Alot of us have asked this question. What is artifical intelligence?
AI is a constellation of technologies that enable machines to act with higher levels of intelligence and emulate human capabilities to sense, comprehend, and act. These human capabilities are augmented by the ability to learn from experience and adapt over time.
AI enables machines to sense their environment, think, and in some cases learn, to take action in response to the environment and the circumstances underpinning it.
Take this example, if you are on any social media , and you have chosen interests like business, you are most likely to see feeds about business on your time-line. This is because, the software uses algorithms that select business posts to appear to your feeds.
So, what are the opportunities for Artificial Intelligence in your business?
If you sell mangoes, would you like to know the number of people who like mangoes? where they buy mangoes and what sort of products they make with mangoes? As a business , i would like to have all this data about my clients.
With this information, you are able to target your customers better, know what other products you can make with your mangoes to get your customers maximum value. Long ago, you would have to collect this data with endless surveys to improve your business. Now, there are machines that collect this data and help you work better, faster and effectively. This in turn helps you save money and time.
Lets look at the opportunities AI has to offer
Saves time
Instead of spending time compiling data and crunching numbers, your staff can focus on communication, relationships, and better assessing risk by leveraging higher quality data. This data could in turn help them work more effectively.
Drive innovation
If you run a business, AI allows you to focus only to where you add value. AI frees you to solve complex problems and scale your creative efforts. This results in new, more innovative products,, enhancing growth and improve outcomes for consumers.
Monitoring and change management
Regulatory change management can capture new obligations, analyse, and assess its impact on your company; identify the new requirements that need to be implemented; create action plans; and monitor effectiveness of implemented changes.
Customer and client satisfaction
Machine learning can help your company to track customer behaviour to offer tailored products and service.
Reacting to market trends
Smart machines can be trained to track trading volatility on your behalf, so you can tell where to put your money in. These algorithms can identify trends more efficiently than humans and react in real-time.
Calculating risk
Smart machines can analyse a large number of disparate datasets (such as credit scores, spending patterns, financial data) to accurately assess risk in the business tailoring them to a specific customer profile
What Microsoft is doing, is enabling the use of AI in Africa. Artificial intelligence is an important opportunity for the continent of Africa. If governments can successfully navigate the challenges, AI can be a driver of growth, development, and democratisation. It has the potential to enhance productivity growth by expanding opportunities in key sectors for Africa’s development, including agriculture, healthcare, financial services, and government services. By empowering workers, entrepreneurs, and businesses with access to high-quality digital tools, they are able to compete at a global level and be at the forefront of economic transformation.
