It is easy to imagine AI as a fun digital parlor trick — an experiment in sentience that has little practical impact on the day-to-day doings of the average business executive. This idea of artificial intelligence as an intriguing but ultimately meaningless digital quirk is bolstered by depictions of AI in the media: as emotional machines interested in developing human-like connections or else as homicidal robots intent on gaining mastery over the universe. Many business leaders with limited technological experience will write AI off at that.
However, more and more companies are capitalizing on the power of AI, demonstrating that this sci-fi-seeming technology can and does have applications in the real world. Here are a few ways AI is having real-world impacts today and how business executives can make the most of it.
First: What Is Artificial Intelligence?
Artificial intelligence is a vast and complex field within digital technology — theoretically. Much of the variation and intricacy of artificial intelligence exists only in the theories of computer scientists and futurists, who can imagine technologies that take AI much further than it currently exists.
At the time of writing, the only type of artificial intelligence that is available and functional is called artificial narrow intelligence. Narrow AI, also called weak AI, is extremely limited in the type of tasks it can complete. It is incredibly dependent on its programmers; it gains models and examples directly from them, and it cannot deviate from its process in any significant way. Perhaps most importantly, narrow AI develops no understanding of its tasks, and it is unable to transfer the knowledge it gains to other tasks it might be adapted for. Simply put, artificial narrow intelligence is not equivalent to human intelligence.
Narrow AI is not the ultimate evolution of artificial intelligence. Theories suggest that AI could develop into general/strong AI, which operates on the same level as human intelligence, and perhaps eventually super AI, which goes well beyond the computing power of the human brain. These are the types of AI usually depicted in science fiction, and these are the types of AI much of the population understands and expects. There is plenty of research devoted to advancing AI into these fields, but there is yet to be an artificial program capable of demonstrating true intelligence.
AI Has Become a Mature Technology
Though narrow intelligence is called weak, it is still incredibly valuable to the real world. In the brief amount of time that AI has existed, it has rapidly evolved from programs for playing checkers and chess to applications that assist corporations with identifying and engaging large audiences of consumers. As of 2021, the AI Index Report considers AI to be a “mature” technology, meaning that the number of AI-related patents filed, the number of legislative bills related to AI, and the amount of private investment into AI has demonstrated a significant impact of the tech on the world around us.
Business executives who maintain the outdated image of AI shown in the media need to invest time and energy into understanding this mature tech — before their organizations lose to competitors who have adopted effective AI solutions. Many top universities offer online artificial intelligence courses that provide invaluable information about AI fundamentals, as well as instruction on integrating AI into a variety of business strategies. Investing in education now, as AI is already turning the tide of business practices, is essential for business leaders looking to maintain relevance in the Digital Age.
AI Continues to Present Challenges
AI is powerful and practical — but it is also potentially problematic. As a tool in business, AI assumes some of the responsibilities of the workforce, reducing the workload of some roles and making other roles more or less obsolete. Business executives that adopt AI into their strategy need to recognize how AI could compel their workforce to change, and they need to take steps to prepare their organization for these changes.
What’s more, the growing presence and complexity of AI will have a number of economic, legal, political and regulatory implications that both businesses and governments will need to address in the coming decade, if not sooner. Many experts in the AI field are demanding more careful and conscientious development of AI, with the goal of maintaining control over this technology as it gains greater intelligence and power. Real-world artificial intelligence is nowhere near the walking, talking robots we see in the media — but that does not make it any less impactful. The field of AI continues to advance, and as it does, more and more AI solutions are becoming integral to the world around us. The sooner our leaders understand and react to the growing impact of AI, the better our society can become.