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No, don’t be scared. But there is no denying the fact that technology is making its way into our lives more than ever now. It is influencing our personal and business operations. The advancements in technology in regards to Artificial Intelligence are astonishing. Due to automation, every business is incorporating AI into their businesses in one way or the other, to make things easier and more efficient. Technology is all around us but knowing how to implement AI in your business is the real deal.
How Far Can AI Go?
We see sci-fi over TV all the time, say for example Westworld – a perfect depiction of how far the implications of AI can go but it was a little bit too much though – amusement park populated with AI-powered robots for fun and games. The robots were programmed to act a certain way, but it gets thrilling when they start to gain consciousness and start understanding individuality and existence. But is this the future? Will the Hanson-created Sophia or Westworld’s Dolores Abernathy be able to gain emotional intelligence? No one can answer these questions but the possibilities are endless.
But if James Cameron can think of making a robot a killing machine (yes you guessed it right, I am talking about the terminator) then AI in businesses can excel too. The benefits of using AI in business operations are twofold, small or large businesses can not only use technology to handle their complex processes but can also make better future decisions.
According to WorkMarket’s 2020 In(Sight) Report: What AI and Automation Really Mean for Work 78% of business leaders believe that 360 hours can be saved annually by the input of automation through artificial intelligence. The facts prove that the future of AI in business is bright.
Some Comics on AI and Robots
Now let’s see how to implement AiI in your business, the importance, and benefits.
Benefits of AI in Business Processes
- Automating day-to-day processes and tasks not only saves time but money too
- AI enhances company’s productivity and operational efficiency
- Use of AI in the business world help leaders to make better future decisions for optimal results
- Human error is greatly reduced with AI systems
- Businesses can predict customer’s preferences for personalized and better experiences
- AI in business management increases revenue because of ample sales opportunities
- Offers intelligent advice for customer support
- AI can help with cybersecurity by predicting potential cybersecurity threats
- Smart personal assistants makes things faster
- Helps with sales and business forecasting
Global Industries & the Use of AI
Additionally, industries like healthcare especially have shown a great deal of interest along with investment in Artificial intelligence for better patient care, ‘Advanced technologies like Machine learning and Artificial intelligence are speeding up patient disease diagnostic processes, thus making them efficient and accurate such as eye treatments, etc. The applications of AI and ML are also facilitating the development of medicinal drugs.’
Speaking of eCommerce, Readwrite’s article on ‘How is AI redefining the Future of eCommerce Industry’ says, ‘eCommerce industries are increasingly moving towards AI initiatives to improve the entire customer experience. There are a finite number of things AI can do single-handedly. From managing hundreds of online sale orders every day to processing transactions, opportunities to leverage AI in eCommerce are endless. AI not only assists and compliments the people involved in business but also speeds up processes to avoid customer drop-off rates.’
Financial Industry / FinTech
The financial industry on the other hand is also catching up with the changing landscape by adopting AI and Machine Learning. The use of AI in Fintech alone reached an estimated value of $6.67 billion in 2021. This is expected to grow to over $22.6 billion in just five years.
This article on ‘Digital Transformation in the Financial Industry’ shines a light on the potential of AI in Fintech and I quote, ‘Apart from accurate decision-making and automated customer support, custom fintech software developed using applications of AI and ML are greatly facilitating digital transformation in the finance sector through fraud detection.’
‘Artificial intelligence is known for learning and monitoring consumer’s behavioral patterns to identify fraudulent transactions or attempts. Above all, with their self-learning capabilities and predictive analysis, they can quickly adapt to unusual cases and further amplify the online crime detection processes.’
According to ‘The use cases of AI in telecommunication industry’, we can conclude that telcos are not far behind in catching up and I quote, ‘Artificial intelligence makes the improvement and optimization of network infrastructure easier for telecom operators. AI and machine learning analyze the data and make necessary corrections to offer continual services with a third party director. This allows operators to create self-organizing networks also called SON – A network having the ability to self configure and self-heal any mistakes.’
AI in Education is seen to be flourishing as well, ‘AI-powered e-learning software and tools help in enhancing skills. The development of online school management systems has drastically improved the learning and teaching methods to a great extent.’
‘Virtual classrooms have now replaced traditional education systems. Distant learning now offers immersive, productive, personalized, and optimized learning experiences for students in exciting ways.’
To conclude, I would say…
… to make AI work for your business, it’s important to start small; focus on only one element at a time. It can be personalization or fraud detection. Because at the end of the day, it is crucial to focus on your business needs and choose the collusion that works best for your business.
How to Implement AI in your Business?
AI in business, examples, are plentiful. Since global companies are always looking for effective and streamlined business solutions to meet the changing demands of the market, therefore, AI applications in business are facilitating companies to achieve efficiency.
Below are some of the use-cases of AI which are revolutionizing global industries.
AI Chatbots for Optimal Customer Support.
According to studies, 60% of consumers don’t like doing business with a brand simply because of poor customer service experience. Sometimes untimely responses result in lower business productivity and success. The reason why companies can make use of Chatbots to facilitate round clock support. Because AI-driven chatbots are available at all hours of the day with a consistent response irrespective of the time and location.
Automating Recruitment & Training Processes.
Ask anyone from your HR department, recruitment processes can be quite daunting. But companies can cut down their long and tedious processes by implementing AI in business. They can deploy a talent acquisition system to screen resumes against predefined standards and after analyzing the information shortlist the best candidates.
Moreover, AI can be used to automate employee training. AI-based learning tools like Kea, apart from employee onboarding, offer employee training and development platforms with rich tools to improve the effectiveness of training.
There is no denying the fact that fast responses to online threats are crucial for business security. And therefore, according to studies, AI reduces the total response time by up to 12%-15% otherwise taken to detect breaches.
This article, ‘AI: The Future of Cybersecurity’ strongly emphasizes the need for AI in online security and I quote, ‘It goes without saying that cyber threats accelerate in a time of global crisis whether it is the economic recession of 2008 or global pandemic 2020. Cybercrimes become more cataclysmic and businesses become more vulnerable, which allows cybercriminals to exploit the system to the best of their ability.’
Therefore companies can leverage AI and ML to predict and eliminate risks before they do any damage.
Minimizing Human Errors & Costs.
Human faults and errors are unavoidable. In fact, making mistakes is what makes us human. But mistakes should be prevented to avoid unnecessary costs and to protect the company’s reputation since humans are distracted easily which can result in irreparable damages.
Therefore, AI can help minimize the gaps of inaccuracies and execute tasks based on strict guidelines meaning all you need to do is input your goals and requirements into the software and let it fulfill those specifications to generate error-free results.
Meanwhile, Let’s See What’s Happening in the World of AI
- AI-Generated Poetry – “The Box of Light That Had Been a Tree”
- Deloitte Canada Launches Deloitte AI Institute
- See Elon Musk’s Neuralink in Action as Pager plays a game of Pong
- Scientists create next gen living robots
- Artificial Intelligence could ‘crack the language of cancer and Alzheimer’s
- Fujitsu develops AI to detect product abnormalities during manufacturing
- Google’s AI reservation service Duplex is now available in 49 states
There’s more where that came from! Follow Tech News for latest updates and advancements in AI.
Also, want to know how you can implement AI in your business application? Give us a call because we are sure to have all the information you need.