The Impact of Artificial Intelligence (AI) on the Future of Business

Published on Jul 5, 2024; 11:53 PM WAT

Let’s face it, the future of business is Artificial Intelligence (AI), and the blockchain.

For the sake of the newbies who have never heard the word “AI” or “Blockchain” (which I very much doubt), let’s briefly describe AI first, then blockchain.

Artificial intelligence is the simulation of human intelligence in machines designed to perform mostly human tasks such as learning, reasoning and problem-solving. This is achieved by using data and complex algorithms to improve decision-making and automate processes across various industries in our world today. 

Imagine if inventors of the past had AI…

Well, back to blockchain (please don’t tell me you haven’t heard about this)… okay, okay, how about Cryptocurrency or ‘crypto’? Oh well.

There would be no “crypto” without the blockchain. Blockchain is a decentralized digital ledger technology that ensures secure, transparent, and immutable transactions across what is known as “Peer-To-Peer Network”. It uses cryptographic techniques and consensus mechanisms to maintain data integrity, underpinning cryptocurrencies and various other applications such as Non-Fungible Tokens (NFTs), smart contracts, et cetera.

You see where I’m going with these points?

What I’m trying to say, is that Artificial Intelligence (AI) is the next big step in human evolution, and it is going to touch every sector that has been made by humans, including the businesses you see today. And the blockchain, assists in providing secure, transparent, and efficient transaction methods. Who can forget the lightning-fast cross border payments and fraud prevention?

So far, the current crop of AI programs have been automating routine tasks, helping in decision-making, and improving customer services with chatbots and personalized recommendations.

In finance, AI powers algorithmic trading (did you know that some trading firms use AI to make crazy fast trades, like, in milliseconds? Wild!), and fraud detection.

Even down to marketing, AI-driven insights are used in targeted campaigns. While the supply chain management sees optimized logistics and inventory control.

Human resources (HR) uses AI for recruitment (I see you; ATS, thanks for not selecting my CV for those jobs I’ve been applying to) and performance tracking.

Yep, that AI saw you resume at the office quite late, Janet.

Anyway, back to manufacturing in the business sector, AI is used for predictive maintenance and quality control, ain’t that neat?

All in all, AI boosts efficiency, reduces costs, and drives innovation across different business operations.

If you got here with me and you run a business, find out how AI can help you streamline your business, and impact positively. Don’t be left behind in this new frontier of human evolution and adventure!

PS: This content was written by a human… or was it? 


-Moses Olowolabi, a.k.a Impulse, Moneyed Fame


Post a Comment

* indicates required

Intuit Mailchimp