Artificial Intelligence (AI) and innovation make reform companies and how innovation management is organized.
As such, consistent with rapid technological development and the replacement of human organization, AI may require the administration to reconsider a company’s innovation process.
Given certain constraints in information processing, the central premise is that AI can deliver greater efficiency, higher quality, and better outcomes than human experts.
In addition, considering AI’s potential to take on traditional ‘human’ tasks in organizations, we may ask whether the role of AI can be used in pursuing one of the most critical processes affecting a firm’s long-term survival and competitive advantage – innovation.
On the other hand, Prima facie, which is considered the idea that AI and machine learning are able to and should be used by firms for innovation purposes, may seem almost far-fetched.
After all, innovation has traditionally been seen as a domain for humans, given their ‘unique’ ability to be innovative (Amabile, 2019).
Although AI may have downsides compared to humans, there are several non-trivial reasons why firms may want to use AI in their innovation processes and this is also covered in another piece where we talk about the future of machine learning and quantum computing.
Among the factors exogenous to the innovation process is that innovation managers are increasingly faced with highly volatile and changing environments, ever more competitive global markets, rival technologies, and a dramatically changing political landscape.
In addition, emerging technologies like industry 4.0, additive manufacturing, AI, and advanced product tracking applications carry significant potential for supply chain (SC) risk analytics, thereby improving SCRes>
The proven potential of AI to underpin the decision-making process in supply chains triggers a profound reflection on how AI can be leveraged in pursuing the supply chain’s long-term performance and competitive advantage, i.e., innovation.
Latest innovations in artificial intelligence
In addition, the latest innovations in AI are:
- Intelligent Process Automation (IPA)
Intelligent Process Automation (IPA) is a part of AI for program-specific tasks in applications, while companies can automate processes of unstructured content.
As such, this technology can also collaborate with other technologies like Machine Learning, Cognitive Automation, RPA, and Computer Vision to render strong results. IPA is helping industries like banking, finance, retail, amongst others.
Investment bankers use IPA to identify inconsistencies in research data, which is nearly impossible for humans to remember.
Intelligent process automation also includes recognition checks using AI for more about that, make sure to check the different recognition types in AI
- Data Privacy and AI for Cybersecurity
As long as technologies grow, so will cybersecurity threats and cyber-attacks on companies. Data risk and phishing remain a problem in 2021 and beyond, and AI will become more evident to offer security and support against malicious activities.
AI will prevent cybercrimes with enhanced cybersecurity measures by noticing fake digital activities and transactions, following patterns in order to detect criminal activities.
More organizations will enforce AI to handle their cybersecurity tasks in 2021.
- AI with the Internet of Things (IoT)
AI is a stainless technology that can be connected to the power of the IoT; companies get a powerful solution for business. However, the collaboration of these two technologies last year will bring different changes in the automation industry.
In the future, smart home devices such as Smart Plugs, Google Nest, Smart locks, etc., will predict and serve human needs. The machines work only on command, but these devices can automatically anticipate human needs and start appliances and processes without human intervention with AI technology. AIoT-infused tools will lead the way to more intelligent homes in 2021 by bringing efficiency and security to the next level.
Chinese company Alibaba is the world’s biggest e-commerce platform that sells more than eBay and Amazon combined.
AI has become a necessity rather than a luxury, as it is important to Alibaba’s operations to predict what customers might want to buy.
The company automatically yields product descriptions for the site using natural language processing. In its City Brain project, Alibaba uses AI differently to create smart cities. Thus, The project uses AI algorithms to support reducing traffic jams by monitoring every vehicle in the town.
Additionally, through its cloud computing division called Alibaba Cloud, Alibaba is helping farmers monitor crops to improve yield and cut costs with artificial intelligence.
AI has been present for some time now in many companies worldwide, helping them build new strategies in order to get the job done more efficiently.
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