100s / 1000s of employees.
  • Candidate screening.
  • Chat-bots answering FAQs, including policies, procedures, entitlements.
  • Streamlining job processes and aggregating business data.

Pros and cons of Artificial Intelligence

AI is rapidly evolving and more and more businesses are starting to adopt it in many varying ways. As with all big changes, looking at the pros and cons is helpful to make an informed decision. Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is should be seen as a supporting tool. The benefits of AI include, that it is good for detail-orientated jobs, it reduces processing time for data-heavy jobs, it delivers consistent results and can work around the clock 24/7.

However on the flip-side, it can be an expensive endeavor as it requires deep technical expertise, and there are only a limited amount of qualified engineers to build AI tools. Unlike with human thinking, it only knows what it is shown and programmed, so thinking “outside the box” may not always be an option.

Seminar: Artificial Intelligence in the 21st Century

As AI 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. At LCT, this seminar is very popular. It provides an introduction to AI and the latest innovation and developments in this fast moving area of computer science. Participants will be able to get expert advice and question across this vast subject area. If you are interested to find out more, or register for this seminar, click here.

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