As technology continues to evolve, artificial intelligence has become an increasingly relevant innovation. AI tools like ChatGPT and GPT-4 are already being used to automate routine tasks, predict outcomes, and improve decision-making. Many of the top artificial intelligence tech companies are playing a critical role in shaping the future of business, and companies across the industry are adapting and building AI into their products.
Tech companies across the Unvalley are at the forefront of AI innovation, developing new AI applications that are transforming the way businesses operate. In this article, we will explore different types of artificial intelligence and how they might impact the future.
Applications of Artificial Intelligence in Business
Artificial intelligence has a wide range of applications in business today. Here are five main areas where AI is being used:
- Customer service – Chatbots and virtual assistants are being used to provide quick and efficient customer service.
- Marketing – Recommendation engines and predictive analytics are being used to personalize marketing campaigns and improve conversion rates.
- Supply chain management – AI is being used to optimize supply chain operations, improve inventory management, and reduce waste.
- Human resources – AI is being used to screen job candidates and identify top talent.
- Finance – AI is being used to detect fraud, automate accounting processes, and improve financial forecasting.
Here are three examples of how leaders in the Powderkeg community are leveraging AI at their companies:
1. Write Outlines and First Drafts
Have you ever had to write nurtures for every scenario of contact acquisition in your CRM? It’s a lot. I have used ChatGPT to generate my first drafts to give me a starting point, effectively returning HOURS to my day to dedicate to other important revenue generating tasks and projects. It’s always faster to edit and add your brand voice than it is to write from scratch.
Kate DeGroot, Marketing Leader at Casted
2. Accelerate Research
With all great technology, there is always skepticism at first, fearing that it will replace our jobs or our purpose, but the real winners are those who embrace tools and learn how to use them to go further, and faster. Use these tools to build a starting point to write your email, create a post, and learn about industries faster, before going to market to them.
Travis Hall, VP Marketing at Remodel Health
3. Build Better Products
Our team has been harnessing the power of machine learning (ML) for some time now. In my view, the recent phenomena associated with ChatGPT was a function of the general public being made aware (in a very visible and visceral way) of the power of AI and ML. We will continue to build solutions on our Atlas platform that utilize ML to help organizations get maximum value out of their investments in Splunk.
Jim Kinney, President & CEO at Kinney Group
Types of Artificial Intelligence With the Greatest Potential to Positively Impact the Future
While all types of AI have the potential to impact the future, some types of AI have greater potential to positively transform industries and improve people’s lives. From deep learning to natural language processing, these AI types are driving innovation and creating new possibilities for the future.
We asked leaders in the Powderkeg community which types of AI are mostly likely to positively impact the future. Here are four types of AI that are set to change the world:
1. Predictive Health
Artificial intelligence has been quietly changing the world of medicine since 2020. That’s when algorithms started to significantly impact how patients engage care. The focus of most companies now is on improving efficiencies. It is a crowded group. What keeps me up as an expert in the space is the next stage of AI in medicine. The real players are developing Predictive Health to identify disease months earlier than we do now and optimizing patient outcomes with innovative providers. Fire up!
Brad Bichey, CEO at Nemedic
2. Disease Diagnosis & Drug Discovery
As a B2B sales professional, I was wearing blinders when it came to the potential positive use cases for AI outside of enabling my success. After reviewing the Forbes AI 50 2023 list, I was reminded that many of the most exciting opportunities are in disease diagnosis & drug discovery. Yes, there are concerns of bias and ethical debt, but it is exciting to think about the opportunity to get more people, better care, sooner.
Leslie Venetz [she/hers], Founder at Sales Team Builder
3. Commoditized and Democratized AI
Until recently, we’ve only been able to see the effects AI has on our daily lives in the form of secretive, proprietary, “magical” AIs. Self driving cars, disease diagnosis, logistics management, etc leverage AI in powerful ways, but the technology itself remains out of reach for most people. I think the AIs with the most potential benefit will seek availability and openness, allowing the public to easily incorporate them as tools into their lives.
Sam Smith, CoFounder & CTO Demandwell
4. General Artificial Intelligence
The greatest potential comes from the various types combined, not one alone! Natural language processing, computer vision, robotics, and generative AI are propelling us gradually toward achieving general artificial intelligence, the ultimate aspiration of AI. Although my evaluation of the present state of data science technologies leads me to surmise that we are still years, if not decades, away from realizing general AI, we are already observing the far-reaching outcomes that AI can provide.
Jake Miller, Founder & CEO at Engineered Innovation Group
Disadvantages and Risks of Artificial Intelligence
While artificial intelligence has many benefits, there are also risks associated with its use. Some of the risks and disadvantages of AI include:
- Job displacement – As AI automates routine tasks, some jobs may become obsolete.
- Bias – AI systems can perpetuate biases and discrimination if they are not properly designed and tested.
- Security – AI systems can be vulnerable to cyber attacks if they are not properly secured.
- Ethical concerns – There are ethical concerns surrounding the use of AI, such as the use of facial recognition technology and autonomous weapons.
Artificial intelligence is changing the world of business in many ways. From chatbots to self-driving cars, AI is being used to automate routine tasks, improve decision-making, and increase efficiency. However, there are also risks associated with its use, such as job displacement and bias.
As the technology continues to evolve, it is crucially important for businesses and individuals to consider both the benefits and risks of AI and to use it responsibly.
Real-Life Examples of Artificial Intelligence Today
There are many real-life examples of artificial intelligence that are already being used today. Here are 10 examples of artificial intelligence:
- Virtual assistants like Siri, Alexa, and Google Assistant
- Image recognition technology used in social media
- Recommendation engines used by e-commerce companies like Amazon and Netflix
- Fraud detection systems used by banks and credit card companies
- Self-driving cars
- Predictive maintenance in manufacturing
- Voice recognition technology in call centers
- Language translation technology
- Smart home devices like thermostats and security systems
Overall, the future of artificial intelligence is underway, with new and innovative applications being developed every day. From healthcare to finance, AI has the potential to transform many industries and hopefully improve the lives of people around the world.
If you are interested in exploring jobs at fast-growing tech companies in the Powderkeg community, be sure to check out our real-time job board for Tech Jobs in areas beyond Silicon Valley.
You can browse all of Powderkeg’s Top Artificial Intelligence Tech Companies, follow them for insights, or request an introduction to plug into your next big opportunity.