There’s no doubt you’ll have seen an avalanche of stories about AI and Machine Learning in the news. They’re rapidly becoming a part of everyday life for people across the country, and as they become more sophisticated, and investment in the technology grows, they’re only going to become more commonplace.

I’ve always had a strong interest in artificial intelligence – it’s truly a transformation in how we’re conducting business, and I am incredibly excited to see where it’s set to go in the future. Even with our collective expertise in business, one of the most thrilling things about AI is that it’s impossible to predict where it’ll go next.

That’s the basis for our latest article – just where is artificial intelligence and machine learning going to take us in the future? How can we channel its untapped power to streamline our operations in 2024? Sci-fi films conjure up tall tales of robotic brains and androids, but AI surely couldn’t replicate the human brain, could it?

With our latest article, we’ll be voyaging into what the next generation of artificial intelligence holds in 2024, how it could blast your business into the stratosphere, and how we’ll be taking advantage of those space-age changes as we move through the new year and into a bright future.

 

Understanding The Difference Between AI & Machine Learning

While most people believe the two things mean the same thing, there’s actually quite a big difference between the two. The way to understand that distinction is simple:

• Artificial Intelligence (AI) covers everything to do with tasks that computers or machines can perform without human input. That includes analysing data, large calculations, and automated processes. Imagine it like learning to do a task for the first few times, like learning to drive.
• Machine Learning (ML) is an ability for a computer to learn from completing the same task, or from past completions and data, to complete tasks more efficiently and effectively. Imagine it like completing a task you’ve done thousands of times, like driving a car long after you’ve passed your test.

Of course, as you can see, there’s a lot of overlap between the two. Most people look at machine learning as a subdivision or part of artificial intelligence, and that’s definitely true – you can’t talk about ML without mentioning AI.

However, AI encompasses a lot more. Google’s analysis goes into more depth on how the technology has already been integrated into the world’s largest tech firm’s devices, but suffice it to say that there are numerous applications outside of machine learning that AI is capable of, with many already operating in the background of the things you use every day.

But while we’re all unknowingly consuming and using AI in our lives, there’s still a raging debate about whether or not that’s a good thing. Let’s at some of the key advantages – and disadvantages – of the AI revolution.

 

3 Key Advantages Of AI & Machine Learning

We’ve isolated just 3 of the key benefits of AI and ML, and what they mean for the technology you use, the media you consume, and how you conduct business.

#1 – Streamlines Operations & Processes

Arguably the biggest benefit of AI and machine learning from a purely business perspective is how it’s streamlining the processes and procedures we use every single day. These are things that have long been accepted as part of the business world, and are unavoidable or integral in the back-end operations of any enterprise.

That includes sectors you may never have expected, such as:

• Healthcare – AI has improved the administrative and clerical processes that can often occupy a huge amount of time. There’s also scientific studies that are beginning to establish the impacts of AI and ML on diagnoses and treatment plans, as well as analysis of patient notes and charts.
• Finance – While it’s not yet filtered down to more consumer-level finance, there’s significant movement across stock market automation, risk analyses, and the detection of fraud and illegal practices.
• Manufacturing – From work instructions and monitoring of machinery, to ensuring that processes and procedures are as smooth and incident-free as they can be, the manufacturing sector is already in the middle of an AI renaissance.

This is the crux of what makes AI such an attractive prospect for businesses and entrepreneurs both new and old. The processes that might have previously taken a significant amount of time – and incurred substantial costs – are set to become a breeze, and allow the cogs of businesses to turn freely and quicker than ever before.

There’s some excellent research from Forbes Advisor which found that more than 50% of those surveyed were using AI and ML to supplement their production processes, and to automate things that would’ve previously been time-consuming.

From our perspective, AI can only help in that regard. Different businesses will naturally have different operations and processes, but the adaptability of artificial intelligence means it can rapidly adjust itself to fit with what you need.

 

#2 – Better, Data-Driven Decision Making

Closely linked to our previous example, AI and machine learning are poised to offer a more comprehensive and all-encompassing insight into the data we store on our clients and customers, as well as how we make decisions that best benefit them.

You’ll no doubt have noticed this in your own business practices, but one of the best things is that it’s only ever going to be of benefit to the consumer. Driving the decisions we make with data rather than our own opinions sets a more complete stage for creating the processes, the products and the services our clients want.

AI alone can already do this, albeit on a more surface level. We discussed earlier the difference between AI and machine learning, and that’s a key distinction to make here – ML takes that a substantial leap further.

As a quick recap, machine learning is where an AI (or computerised system or program) learns from past data and iterations of a process to make the process more effective, efficient, and overall better. It’s a natural step up from the artificial intelligence we’ve begun to see in the corporate world over4 the last few years.

Machine learning takes the successes (and, admittedly, the mistakes) we’ve had over the course of our entrepreneurship, and uses that to make decisions that are grounded in past victories, or decisions that have had a positive impact.

With the businesses we operate, we’re huge fans of this. It plays into the central system of virtuousness we all prioritise, and places a focus on delivering an impassioned and enthusiastic service.

 

#3 – Reduced Chance Of Human Error

We all make mistakes. There’s no doubt a time in your life that you’d wish to revisit and play out differently, or to correct an error in judgment. That’s especially true in business – there’s countless moments we look back on and wish we could’ve done slightly differently.

With the advent of AI, we remove at least some of that scope for error, and ensure things that can be automated – like calculations or scheduling – can be done in an effective and efficient manner. There’s a particular emphasis on that in service- and product-led businesses, of course.

Imagine it this way – a discrepancy in pay, caused by “not carrying the 1” or a slip on the calculator, can have a far-reaching ripple effect. Similarly so, an error in shipping a product to a customer damages faith, and paints you in a negative light.

As predominantly service-led businesses ourselves, we’ve long sought to solve that issue. We’ll discuss how we’re already riding the crest of that AI wave shortly, but suffice it to say the there’s significant advantages to be gleaned from using artificial intelligence and machine learning in what we do.

 

The Flip Side – 3 Downsides To AI & ML

Although those benefits have a clear bearing on how business is conducted now, and how it’ll change as AI becomes more widely accepted and available, there are still negatives to consider.

 

#1 – Creates A Dependency On Technology

One of the key arguments levelled against AI and ML is how it has a tendency to cause us to rely more and more on technology. This began years ago, of course – smartphones, computers, tablets and even wearable tech have become commonplace, and the vast majority of us will own one or more of those devices.

However, critics look at AI as a step towards an overreliance or dependency upon technology in a  way we’ve not seen before. Of course, while tech like smartphones and laptops have made it far easier to complete tasks on the move, they still require some level of user input.

With AI, there’s less of a human element, which in turn creates more of a reliance upon the technology. It’s a real issue, and one that’s seen much criticism over recent years – we use tech so much that skills have, in some areas, become lost to time.

We feel that’s a dim view to have, and one that reduces technology down to its core aspects. We still have to understand that technology and how it can be used to our advantage to ensure we provide our clients with what they’re looking for. Instead of viewing technology as a crutch, we’d suggest looking at it through the lens of providing a more complete service.

 

#2 – Can Lack A Human Touch

A key component of that AI revolution is the limited input it requires from a person. That’s often touted as one of its main advantages – you don’t need to be present for it to complete its functionality, or if you do (in the instance of a writing tool like ChatGPT, for instance), it only requires minimal input.

That’s also a major detractor. By having minimal human interaction, you’re losing what makes so much of what we’ve collectively created, great. That’s especially true of the arts and other creative pursuits, but there’s also an element of that in the way we deliver our businesses.

This has already begun in some areas, with much frustration coming from customers. We’ve seen it ourselves – chatbots and automated customer service, for instance – and it’s already made us realise how important the human touch is to the client experience.

There’s clearly a balance to be struck, and that’s particularly true when it comes to the services that are stereotypically associated with a more welcoming, well-rounded experience (like customer service portals, and telephone lines).

 

#3 – May Need Technical Expertise

While AI is undoubtedly developing at a rate we’ve never seen before, it is still in its infancy. We’re only just now starting to see how much of an impact that can have going forward, and as the world changes to become more “compatible” with AI, we’re only likely to see those applications grow.

For instance, the NHS’s recently published guidelines on how AI is set to factor into our healthcare industry shed some interesting light on where that’s set to go in the future. However, with AI and ML still being relatively new it means that there’s a certain degree of technical knowledge required to use it correctly and effectively.

This will naturally change as the technology becomes more widely available, and operational guides become more beginner-friendly, but for the time being, there is a barrier to entry when it comes to using AI.

That might be in the form of the language you need to use, the technical expertise you need to possess to operate the system, or simply knowing where to look for the information you need, but there’s likely to be some form of initial hurdle to clear.

How We’re Already Taking Advantage Of AI

Across the full spectrum of what we do, we’ve long been innovators. Whether that’s in new technology, new processes, or simply a fresh approach to something that’s been done in one way for a long period of time, we’re true innovators.

Take Churchill Support Services, for instance. As an industry-leading security company, it makes sense that we’d be looking to view AI and machine learning in a positive light, especially given its potential applications in security.

You can discover more about how we’re revolutionising the world of physical security with our recent piece, but suffice it to say that we’re constantly seeking to expand and push the horizons of what’s expected from standard security.

That includes innovative movements towards AI-assisted security cameras, which use machine learning to recognise and respond rapidly to any threats. It’s a technology we’re exceedingly excited about, and something that’s only set to become a more common occurrence as the tech becomes more affordable.

E-Sign is perhaps one of the more immediately apparent option for AI integration. An electronic signature company simply has to innovate when up against so many competitors, and our insights into how AI will play a role in e-signatures and document automation shed light on the future direction of businesses in that sector.

As we looked at earlier, the NHS are already seeking to bring AI to their documentation and administrative processes, and innovations like these allow us to keep abreast of the latest changes across the UK, and for public services like healthcare to more easily bridge that gap between the present and the future.

Looking more in-depth at the corporate world, Elite Group explore the real-world applications we’re already starting to see from some of the world’s largest conglomerates and companies, touching on AI innovators at Starbucks, Hilton and the NHS.

While these are naturally huge, household names, they’re trendsetters in the their fields, and they pave the way for what’s set to be the future. Starbucks, for instance, laid the groundwork for what’s now an incredibly successful model in its takeaway coffees and drinks. They even introduced one of the first AI-assisted virtual assistants back in 2017, which sped up the ordering process at their cafés.

We look to those major movers to ensure we’re making the right moves in whatever we do, and to illuminate a way forward to greater leaps in technology.

 

Our Closing Thoughts

It’s this that we’d close out on, then. AI is undoubtedly going to continue dividing opinions, and there’ll always be those who are huge advocates for the AI revolution, and those that want things to remain the way they are.

That’s always been the case, but it’s almost always been proven wrong, especially when a new technology or initiative is adopted on such a wide scale. We’re seeing the early stages of that with AI and as you’ve seen in this article, we’re already striving to get ahead of the fast-moving tides of change.

We’d hand it over to you now. Which side of the fence do you fall on – a firm advocate for AI, or is ML set to be a misery in your mind? Perhaps you’ve already started to lay the groundwork for larger-scale implementations of AI and machine learning? Perhaps you’re seeking to steel yourself against a new wave of unwelcome changes?

No matter which side you fall on, it’s already set in stone that AI will play some role in the future, and the decision lies with you whether that’s a major, game-changing one, a background character in your service-led enterprise, or a fine balance between the two. One thing is for certain, though – the future is bright for AI and machine learning.