As enterprises turn towards a new era ruled by data, use of Artificial Intelligence (AI), what was once a notion of science fiction, is now evolving into an everyday matter. Although most businesses are at a very early stage of adoption, there is a steady increase in this smart technology being used to restructure back office and consumer-related processes.
AI implementation is enabling businesses to work smarter and faster while doing more with significantly less resources. It is capable of automating the business intelligence and analytics process facilitating a holistic end-to-end solution. An advanced AI algorithm extends a far better speed and consistency and at a much lower cost as compared to its human counterparts.
By 2020, a minimum of 30 % of businesses globally are predicted to use AI in at least one parts of their sales process, showed a Gartner research. Moreover, it is also predicted that by 2019, the global content analytics, discovery and cognitive systems market will be worth $9.2 billion.
Now that we have entered the realm of AI, it is up to you to incorporate it into your business processes. To help you with this feat, here’s how you can potentially use AI in business.
- Effective data management: By the end of 2018, it is predicted that there will be 6.4 billion connected devices worldwide. As the amount of data generated increases, AI will help in simmering it down to gain a better insight into the asset and personnel management.
- Workload Automation: Internet of Things and Artificial Intelligence together can enable a tremendous increase in productivity and reduce the operating costs thus creating a knowledge-based economy. This will enable the companies to use their resources more efficiently.
- Security: The digitization of businesses comes hand in hand with the increase in cyber threats. As more and more sophisticated tools are being used to breach into defenses, human interventions are no longer enough. Implementation of AI can help in real-time threat detection, mitigation and in most cases prevention. Using machine learning algorithms, AI can be taught to monitor behavior, detect anomalies, adapt and respond to threats by issuing an alert.
- Improved customer service: With the increased use of smartphones worldwide, retailing businesses are turning towards chatbots for human assistance. It is a simple AI program that communicates with the users to help them with any required assistance. This makes every customer feel important and encourages a better customer
- Marketing and Sales: AI and machine learning are improving constantly at their predictive tasks, such as deducing what a particular customer might want based on the information that they have collected. This specialized the connection between the customer’s intent to buy and increases revenue generation for the company. Moreover, with AI, marketers can automate a lot of routine tasks and collect important data while devoting more time to their core responsibilities.
Conclusively, as AI is evolving rapidly, the organizations that respond to these opportunities rapidly will have the advantage in the future landscape. The main challenge now is to ensure that the business has the necessary strategies in place to support what AI can bring to their business.