AI Businesses – How They Can Improve Network Effects
It’s not just in the movies, but also in AI technology and business that artificial intelligence is moving into action. Many think that AI can replace most of the employees in the human resources department of a corporation with data centers filled with AI systems. The idea of an artificially intelligent business assistant is starting to come to mind to fill these roles in today’s business world. If you have any thoughts on what an artificially intelligent business assistant would look like, you should continue reading. An AI business assistant could be described as having the abilities of a human assistant, but combined with those of complex AI software such as the Rethink Lab’s Jeena Roberts.
How will artificial intelligence and AIs impact the current market for AI technologies and software? We already know that in the past few years, AI and machine learning have had significant impact on businesses, and over time this will likely increase the gross margins of businesses overall. One of the most noticeable trends we see is in the area of automotive OEMs. OEMs such as Ford, Toyota, and Honda are implementing high-level artificial intelligence systems into their vehicles. These OEMs see that an increased level of defensibility and robustness at all levels in their vehicle fleet can help them maintain and grow their customer base while reducing costs and streamlining operations. In fact, many car manufacturers are able to save billions of dollars each year from the total fuel expenses, employee payroll, and vehicle repairs.
There is still a long way to go, but OEMs like Ford, Toyota, and Honda have seen the potential to partner with software companies such as Microsoft and Cisco in order to make their vehicles even more intelligent and customizable. They are able to tailor all of the hardware, software, performance, and user interfaces for their vehicles to enhance their ride and improve customer satisfaction. If you do a search online, you’ll find that there are already quite a number of companies out there working on creating advanced AI business software for AI cars. The market is ripe with “killer applications” for AI car software in all different areas like autonomous navigation, weather forecasting, scheduling, remote diagnostics, and vehicle telematics.
Just like traditional software companies, many as businesses are working on creating applications that can be operated by a single computer, without the need of a human driver. Such software would allow an individual to log in and take the car out on their own, without having to log on and interact with anyone in the car. It would allow a user to make custom scheduled trips, decide what works best for them depending on their schedule and preferences, and they could even get the car serviced when they’re not traveling. This is only the beginning, but one that is very exciting and promising.
In addition to the development of programs which allow drivers to use ais and make necessary adjustments to the car’s settings when needed, many as businesses are looking to develop completely self-driving vehicles. In the future, self-driving cars will be an absolute necessity, as traffic congestion grows and environmental concerns grow. We know that in today’s world it is nearly impossible to drive safely and reliably across country or even to the rest of the world. With this in mind, it is clear that we cannot continue to rely on humans to make these important decisions. That is why machine learning has been such a successful part of the transportation field, and why it will continue to play a critical role moving forward.
Machine learning will also provide a solid support system for a wide range of ai businesses. For example, many real estate agencies rely on a variety of real-time data sources to make their best estimates and planning. However, without human intervention, a variety of factors such as population growth, demand, location, and time of the year impact the data and result in varying results which must then be adjusted for the agency in question. Now imagine if that same agency had access to an air systems database, which automatically adjusts the numbers based on real-time parameters. This would allow them to make much more accurate predictions and in turn improve their client service.
Another important area is insurance. Just like traditional software companies, many insurance agencies have a massive amount of data which they must use in order to make intelligent, statistical decisions about who to insure, when to insure, and what coverage to include. If those decisions are made based on raw numbers alone, the potential error rate can easily reach 30%. However, with an artificial intelligence system, even this can be minimized.
AI Businesses can also help to achieve other network effects. Consider, for example, the effect it has on stock prices when they start to rise. Well established network effects like brand name recognition and perceived value take a large hit when new products and services have come out on the market. However, with an AI system implemented on a database, new products and services can quickly surge in popularity, driving up the price, while driving up demand, causing the price to drop again once people realize that the product is actually worth more than they thought.
