Artificial Intelligence has been improving the technological structure for the past few years and the future is bright for it. From answering calls for consumer’s queries to driving an autonomous vehicle, AI is playing a pivotal role in shifting the level of development in autonomous integration into our society. For many years, AI was only practiced in an enclosed environment for research purposes, but at the present times, it’s safe to say that science and technology have reached to a significant position in order to introduce into our daily lives. As for human beings, we all know that a computer is much faster, accurate, and doesn’t get tired. So efficiency is the one word used when computer or technology is brought down into consideration.
For businesses, AI has an outstanding future which is both bright and exciting. It has been observed for a few years that some private companies are heavily investing in the AI improvement in different areas, such as a driverless vehicle, searching algorithms, chatbots and dynamic advertisement software. To understand the seriousness of how AI has gone to heaps and bounds for these past years, even government has joined into action to gain more insight and wisdom of AI and its future possibilities. In the US, the government had acquired a session based on AI developments by the name of Artificial Intelligence Summit. In this summit, the keynotes for discussion are to understand the AI applications into the business and paved possibilities to increase the global economy through it.
AI importance in today’s world
We can understand the true importance of Artificial Intelligence from the words of experts. For the same reason, CEO of empow, Peter George has praised AI significance in modern times. According to George, he points out the technology which is being used in today’s times are utilizing AI, such as Alexa and Siri. This AI personal assistance is providing great service to users and business alike. George further adds that AI has been widely praised due to its increase processing prowess than the human brain, also it is moving into the direction to enable decision-making capabilities through conventional thinking based on content and data, and provide calculated outcomes which are both strategic and accurate in nature. According to Ellie Mirman, CMO of Crayon suggested that AI for business is best suited to carry out routine based tasks, which saves up time for a human to focus on their activities in result increase the value contribution into the company.
To a stronger narrative, Mike Walsh, director of product from the lever, complements AI and accepts it that it’s not a far-fetch concept anymore, instead, It is being observed in today’s time. We live in the AI world today and making further improvements to make it better. Discussing his job and how AI has benefited him to distribute and manage workload, he added that technology-driven solutions based on AI are an intrinsic part of our business value. For HR and talent requisition tasks, the automation for suggesting for correct talent, managing the resumes and even autonomously screening the candidates to conduct an interview is all executed with pinpoint accuracy, thanks to AI.
A business that where AI exists
According to the experts and Fortune 500 CEOs, AI is the single most important feature which every business must integrate into their model. For the same reason, Andrea Simon, CEO of Simon Associates Management Consultants and author of multiple books, has suggested that AI is available to benefit a wide array of fields and businesses. She added that the importance of AI is as adequate as the printing press, introduction of the steam engine, equipment to make fabric, propulsion jet engine discovery and the advent of the internet. Just like all these world-changing discoveries, AI is in the apex of all these due to the need of the hour. Everything is interconnected and only those businesses will win the race which is fastest, convenient and cheaper. Andrea also pointed out two out of a dozen industries where AI has been implemented in these past few years, such as the industry of energy and financial institutions.
AI has indeed made its way as a more successful candidate in data-intensive industries, said by Joshua Gans, a professor from the University of Toronto. The reason for its success and more acceptance rate than other industry is due to the fact that data abundance from the internet and technology-enabled businesses can greatly provide assistance to their customers by providing up-to-date information which is more natural, directed and fast paced. Because of all this pouring data from the internet, internet giants like Google, Facebook and Microsoft are AI-powered. Hans continued to explain more about the examples where AI can be found as an active substitute, is the use of credit card management. AI can provide suitable protection to the businesses by protecting customers from false card notices if a fraudulent transaction has been carried out. AI can automatically block the card which is directly involved in the shady transaction, shield the financial institution from unfortunate events and also protect its reputation.
Benefits of AI in Business
There are no single businesses on earth that can’t take benefit through technology and integrated AI into the mix. The benefits AI have in store for companies are incomprehensible. According to the CEO of Evident, David Thomas, says that AI can improve your inventory management and various target-fulfillment tasks. The first and foremost, AI can reduce the workload and save hours to the company which is spent in repetitive work. Due to this efficiency, a business can more evidently compete with other businesses in this rough customer eccentric professional competitiveness.
According to David, AI can also come into practice in cybersecurity based industries. The reason for AI implementation is due to the fact that when an intrusion occurs, there are many standard procedures which must be executed in a timely manner, as intrusion is taken place, it’s important to reduce as much time as possible to find the purpose of attack, isolate the intruder, weight the damage and comprehend the attacker’s scheme before any major incident happens. All these tasks are time-focused so AI can handle structured operations in less time and accuracy.
Now if cybersecurity protocol and its remedy are understood, in actual practice, there is thousands of intrusion happening in high profile companies, explained by David. Without the use of AI, there is absolutely no chance to redeem all the illicit activity instantly, no matter how many security experts you acquire.
Similarly, Credit card companies are also taking the services from AI into their model. According to the Proveit co-founder Nate Lehoux, the AI helps our experts to monitor the fraud transaction based on the history and data acquired through money trailing network. It helps the humans to provide a flag response, whenever an illicit activity is detected, which makes AI as an integral component to play for the early warning system.
AI in Marketing
There is a tremendous application for AI in marketing. According to a veteran in online marketing from StepForth Web Marketing Inc, Ross Dunn states that AI has made it way easier for marketers to show more content to users with less effort. She explains this by picking out the example from Amazon online store. The AI through user’s search history can provide related and recommended products to users, which are highly focused and make the customer make up his mind profoundly. Additional, to assist support staff and online feedback receiving mechanism, AI-powered chatbots are already becoming the norm in highly dynamic mobile apps and websites. According to Ross, in future, the chatbots technology will increase in such a rate that it would be impossible to distinguish between a human and a bot.
To further heighten the importance of chatbots, Andy Bernhart, a web designer for dentist has praised chatbots and AI. He identifies the improvement in sales and service after prompt and sufficient information being received through chatbots, which lower the chance of bounce rate from a website. He further explains the capabilities of chatbots in gaining customer trust, by providing packages, working rates and suggesting suitable action based on their question really boost the customer reception and marketing your brand. Andy hopes that AI-powered chatbots must be implemented on every website and app that offer any type of service based on multiple packages, services, and client outreach.
Another form of online marketing is newer content into your app and website. This daunting and regular task is about to replace by AI. According to Audy, the AI is still not reaching into a mature stage, but preliminary, AI can help the user to create title based content with short videos and text content that helps to boost SEO, online marketing presence and user click-through rates.
Types of improvement by AI
As explained earlier, AI is equipped with one target in mind, to lessen the burden and improve efficiency for business at the same time. We have learned in detailed by learning about various industries and how AI has been assisting them in gaining an increase in sales, improve customer relations or simply managing interior structure better. There are a hundred more industry cases where AI has successfully implemented and produce great results. To summarize all the advantages for AI, there are 3 types of benefit a business can gain by implementing AI into their business model. Below are the types of benefits using Artificial Intelligence:
Everyone learns from a mistake, which extends to a business as well. The analysis is a part of every good business model, through which, concern parties understand their shortfalls and improvements based on the varied amount of random data. The task of analysis is highly complicated even if used technology. The manual scanning of each data and then extract information from it is time-consuming. Not to mention, the analysis is sometimes carried according to a fixed timeline, such as daily, weekly, monthly, years. AI can generate positive results due to 2 primary features: fast processing speed, and calculated-based decision. The randomized data can be rearranged through a sophisticated AI system which can maintain data from a various source at the same time and can make decision-based on the data. As data is received real time, the AI has the capability to provide timely reports to the analysts, which in return improve the business future actions based on the analytics report.
There are various out of the box features that users are quite accustomed off. This type of generic design has been following a development process for years based on customer feedback and the latest technology implementation. After the AI came into the play, this generic based interaction and visuals such as website dashboard or Management tool front end can tweak on its own based on user preference. The user knows what is his priorities in a service, so showing that on the front and hiding other unused features should improve the user performance within a platform and also the service provider could generate an increase in sales through AI-powered interaction mechanism.
The biggest wonder achieved by AI is considered in the domain of automation. Through vigorous algorithms and ingenious data processing, an industry cab greatly benefit from AI based automation which not only provides a flexibility to automate things for you but using sophisticated machine learning mechanisms, the technologies used can perform more tasks without writing additional codes.
Benefits from adopting AI
Artificial Intelligence is gaining huge favorite among many IT sector, manufacturing industries, banking, tourism, education, and retail services. There are features different for different industries but all in all, the benefits gain through AI is similar across the board. These benefits are listed below:
Reduction of cost
Since the time of industrialization, human labor was replaced by machines which reduce the labor cost and subsequently increase the production, reduce all over cost and show greater efficiency. In today’s time, although machines are being used everywhere, but through the lens of AI, and machine learning operations, not only all those discomforting and repetitive task has been replaced by automotive systems, but AI is capable to make decisions for specific assignments where huge data is involved and require a lot of time to decode it. AI will surely reduce the cost for labor, system and not to mention all the time will be saved collectively by the businesses through which human can invest all those saved time on more valuable feats and improve the operation further.
All those tasks which require less than 2 seconds and is repetitive in nature should be automated in every industry to save operational costs and save a great amount of time. For example, to analyses an image to check the alignment of a component on which decision is made, it should be automated. There are always some of the similar small tasks which can be automated through AI to save human potential and utilize to more beneficial areas in the industry.
Efficiency is the second nature of AI for businesses and individual perspective. The main feat of AI is to secure time from all those daunting and tedious task more intelligently, but beside this advantage, AI also provides a futuristic approach to executing tasks in a more polished manner. One of the best examples for increasing efficiency through the use of AI is voice recognition. Different devices are already into the market to handle voice recognition mostly in homes, like Siri, and Alexa. According to a report, about 50% of Americans are already using some form of voice recognition into their homes, which will later be applied for businesses as. For some highly known US brands such as WeWork, Vonage, Brooks Brothers, Mitsui USA and Capital One are using Alexa for Business. According to experts, the era is not that far when AI will be used to verify employees through voice recognition, automate the transcript from a file by insert template based content, and to digitally translate transcript for offices and employees.
Competing next-gen technology
Through the use of AI and computation probability and statistics, a business can predict status or analysis report about certain change of nature in the coming days. Machine learning is already capable of providing a heavy amount of data calculations based on the input received by the data. One example of using AI is in medicine, where doctors through technological advancements, can predict patients illness before he caught any.
There is the biggest concern about many entrepreneurs that AI may replace human intervention, thus increasing joblessness. It is commented on various forums and places, the human judgment and decision making can never be replaced by a computer, due to infinity amount of completions. For example, in self-operated cars, AI manages the obstacle free destination with ease, but to counter any distraction, human decision-making capabilities are needed in every time. AI and its application will have nothing in the result but improving your existing system into a more robust and futuristic approach, so adopting AI is always a good choice.
SleekDigital is a Mobile App Development Agency in Singapore that helps businesses transform digitally. We also offer digital transformation consultation and general digital consultation for companies who are looking for suggestions of different systems to be integrated. This is more of companies who lack a digital consultant to propose technologies. Arrange a digital consultation with us today!