A successful business requires an entrepreneur or businessman to lookout for new technologies and uses them in the early years of their development. As per the business gurus of the world, making early use of the opportunities available is the right way to make money.

As we are moving on in the year 2018, the popularity of technologies like artificial intelligence and virtual reality is growing. Most people today are familiar with AI robotic devices that are able to solve complex problems and carry out difficult tasks with ease.

People in the business world foresee companies with such technologies to earn a lot. Artificial Intelligence (AI) is one of the trending aspects of technology that we come across nowadays on a large scale. But is it worth grabbing this opportunity to make money? How to make money with AI? Let’s find out!

Artificial Intelligence – How to make money?

Have you ever thought how mobile apps get so popular and become billion dollar projects? The answer is simple. This explosive technological business requires an entrepreneur to come up with a good idea, get the software developed by an expert, and yes some good luck. Only with the right combination of planning and action can you get some good money from both customers and business partners.

Now the tech industry is shifting its focus from mobile devices to artificial intelligence based systems and products. Making money from machine learning is becoming the hot new thing in the market. However, unlike the mobile devices, the spectrum of AI is much more broad and versatile. Large market players like Apple, Amazon, and Google are already in the AI business. They are using AI interfaces in their latest products and spending huge amounts to upgrade the technology and make it more viable for the consumers.

AI Products that are readily making waves in the business world include the following:

·         Digital Assistants

Digital assistants to carry out various routine tasks and processes are now being powered by artificial intelligence robots and programs. They are far more superior to smart devices and can be programmed for deep learning and machine learning. Many companies like Amazon are already using such products in the market. But as the technology is still new and unique, there needs to be a lot of experimentation and advancement.

·         Chatbots

The artificial intelligence playing field is not restricted digital assistants alone. One of the fast-rising applications of AI in the digital world is the chatbots. Although the technology is not yet fully effective, large number companies have already adopted its implementation at various processes. Chatbots are especially effective for service providers and customer oriented organizations. Their future is quite promising with concepts like chatbot services – where people would pay AI robots to carry out various activities. Development of an AI bot is a tricky business. It needs to be effective as well as profitable for the company. It requires good code development as well as an understanding of its psychological side. Many initial chatbots failed in the market due to irritating or angry responses. Frustrating bots will be abandoned by the clients very fast.

RosponseAI is one such service provider that is successfully offering state of the art AI technologies to customers from all across the industry. They offer chatbots for solving call center issues and problems. The chatbots are powered AI and offer a number of different options for the clients. RosponseAI is making waves all across the industry with its amazing offers and products. It is a clear proof of how organizations can use the right opportunity to gain market share in little time only. The smart apps that they provide help new and old companies to save costs and improve their customer services for enhanced market share and profitability.

·         Mobile Apps 2.0

Integration of AI with pre-existing technologies is the fastest way to earn money. Currently, mobile app industry is the largest platform that shows a great opportunity for AI integration. Coming up with intelligent apps that can anticipate what the user wants can be a winning game for anyone. Apps that will have upgraded additions of AI and machine learning can be very effective for businesses as well as consumers.

But is the money for real in AI?

There are numerous examples of Artificial Intelligence (AI) now such as those robotic kitchens whose prototypes are built and tested these days. With such type of Artificial Intelligence (AI) in the market, there is a high chance that a greater sum of money can be drawn from customers by the respected organizations. However, one of the major factors that can highly influence this is customers, themselves. This is mainly because customers are the main reason why organizations can make money, but when they will not be able to invest in the same, the skyrocketing predictions of high revenue will eventually be crash land. For this reason, too much of today’s AI is considered, merely, a novelty due to no proper planning for making money out of it. It is one of the many aspects that an organization should make note of that how much a customer might want to invest in something this big? The answer to this question is simple!! Only the customers who have a well- established salary income are going to approach this and that surely will not make any profits for the organization.

Most of the new technologies, such as the ones based on Artificial Intelligence (AI), have failed due to the responses they have received. Tay, an AI-powered bot of Microsoft, was recently shut down due to the poor comments it received from customers or audiences to which the bot was replying on Twitter. The major criticism that was made on Tay was that it wasn’t able to respond or differentiate between various kinds of comments; whether they were racist or not. As per this, the customers criticized Tay for not recognizing any sort of racist comments and this is probably the first thing that online users taught Tay about the internet. Now, Microsoft has updated the customers that Tay has been upgraded in light of the mentioned problem. Many of those comments have also been captured before they were removed by the Microsoft Corporation and can be seen on a site called Socialhax.com. The racist comments were based on various things that included denial of the holocaust, supporting the plan of building the wall which was Trump’s immigration plan as well as weighing in with the abusers present in the GamerGate scandal. This was a response that the organization was actually not expecting from the customers for their AI-powered bot. This clearly demonstrates that technology is not so good to be considered equal to human respondents and not too bad to be considered as a machine.

So, does this make AI only a marketing hype?

Predictions about artificial intelligence have been going on since a very long time. But whether or not it has actually accomplished the singularity with human intelligence, is still a vague vision. Artificial intelligence is still battling to deliver what it promises. Below are some actual historic predictions that science has been making:

• Alan Turing in 1950 predicted about a computer that will be able to match human intelligence by the end of the century. No one will be able to tell the difference between the responses of a computer and a human.
• In 1970, Life magazine quoted various scientists who predicted of machines with human intelligence within 3 to 15 years of time.
• The bestselling Fifth Generation predicted about Japanese intelligent machines in 1983.
• In 2002 MIT’s Rodney Brooks predicted that within next 20 years there will be machines and computers that will be able to demonstrate emotions and feelings.

There are many other large numbers of similar predictions that scientists have been making in the field of AI but not all have them have been fully realized. There have been rumors of robotic Armageddon for a very long time but all this is much more than reality itself. AI technology is surrounded by a large hype rather than reality.

Much of the AI technology pillars and building blocks had been invented decades ago, but their application only became effective recently. With improvements in accuracy and refinement of systems, the results were much more development. However, there have not been big breakthroughs in this technology itself. Voice recognition is a clear example of this. Invented 20 years ago, it has only been improved over the years.

Computers cannot replace humans:

Historic records and current events clearly point towards the fact that even superior technologies like AI cannot replace human thinking and brain activity. Although many tall claims are made by scientists and researchers, there is less evidence that can prove and substantiate their claims.

For example, if you add a piece of into the board game of chess that has the power to move like the knight as well as the queen, the human with adapt to the new version of the game quite easily. But a chess-playing AI program would need human interference for reprogramming.

Even the revolutionary AI inventions like self-driving cars and buses use older technologies like pattern recognition, radar frequencies, and object avoidance. These two are limited as far as their usage on the roads is concerned. They are effective on freeways and repetitive driving scenarios.

Self-driving cars are also frequently cited as a (potentially job-killing) triumph of AI. However, the technologies they use–object avoidance, pattern recognition, various forms of radar, etc.–are again decades old.

Apple’s iPhone X is being regarded in the media as a breakthrough smartphone with facial recognition technology. This is only partially true as the technology has been here for a while and has only been modified for the size of the phone.

Keeping in view the above examples, it won’t be false to call the AI as more of a marketing hype than an actual breakthrough. In fact every few years, the tech wizards come up with a buzzing AI word and try to convince people that newer and more worthwhile applications are coming their way.

Marketers who are able to grab the opportunity and use these technologies in new products and services can reap the benefits in monetary terms. So, 2018 too, Artificial intelligence is still a hype that is new and novel and difficult to make money from. Being at the crossroads of a largely hyped technology, the human race faces an amazing and useful AI revolution. But at the same time, it can very frustrating if used improperly. Coming along the way, AI has still a very long way to go.

However, its final destination will depend on how the consumers, tech experts and above all investors cater to it.

Companies Investing in AI:

We all know there are many risks involved in using AI technologies in various products. Although AI is new and novel, it is still not completely been able to replace humans. You may have a driverless vehicle, artificial friends or AI investment consultants in future but all these are prone to errors and require programming for human interaction.

Companies need to embrace the AI paradigm shift after basic gradually planning and preparation. The AI innovation should be implemented with short intervals. The best approach is to try a portfolio of AI products and projects. Some of these products and projects will yield fast returns while others will be long-term and require more research and development.

To conclude:

Although many regard it as a marketing hype, the AI technology is a reality and it is here to stay. There is very little chance that this bubble is going to burst any time soon. The future of many industries will be transformed through this fascinating revolution. But companies that will be most successful will require organizational learning and change implementation through a gradual process.