The current age is the age of turmoil. Industries are evolving rapidly with the advancement in technology. Small businesses are stabilizing their brand steadily and are grasping a share in the market.
Monopoly is curtailing slowly in activities, and anyone with creative products and right techniques can enjoy a good revenue earned.
Though many companies are yet to understand the buzzword Artificial Intelligence, it is an undeniable fact that Business Intelligence and Artificial Intelligence are dependent on the massive amount of data.
Indeed, overall data is expected to increase by 61% by 2025 because of AI. Research has made several predictions about what data analytics can do, and the impact it will have on Artificial Intelligence and Machine Learning shortly.
Industries are soon to witness artificial intelligence, and some of its glimpses include self-driving cars, SIRI, etc. Human behaviours and characteristics stimulate through the evolution of Artificial Intelligence.
Importance of Artificial Intelligence
Companies that implement Artificial Intelligence in their business operations will become more diverse.
They will become capable of analyzing data across various functionalities, high-class customer relationship management, and fraud detection. This way, competitive advantage is obtained by them.
Solutions to complex business problems are successfully found by Artificial Intelligence as humans do. Machine Learning and Artificial Intelligence are applied to intelligent systems such as consumer electronics, robots, smart cars, etc.
We’ve also witnessed several conversational bots and applications that are based on Artificial Intelligence. It allows business leaders to spend time in expanding their operations and businesses can quickly strengthen their workflow.
With Artificial Intelligence, less time is spent on common functions. Hence, 2021 is expected to witness 80% of technologies based on the foundations of AI.
It will further help to reduce the work hours, and human brains can be utilized for a more creative process that includes researching, brainstorming, creating, etc.
Role of Artificial Intelligence in Business
Businesses expect to see Artificial Intelligence as an enabler rather than a disruption. It will have a massive role in taking forward the business operations and is also believed to take up a lot of human jobs shortly.
Some companies are already using, and some are planning to use AI for Virtual Assistance. Chatbots are deployed for various uses. Customer Service is one of the essential verticals where Artificial Intelligence is implemented.
Almost 72% of business execs say that AI assistants have made their lives much more comfortable. Businesses see potential in machine-driven assistance more than human-driven customer service.
For instance, airports can use artificial intelligence applications to answer simple queries such as the status of the flight, timings, alternative flights available, etc.
Virtual assistants are easy to set up and use. It will get the work done without making you go through the hassle of hiring more permanent employees.
Cost-effective services are provided based on usage, thus making it ideal for all sizes of companies. 50% of total searches are expected to be voice searchesin 2020.
Virtual assistance is perfect for providing organizational tasks such as scheduling meetings, arranging conferences, etc. Get reliable support without hiring human employees.
Businesses will effectively reduce 40% of their total expenses by implementing Artificial Intelligence by using Virtual Assistants.
Previously, a limited amount of data was produced by businesses, and therefore it was structured. Insights were easily derived from the data by business leaders, and they efficiently stored them in their database.
Gradually, processes changed, data is no more structured, and unstructured data present contains vital information for a business. Online platforms generate unstructured data in enormous amounts.
Companies will experience the impact of unstructured data for the next few years.
Organizations operating in the field of analytics regularly face one of the most difficult challenges when it comes to analyzing data sources. Data preparation is a time-consuming process, and it takes almost 80% of the time of an average analyst.
Much knowledge lies under several contracts, emails, surveys, etc. and analysts can efficiently uncover several opportunities.
Numerous algorithms and the science of designing are known as Machine Learning that helps to learn effectively from the past. For instance, complex algorithms help to learn that fraud occurred in the past through a credit card and such situations are taken care of beforehand.
Though a significant drawback with these algorithms is that if there are no similar previous cases, then they will not work. The Health Industry experienced that machine learning is accurate 89% of the time in detecting breast cancer.
With the introduction of artificial intelligence in business, the programs of a computer are not restricted to the protocols defined by the programmer.
The programs are versatile and require less coding than what was needed traditionally. There are drastic changes in the behavior of software, and it proactively works on the results of previous data.
Amazon decreased the click-to-ship time by 225 percent efficiently with machine learning algorithms.
Minimal theft and errors
Humans are trot to make errors, and even a minor significant mistake can impact business operations. People are already terrified by the thought of Artificial Intelligence-powered robots that are believed to take control of their workplace.
But it will increase the efficiency of business operations. With a suitably refined system, even the slightest human error is eliminated by AI, and it establishes an environment that is independent of risks of all kinds.
Tech companies and other cloud-based companies are entirely dependent on the internet, laptops, and other similar devices. These gadgets are under the constant concern of theft and cyberattack.
Once the patterns, algorithms are understood and learned by artificial intelligence, it can uncover malfunctions and protect a business from huge loss.
AI has helped small businesses to implement abundant methods that are tested and successful with which they are accomplishing higher business goals.
A competitive edge through AI is provided continuously to startups. Simultaneously, big corporates are working on delivering innovative solutions.
AI is slowly becoming a part of reality by serving as robots, self-driven cars, resources that are voice-activated, etc. Businesses are already witnessing a phase where AI successfully addresses numerous challenges, and optimum growth is achieved.
Future is ahead, and Artificial Intelligence is a part of it. Along with the Internet of Things, Artificial Intelligence is capable of bringing dramatic changes to remake the economy.
We have already seen some of its impact on business operations, and with advancements, it is expected to evolve more.