How artificial intelligence requires the attention of business professionals

Advancements in technology, artificial intelligence, machine learning and robotics are creating a workforce that needs to be increasingly more intelligent, aware and understanding of the progressions being made. How can a business professional ensure that they stay on top of the latest technologies in today’s world?

Artificial intelligence continues to be both a polarizing and contentious issues within the overall global environment. For one artificial intelligence has been leverage by society to help improve a litany of products and services. These services include the ability to automate routine tasks associate with warehousing and other manual labor jobs. It has also been used as tool to help foster efficiencies’ within operations by helping to predict product demand or anticipate delivery delays. Artificial intelligence has now formed the foundation of innovations relates to autonomous driving, chatbots, and other innovations that help circumvent human interaction and improve operation efficiency. Each of these elements of predicated on innovations relates to algorithms, cloud computing and data analytics. Although power, many businesses are still experimenting on the methods required to help leverage this technology to help improve profitability and margins, while also enhancing their competitive position within the marketplace.

To stay on top of the latest technologies in today’s world, business leaders must develop a culture predicated on change. Seemingly simple, developing and changing a culture can be a very daunting task. For one, leaders must be able to exhibit certain qualities necessary to develop corporate cultures and behaviors. For one, leaders must be able to articulate a vision that is both dynamic and compelling of those around them. A common example is Tesla and how they leverage artificial intelligence to drive both profitability and growth within the enterprise. The company leader, Elon Musk, is very dynamic in the way he is able to articulate his vision to others. In instances relates to electric vehicles, space travel, solar panels, and even traffic, Elon Musk has been able to differentiate himself from his peers. This is a particularly vital point for artificial intelligence, as it requires a vision in order to be implement properly. Tesla utilizes artificial intelligence through its internal sales processes. For example, the company skips the dealership entirely and sales products directly to consumer through its own sales channel. These sales occur as the company uses artificial intelligence as a means to pinpoint customers using sophisticated algorithms. These algorithms are able to segment customers based on various factors including social economic status, age, gender, and even their affinity for environmental issues. To stay on top of the latest trend of artificial intelligence, the company as a dedicates staff that is charges with evaluating developing technologies and how they can be used within the company in the future. All of these above characteristics are enabled through a culture predicated on change and innovation (Bacchus, 2020). Here, employees are empowered to leverage differing technologies to help further the ambitions of the company. Likewise, many business organizations are encouraged to try developing technologies even if they fail. Within Tesla, a failure is not punished but used as a means to help further improve operations and efficiencies within the organization. Through artificial intelligence, the firm is better able to position itself strategically relative to peers in the industry (Anderson, 2015).

Another example of a company using artificial intelligence is that of Alibaba. It too has a unique method of staying on top of the latest trends within the industry. Here, the company, much like Tesla, has a dedicated department looking at emerging technologies. Alibaba is unique in that it also has a capital markets group which seeks to maintain minority investments in emerging technologies around the world. These investments not only increase profitability for Alibaba shareholders, but it also provides a toehold in emerging technologies that will benefit the company with specific regions of the world. For example, the company has investment in Stone Co, a Brazilian payment processing company, Paytm, an Indian payment processor, Ant Group and many other technologies that leverage artificial intelligence. This minority investments allow the company to leverage emerging technologies around the world, while also using these insights to benefit the core business operations. For example, the company has recently announced in September that it has delivered over 1 million packages using autonomous driving robots. These robots delivered 1million packages to nearly 200,000 customers in 22 provinces across China. Through artificial intelligence, the company expects to deliver 1 million package a day by the year 2025. Even more impressive is that these package delivery robots use a proprietary system, that according to Alibaba, is 99% percent effective at delivery packages. These robots are able to delivery packages through rain, heavy winds, and even snow if applicable. Much of these innovations are powered by artificial intelligence. The company is looking to leverage the artificial intelligence finds from its autonomous robot division and leverage the in its Cainiao logistics arm. Here, improvement to self-driving trucks, drones, and other delivery methods are empowered through artificial intelligence. This ultimately will help the company better streamline operations, improve efficiencies’ and improve profitability going forward. Here the company uses artificial intelligence within its operation management platforms as well. Through the use of big data the company can anticipate product demand and communicate this to merchants in order to ramp up their supply chains and other manufacturing processes.

In addition, through the companies Ciano logistics arm, the company is also able to leverage artificial intelligence to help its core retail operations stay on top of the latest technologies. Its core e-commerce operations use a system called Artificial Intelligence Online Serving. Here, this product helps Alibaba to personalize search queries, recommendations, and advertisements. This engine ultimately helps to support many of the company’s other business operations such as its Taobao and Tmall ecosystems. The company, much like its competitor Amazon use artificial intelligence to customize and personalize product recommendations to consumers. It also uses artificial intelligence much the same manner as Google to help provide advertisements and other promotional material to those who are likely to use it. This is particularly powerful for both the merchant and the customer. From the merchant perspective artificial intelligence allows them to target consumers most likely to purchase their products. This ultimately helps to boost revenue, lower marketing expenses, and increase profitability. From the consumer perspective, artificial intelligence allows them to save money through proper promotions that are targeted and specifically catered to their needs. Alibaba also uses artificial intelligence to help customers properly troubleshoot any issues they may be having related to their experience on the website. Through artificial intelligence Alibaba is able to answer roughly 90% of customer inquiries. Likewise, the chatbot is now even able to determine emotions of the individual and can those circumvent adverse customer experience by routing the individual to a human customer service representative.

For business professional in order to stay on top of the latest technology trends, they must leverage a proven process of change management and innovation. A large component of this is related to culture and on-boarding procedures. It is imperative for a company to now embrace change and accept it as a natural part of doing business. With technology developing so rapidly, what was once thought of as an innovation can quickly be become obsolete. Therefore, a culture predicated on change will allow businesses to stay abreast of changing market dynamics while also innovating internally to stay at the forefront on modernization of processes. To properly do this on-boarding is critical element. In the case of Alibaba, new employees go through a 2-month training process where they are often indoctrinated into the system, processes, values and culture of the franchise. Here, they are expected to enhance and build on this culture to better enable innovation. Alibaba also has a entire division dedicated to artificial intelligence, data analytics and process management. Here, the idea is for this department to stay on the very edge of technological advancement and allow the company to develop emerging technologies that be used in future years. In fact, in its latest conference call, Alibaba has stated that all incremental profit will be used to reinvest in the business, with a particular focus on artificial intelligence and data analytics (Barr, 2019).

Finally, for business professional that stay on top of the latest technologies in the world, they must invest in the continual education. Although costly, continual education is one of the few methods to ensure that business professionals are aware of the latest technologies the market has to offer in related to artificial intelligence. More importantly, professionals will be able to leverage these technologies in a manner that best suits them or their organization. For one, artificial intelligence is not exclusive to large businesses and enterprises. Although the discussion so far has focused on large technology firms such as Alibaba, Amazon, and Google, smaller individuals can also participate in the data revolution. For one, entrepreneurs and other business owners are much better positioned to compete with larger incumbents through artificial intelligence. Many small business organizations are developing products, goods, and services that rival those of the more mature and high capitalized business operators. This form of competition helps to benefit consumers and society at large as competitors continue to push the boundaries of technology. Continual education allows individuals to stay focused on the industry, learn how to leverage new technologies, and adapt existing processes for the revolution of artificial intelligence. Also, by creating and adapting new technologies to help foster growth of artificial intelligence, these professionals can better innovate with the current systems they operate in. These innovations have been detailed above, but consist broadly of applications relates to autonomous driving, robotics, and data analytics (Barrett, 2015). Overall, the combination of big data, data analytics and artificial intelligence all coalesce to keep business professionals abreast of the latest technologies. Here companies can ensure their professional are aware of the latest trends through corporate culture and vision. Here, a strong corporate culture around change management and innovation allows employees to stay focused on innovations occurring tin the industry. By being focused on these innovations, employees are able to o ensure they are abreast of the latest technologies. Likewise, a renewed focus on continual education on the personal level allows employees to better recognize technological developments as they occur. This includes join trade and professional organizations centered around technology, attending and actively engaging in conferences, and taking leadership positions in technology centric organizations. Each of these initiatives allows a professional to ensure that they are focused on the transitions occurring in the market, while also being in a position to capitalize on these changes.