Emerging technologies like Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML) have paved the way for digital transformation. Business leaders have started adapting advanced solutions with features based on these technologies to remain competitive in their respective industry sectors. In this article, we will see the Artificial Intelligence impact in business.
Many companies have planned to increase their investments in AI technology to reap the benefits in the post-pandemic age. Advantages of artificial intelligence in business are not limited to bringing automation and transforming processes, but they contribute to generating the value. Before discussing the impact of artificial intelligence on modern businesses, let’s start from scratch and go through the explanation of AI.
What is Artificial Intelligence?
It is quite interesting that AI is one of the concepts that has been studied since the 1950s, but the significant advancement in this concept has come recently after the advent of Deep Learning. Another subset of AI is Machine Learning (ML). Here is a brief introduction on AI and its subsets.
Artificial Intelligence is a computer system that can simulate human intelligence. Here, such systems or machines can ‘learn’ rules and reasoning. Here, algorithms are made to perform various functions based on self-correction and human intelligence concepts. Here, machine learning and deep learning come into the picture.
• Machine Learning
Simply put, machine learning is the concept that involves a computer program’s learning or get adapted to new data without human intervention. As a crucial field of AI, machine learning is based on built-in algorithms. As per IBM’s definition, ML is a branch of AI and computer science that focuses on the use of data and algorithms to imitate the way that humans learn while gradually improving its accuracy.
• Deep Learning
It is a highly specific version of Machine Learning technique, and relies on neural networks. It plays a crucial role in performing advanced functions including fraud detection and credit record in the fintech sector. It is capable of analysing a wide range of aspects simultaneously. For example, self-driving cars require several aspects to consider at once including distance and speed of other objects or vehicles.
Deep learning is highly promising and gradually various industry sectors will start using it. As deep learning models will evolve, we will get more scalability and capabilities from them. In other words, we will have independent deep learning models over the period. These models will benefit different industries in several ways in the future.
Seven Ways Artificial Intelligence will Impact Business
Forward-looking enterprises can make the most of AI in business. As AI can bring many industry-specific improvements, this technology can offer many benefits irrespective of size and type of business models. Here are the top ways AI will impact business in the year 2023 and beyond.
1. Reduced Human Errors
When it comes to adherence to prevalent standards, AI technology always lends a helping hand. AI and ML combines with RPA to automate rule-based tasks and accelerate various processes. It reduces human intervention and errors associated with this intervention. Also, an AI-based system can improve itself to take on broader tasks and comply with regulations.
Giving error-free results in core processes can increase the productivity and profitability of your enterprise. Your enterprise can remain more resilient.
2. Enhanced Customer Services
AI is capable of delivering a positive and personalized customer experience. It makes it possible to get the data related to the customer’s needs and expectations. AI also enables companies to come up with more personalized and customized interactions. You can easily serve customers as per their requirements and improve services as per their feedback.
AI-powered solutions are also useful for giving customers all the necessary details using voice-based assistants or text-based bots. These bots can work for a 24x7 basis and your customers can get the information as and when they want.
3. Improved Tracking
One of the biggest advantages of artificial intelligence is it can collect and process a huge amount of data in real time. As a result, organizations can get excellent insights for making instant decisions. Near-instantaneous monitoring capabilities can also facilitate the management to identify issues quickly and recommend action accordingly.
For example, an AI-based solution can get the information from devices connected to the factory equipment and identify problems rapidly. This results in preventing costly and unwanted breakdowns. What’s more, effective monitoring can also reduce the cost of maintenance as companies can schedule it as and when it is clearly necessary.
4. New Capabilities and Opportunities
When the data and analytics are deployed in the system, companies can open up new opportunities across different domains. AI enables enterprises to get this advantage. For example, companies engaged in manufacturing autonomous vehicles can open new revenue streams related to insurance with the data related to the vehicle's movement.
On the other hand, the insurance company could integrate AI to get data related to fleet management. In a way, enterprises can explore and grab new opportunities for expanding their business models while increasing data analysis capabilities.
5. Increased Data Security
Data can play a vital role in taking any company to a new level. Thanks to globalization and diversification of businesses, companies tend to collect massive amounts of data every day. AI can sort and segment it for effective analysis with the help of ML and NLP (Natural Language Processing) concepts.
Apart from data analysis, AI also contributes to safeguarding the corporate data. It makes it possible to identify any suspicious activities related to data access promptly and keep the data away from hackers. As a result, companies can make data-driven decisions while protecting data from cyber-attacks.
6. Better CRM Systems
Artificial Intelligence is useful for changing CRM (Customer Relationship Management) systems. Integration of AI can transform a normal CRM system into a self-updating and auto-learning system. As a result, you can easily manage customer relationships. Financial sector has emerged as a big beneficiary of this characteristic recently. As the database keeps on updating automatically, financial companies can serve their customers in a better way.
Another benefit of an improved CRM system is sales and marketing teams can strengthen their effort with ease. Also, companies can easily reduce the issues related to human intervention in the CRM system with the help of AI.
7. Reduction in Costs
Organizations can easily improve their supply chains with the help of artificial intelligence. The technology can facilitate companies to implement automated processes to improve the agility and efficiency of the supply chain. You can get accurate data and streamline the workflow by implementing automation.
As a result, human errors are decreased significantly and overall costs get reduced. Improved analytics can enable decision makers to identify the gaps in supply chain and operations quickly, further saving money on addressing unwanted downtimes.
Apart from this, AI can successfully change organizational roles while driving companies toward digital transformation. It is expected that AI will replace almost 16 percent of jobs within the next decade. It is simply because companies will tend to find employees who are a better fit for their advanced operations run by AI-powered solutions.
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Future of AI
Companies have already started leveraging the benefits of artificial intelligence in business models. AI can help enterprises improve customer services and data sharing. Be it personalized experience for customers or interactive training for employees, AI technology remains useful for modern enterprises.
Though fintech, retail, and manufacturing sectors appear as big beneficiaries of AI technology, we can certainly mention that other industry sectors will gradually integrate AI into their existing systems to serve customers better and simplify complexities. Moving forward, we will see more voice-activated personal assistants or bots come based on AI technology. What’s more, companies will analyze the sentiment of customers more effectively as AI technology will evolve. Predictive analytics and Deep Learning concepts will develop to take AI-powered solutions to the next level.
In brief, AI in business will bring radical changes in the way we work in the future. There is no exaggeration in mentioning that AI is the future of workplace and business.
In a nutshell, artificial intelligence impacts on business significantly. You can improve customer relationships, increase employee engagement, and simplify complex processes with the help of AI-powered solutions. Enterprises can reach their goals and add value effectively by integrating AI in business. Artificial Intelligence, together with ML and deep learning, can assist companies to gain an edge over competitors while offering a high ROI.
Silver Touch is a leading AI and ML solutions provider. We offer human-centered and outcome-oriented services to our esteemed corporate clients to bring automation. We assist them to transform their core operations by integrating advanced AI solutions in their existing business systems. If you want to know more about our AI and ML services or scope of AI-driven solutions for your enterprise, simply drop us a line at firstname.lastname@example.org.