Entrepreneurs can extract leverage from Artificial Intelligence and Machine & Deep Learning without breaking the bank. In a modern era of technology, technologies are precisely shaping to maximize business growth and reforming the existing strategies.
Artificial Intelligence (AI) is one of the most popular and effective technologies impacting businesses today. The latest services are using AI technology which includes Amazon’s Alexa, Taxi services like Uber, and Facebook facial recognition. The AI software can analyze large amounts of data and can even envisage certain outcomes based on inputs. There is no surprise that plenty of companies are jumping on this trend.
AI helps companies to create a substantial qualitative strategy, minimizing cost, and increasing their bottom lines. If you implement a technology today, it will make an immediate impact on your brand. Major corporations have already started investing in AI technology, but many small businesses are slow to act.
What is Artificial Intelligence?
Artificial Intelligence is a field of computer science that focuses on the creation of smart/intelligent machines that can think, react, and respond- it solves complex problems just like humans. For those machines to act smart with intelligence, they should first provide ample information about the knowledge-based on the company’s input and experience. With abundant information, the machine starts to act and predict results by minimizing errors.
The term Artificial Intelligence was first coined in 1956 when scientists started exploring how machines work and started questioning if machines can solve problems like humans? By now, AI has become an integral part of the latest technology.
However, AI integration solutions are widely used in organizations across a wide spectrum of corporate businesses to automate, execute streamline tasks, and increase operational efficiency.
Why Does AI Matter for Business?
Around 10-15 years ago, many of the AI-powered solutions that are familiar today still seemed to belong to the “Star Wars” territory. But a decade in human years is an entire era in technology and Artificial Intelligence is no longer a futuristic concept. Companies are implementing Artificial Intelligence in most of the platforms, contributing more than ever to make our lives easier.
According to TechJury, a technology news website stated- approximately 77% of the world’s population uses an AI-powered device through any medium or services. Think about voice assistants such as Apple’s Siri or Google Now, which talk to you on various platforms, or personalized Netflix recommendations. These are all the examples of AI-powered solutions we interact with daily, without realizing their complexity and ingenuity.
What are the Types of Artificial Intelligence?
Companies should preferably look at AI through the lens of business capabilities rather than technologies. The AI supports a few crucial business models such as: automating business processes, gaining insight through data analysis, and fetching with customers and employees.
Automation of advanced & digital tasks — typically back-office administrative and financial activities—using robotic process automation technologies. RPA is more progressive than earlier business-process automation tools because the ‘robots’ act like a human, collecting data from various IT systems.
The second most common type of project in the study analyzed by Harvard business review found, approximately 38% of algorithms are used to detect patterns in vast volumes of data and interpret their meaning. Think of it as “analytics on steroids.” These machine-learning applications are being used to: predict what a customer would like to buy, identify credit fraud in actual time, and analyze warranty data to identify safety issues in automobiles.
Projects that engage employees and customers using natural language- processing chatbots, intelligent agents and machine learning were the least common type, as per Harvard business review owned by Harvard University in the United States.
Based on our research, we’ve developed a five-step structure for integrating AI technologies that can help companies achieve their objectives for business-process enhancements.
Chatbots to serve Customers
Chatbots is one of the most popular and effective AI applications used in customer service applications to facilitate information 24×7 support. The software was built-in AI that automates tasks and delivers the actual information required. It has been reported by the end of 2020, 85% of customer interactions were managed without human interruption. There is one more factor that encourages companies to adopt is ‘costing’.
At present- bookings, sales management, and customer service are the most common uses of chatbots.
Sooner or later people will realize the importance of personal assistants, the information which is executed most of the time by these assistants are true. Google’s assistance Google Now, Amazon’s Alexa, Samsung’s Bixby, or Apple’s Siri are currently the most well-known smart assistants. For small size businesses, they could assist by gathering more information online and reduce the workload of the employees.
Create a Multi-Term Plan
Stretching to do all at once for your business, can stress your budget and leave you with several partially-completed projects with no actual benefit. Focus on verified and tested applications that deliver direct benefits to the bottom line, such as chatbots and marketing tools. Next, focus on applications, such as data management and decision-making support. Finally, work with experts who can help you take machine learning to a new level as per your business needs. For example, you can form AI solutions for a client or businesses. Before moving from one strategy level to the next, calculate what went well and what could have been improved so you can repeat successes and avoid errors.
Talent and Human Resources
Many companies are not able to evaluate the human resources process, as such, they lack the staff to control productivity, improve employee engagement, and talent retention.
The AI automation of human resources management is possible through the programs equipped with AI. The intelligent breakdown of big data allows things such as optimizing the search, for new talented personnel or managing the existing ones.
Establish a Diverse AI Team
At some point in your business, you will require technology and data science experts on your team. It is also important to include people from HR, marketing, sales, and operations. This multifaceted group will help and establish AI priorities that will have benefits related to key business functions. And the universal approach should allow the team to evaluate multiple AI applications, to regulate the best fit for AI integration into existing technologies.
As AI continues to improve with time and advancement of technology, low-cost tools such as virtual assistants and chatbots are gaining penetration. As a result, small and medium-sized companies that adopt AI technology will have an edge over competitors.
By now you should be more encouraged to include AI technology in your business strategy and activities. As every business is different from the next, you should choose only those aspects of the implementation, which would return profits. Start with trending technology and then go big if everything goes according to the plan.
So what are you waiting for? Partner with Synkrama Technologies and experience results you never believed to be possible!