The year 2017 has been the year of intelligence due to the high number of achievements and changes that it has brought in technology field. It has made life easier since advanced technology has enabled improvements in different work fields.
Development of system has brought better, accurate and more efficient ways of doing thing. As a result, the world has become a global village, making it easy for one to open up business all over the world and be able to easily manage it.
In 2020, more and better advancements in technology field are taking place. Some of the inventions taking place are unbelievable and therefore many people want to know more about it.
That is why they are all over the internet looking for the latest trending technologies. Some of them are discussed below. The advantages and disadvantages that they come with are also discussed.
Artificial intelligence giving businesses a new shape
Many business and industries have acquired a new shape due to artificial intelligence which has given advanced software and technologies. Most organizations have implemented this strategy in their organizations for improvements on their activities.
The Ai application has helped a number of organizations to develop, both in strategic and organizational planning. Algorithms marketplaces are one of the beneficiaries of this technological development since it can be bought, shared and deployed into use for organization’s private use.
This makes it easily available for use and helps the organization to secure its private information that they would not like to known by their competitors. It gives a firm a chance to decide the information they would like to share about themselves and that they would like to keep.
Additionally, the constant development AI technologies and machine learning has enabled many businesses and organizations to be smart since they are data driven. Artificial intelligence being flexible and easily compatible can be used in different fields.
For instance, many healthcare businesses, manufacturing firms, banking and finance companies are enjoying the advancement of AI. Although at first many people did not believe in AI, its great performance that has changed many businesses performance across different fields has attracted a high number of firms to its usage.
In the medicine field, the artificial Intelligence is used for virtual assistance for patients. It also helps in discovering computational drugs as a way of ensuring that the patient receives the right prescribed dose.
It also makes genetic research to more easier and accurate. Any person in the health field and is making use of the AI has an added advantage over their competitors. This is because they are in a better position to get accurate diagnosis and at a faster rate. This makes the business to be safer since the doctors will treat the right disease. Medical field is just one of the many fields that AI is being applied. It comes with a good number of advantages as discussed below.
Advantages of using Artificial Intelligence in business
- AI is more accurate compared to human since it has a very low error rate, if it is well coded.
- Unlike humans, Artificial intelligence is not affected by hostile environment. This enables it to be able to take dangerous task that would expose humans into a risk while undertaking them. Some of these dangerous tasks are such as digging fuel and mining.
- It can be used to replace humans in tedious and monotonous work in their places of work since they do not get tired or bored by repeating the same thing over and over again.
- An AI is capable of detecting fraud in card-based systems hence reducing the fraud rate. It makes it more secure for the firm to transact.
- It is able to keep records in a more managed and organized manner.
- It can be used to perform more than one task, for example, it can used performing arithmetic, record keeping and entertainment.
- Since they are programmed, they can think logically with no emotions attached and make rational decisions with less or no mistakes at all.
Disadvantages of using Artificial Intelligence
- It is relatively expensive and takes a lot of time to build.
- It creates unemployment since it can handle a lot of work that would require a number of employees to do it.
- Can be easily destroyed if puts in the wrong hands.
New opportunities in different businesses brought about by Blockchain
blockchain in business process
The term block chain refers to a public register that is used by two or more users in the same network, to make transactions. It is a revolutionary technology that is decentralized to store and exchange data for crypto currencies.
They are the transactions kept in a verifiable, secure and permanent way. This helps in protecting the transactions, and making them available for future verification. It also ensures that the transaction records can be used for future use.
After many organization and business owners knowing about how the block chain works, they have started using it in huge numbers hence making it trend. It is mostly being used by those dealing with digital transaction and it has brought along many business opportunities in the year 2018.
Most people find it suitable because it enables them to store ordered records list which is known to be ever-growing. This list is referred to as blocks.
Growth of social responsibility and security on the internet roles have led relevancy of this block chain technologies. This is due to it making it impossible to forge a digital transaction, which have been a worry of most people in business.
It makes the business transactions more secure, hence enabling the business to grow. By this block chain service having to deal with financial services; it makes it useful to different organizations dealing with different fields.
For instance, block chain is being used in government offices, manufacturing industries, health care units among other organizations.
Advantages of using block chain in an organization
- Supply chain management. Block chain has enabled any firm that has embraced it to be cost effective and be able to trace its goods and transactions records easily. This is because it can be used to show goods’ movement, their origin and quality among other things. In business to business transactions, it has enhanced transparency by making processes such as production process assurance, ownership transfer and payments to be simpler.
- Quality assurance. It is usual for errors to occur during the supply chain process. While using a block chain, it is easy to trace the source of the error and rectify it before it causes harm to the firm. This helps in ensuring the firm is able to offer high quality services all through.
- Reliable and accurate accounting. Using a block chain to record transactions eliminates possible errors that could be caused by human. It also ensures that data is protected from possible tampering.
- Enables use of smart contracts. Contractual transactions are time-consuming and in most cases slow down the business growth. However, block chain enables a firm to use smart contracts, which automatically validates agreements, signs them and enforces them. Since this does not need mediators, a lot of time and money are saved for other uses, hence helping the organization to grow at a faster rate.
- It empowers its users. The block chain users are well empowered since they have a whole control of their transactions and other vital information.
- It is durable, reliable and long lasting. Due to it being a decentralized network, it does not have a central place that can lead to its failure. This makes it able to withstand malicious attacks.
- It simplifies the ecosystem. Since it enables all transactions to be added to a single ledger that is public, the clutter and complications of multiple ledgers are reduced.
Disadvantages of using Block chain
- High initial cost. Although it enables one to make tremendous savings when it comes to transaction costs and time, high initial capital is required.
- New cultural adoption. Since it brings a complete shift to a network that is decentralized, it requires the users and operators to change from their previous cultures, which can take time before they adopt.
Intelligent internet of things
Intelligent things refer to devices that are able to interact with people and environment in a smarter way. Such devices are programmed to operate in semi-autonomous or autonomous ways in uncontrolled real-world conditions.
This does not need interventions by human beings for it to take place. Although intelligent things have been in use for several years, it has been greatly enhanced and expanded in the year 2018, hence making it trend more. It is now being referred to as the internet of things.
Creation of a unifying network of all intelligent things that can collaborate has enabled multiple devices to work together have added the potential of Internet of things, hence making it better. Human-machine interaction has become stronger due to global web connection that has been combined with each other communication channels, both wireless and wired ones.
After artificial intelligence was fused to internet of things, amazing technologies have been made, creating smart cities and homes. This made it easier and convenient for firm and businesses managers to manage their organizations.
It is cost friendly and works perfectly. It has the ability of giving feedback for analysis from different points and hence the managers in charge can be able to know how the firm is doing. They are also in a position of detecting a problem in good time and fix it hence avoiding a loss.
Artificial Intelligence of Things
Artificial Intelligence of Things (AIoT) is a combination of artificial intelligence (AI) technologies with Internet of Things (IoT) infrastructure to achieve more efficient IoT operations, improve human-machine interaction and enhance data management and analytics.
Advantages of Intelligent internet of things
- It is safe and efficient to use. It can be used to work on hazardous environments which can pose some risks to human beings. It is also used to handle monotonous tasks and performs them efficiently since it does not get bored or exhausted.
- Helps in fast and better decision making. By one being able to analyze larger trends from the available empirical data, they are in a better position to make the right decision.
- Decreased cost. Intelligent internet of things have made easy to monitor businesses more easily and be able to detect problems in good time. Since this can be done from one device and by one person, it makes it to be cost effective.
Disadvantages of Intelligent internet of things
- Security and privacy. With the increased online hacking, a company that uses Internet for it operations needs to be extra careful for its system can be hacked and some vital and private information accessed.
- Big data on steroids. While using Internet of things, one receives a lot of data since one has many devices sending feedbacks. Sometimes the data received becomes too much to be handled and therefore one cannot be able to analyze it.
Growing of Neuro-linguistic programming (NLP)
In previous years, people have been used to use of chatbots in providing customer services. In the year 2018, this has been made better since the chatbots have been enabled to recognize little nuances of people’s speech.
The customers can now get a response from the software by asking it questions and giving commands to it in natural language. Due to the advancements made to this software, one does not have to think of the “right” way to ask their question since the software can easily get the question and give the answer.
This has made customer services easy since customers can easily get their questions answered by software. That saves time and money for the firm and ensures that the task of informing the customer is well handled.
The fact that software cannot get emotional makes the service better since no irritation to the software and therefore the answer given is correct and accurate. All this is achieved by integrating the NLP developed into a computer program.
Previously, it was hard for chatbots to understand the emotional coloring of the speech, tone and double meaning. This made it difficult for people to talk successfully talk to the software. Additionally, for it to be able to recognize the speech, all the words were supposed to occur in the cloud and a split second.
However, this was because those computers were only accustomed to understand only specific commands as its language. NLP came to improve this and enable one to be able to ask shaded question and still get the answers.
Different organization dealing with different fields have incorporates this advanced technology to their firms as a way of ensuring that they attains the desired results. Business field is one of the areas that use NLP for different purposes.
Sports and health sectors also use NLP widely. In health sector it, it comes with a package of both the practitioner and individual. Some people also use NLP for teaching/training purposes. However, application of NLP technology is not only limited to the above named fields.
Advantages of Growing of Neuro-linguistic programming (NLP)
- It helps in providing good management of people and motivational leadership
- It helps in building a rapport with suppliers, employees and customers
- Helps in setting up and running effective action based meetings.
- Enables the firm to use strategies that maximizes on selling and buying activities
- It helps in effective problem solving techniques
- It increases efficiency in productivity
- It reduces employee turn over
Disadvantages of Growing of Neuro-linguistic programming (NLP)
- It only works where there is intention
- The user may have to do some preparations before their session
- It only focuses on talking about the key points that will allow the issue to be solved
Self-teaching AI – machine learning applications
There was a prediction by experts that by the year 2027, the AI would be better than human in a Go game. However, this happened 10 years earlier.
In the year 2017, AlphaGo Zero became the best GO player in the mankind history. It only took 40 days for algorithm AlphaGo Zero to train. No human data was used during this training period. Instead, it taught itself and was able to come up new and advanced strategies that were impossible for human players.
In the 2018, continuation of a developed self-taught artificial intelligence has continued and it is even tougher. Before the year ends, the AI will have taught themselves a lot of human routines activities such as decision making, objects recognition, developing scientific and business models, speeches and emotions.
This means that they will be more like human beings since they will be able to perform almost every task that human can tackle. Unlike human who easily commits errors due to some factors such as being exhausted, the AI will be able to perform these tasks with minimum number of errors.
The end results will also be better and faster compared to those performed by human. They will also be cheaper than human. This means that AI will be able to replace much human life in many areas.
This being the first time that such a thing is happening, many people are in disbelieve and therefore are tirelessly looking for information about the self –teaching AI making it one of the trending technologies. AI can be used in different fields that a human works on.
Advantages AI in training sector and deep learning applications
- It provides personalized learning. It gives much attention to the trainees giving them a better understanding.
- They give adaptive group formation. It can generate different groups after analyzing learners’ information. It has the capability of determining which group is suited by a certain task.
- It provides facilitation by example. It combines the most effective models as a way of helping the learner identify problem solving strategies that are effective.
- It provides an intelligent moderation. It helps the teachers to analyze the produced data by different large groups with an assistance of AI techniques.
- It can be able to solve a problem in real-time. It gives instructions in a classroom setting hence reducing the work load for teachers.
- Expensive to install and maintain.
- It can make one to be technology addicte
- There lacks a personal connection
- Since it can handle a lot of work at a go, it leads to high unemployment rate.