Artificial Intelligence (AI), once a notion confined to Sci-Fi novels, movies and research papers is now making a tremendous impact on society.
Artificial Intelligence is a broad and general term that refers to any type of computer software that engages in human-like activities including learning planning and problem-solving. There are several artificial intelligence applications in consumer and business environments today, ranging from Apple’s Siri to Google’s DeepMind.
Artificial intelligence in the business world, allows businesses to work smartly and efficiently, doing more with a lot less. Companies nowadays are searching for strong, innovative approaches that will enhance and streamline processes as innovation and culture continues to advance.
Artificial Intelligence (AI) is no longer an avant-garde concept today — it is a scientific approach to be planned for, by companies. Several early adopters are going on, switching to types of AI that are usually done by humans to execute or improve tasks. For example, robotic process automation is replacing repetitive tasks such as data entry; natural language processing is being used to generate meaning from human speech; and machine learning is now processing, analyzing, and acting on vast amounts of data.
In a Deloitte survey of 1,500 senior executives in the U.S., 76 percent said AI would change their company over the next three years, and 92 percent said the software was “important” or “extremely important” to their internal business processes. But, the survey also found, challenges abound—the high cost of implementation, the complexity of integrating AI technologies with existing systems, and a shortage of expertise among them.
As everything is getting connected, businesses now have the opportunity to gather more data, gain the insights they need and innovate. As a result, we are expected to see a much-needed industry evolution: quicker economies, learner activities, healthier companies, rising income, informed customers, and competitive businesses.
AI does not only change the way companies work, it also radically change the traditional thinking and sense of teamwork, competitiveness, and creativity. While most AI projects generate competitive advantage by perceiving an entirely new opportunity, improving current efforts, offering a market segment that others have missed, and creating new markets, embedded devices that feed a continuous stream of data on usability, use, output, demands, and more to a central location can enable even more interesting competitive transformations.
Business models have changed over the years, from the age of production and marketing to the era of partnership and knowledge. The emergence of artificial intelligence (AI) has changed the very nature of innovations, technology, and inventions over the years.
AI capability is already transforming the business across the nation by acting as a Support tool. AI can help businesses increase sales, detect fraud, improve customer experience, automate the work process and provide predictive analysis. We’ll look at some of the ways your company can benefit from Artificial Intelligence:
Automated chat systems allow small businesses to increase their customer service efforts and free up resources needed to interact with more difficult customers.
Using AI for Customer support, a big reduction in average handling time is seen. Moreover, it enhances the overall responsiveness of your customer service team.
AI can hyper-personalized customer experience by analyzing their profiles. AI speeds up the production of certain types and formats of content. With the help of AI vast quantities of data can be processed and make accurate predictions based on patterns that emerge from it. Moreover, AI can predict customer behavior and identify and nurture the most valuable leads.
Cloud-based AI applications are so refined that while analyzing big data they can quickly discover important information and related results. This provides business insights into previously undiscovered data, giving them a major marketplace advantage.
It may be bad news for recruitment companies, but AI is now helping businesses automate the recruitment of new employees. It is able to quickly sift through applications, automatically rejecting those which do not meet the company’s personal specification. This not only saves time (or money spent on a recruitment agency), but it also ensures that there is no discrimination or bias in the shortlisting process. The AI programs available can even take care of the many administrative tasks of recruitment.
Finally, AI is great in the sense that, based on data analysis, it can predict results. For example, it detects patterns in customer data demonstrating whether the products currently being sold are likely to be sold and the volume in which they are going to do so. It can also predict the decrease in demand for such products. This is vital information to help a business pick the right stock–and in the right quantities.
AI cannot offer empathy or emotion, traits native only to humans, it likely won’t have an applicable role in practice areas like psychotherapy, social work or in-depth customer service. While AI has won its place in every industry, it does not always perform best on its own. Enlisting human assistance brings it to its full potential and encourages all of us to take full advantage of powerful technology, making a contribution to the life of end-users.
The ideal AI-human arrangement is the one in which AI technology drives the lower-level, repetitive processes associated with completing a task, while human supervision ensures the timely and accurate fulfillment of that task.
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