How AI will transform the business- The modern field of Artificial Intelligence came into existence in 1956, but it took years of hard work to make momentous progress toward developing an Artificial Intelligence system and making it a technological reality.
We live in an age of disruption where industries are getting transformed with the invention of new technology, while the advantages of AI are still not used widely across all the sectors of the businesses. As per data scientists’ research, more than approximately 60% of the businesses will interact with AI technology. From the mundane to the breathtaking, Artificial Intelligence is disrupting virtually, every business process in every industry. In the next few years, the AI technology will bloom and will get more advanced with the machine learning process, which will become an imperative for businesses that want to maintain a competitive edge.
What is Artificial Intelligence?
Artificial Intelligence simply means through software advancement when a machine starts to think and work like humans. But more scientifically AI can be described as – it is a wide-ranging branch of computer science concerned with the advancement of smart machines capable of performing tasks that require human intelligence. By the time AI had shown smart growth in business, high-advance machine learning & deep learning are creating a paradigm shift in every sector of the IT and tech industry.
Now the question is, Can Machine Think?
Well to answer this, let’s get back to history, wherein less than a decade after breaking the Nazi encryption machine Enigma and helping Allied Forces in World War II, mathematician Alan Turing changed the history by raising a simple question: Can Machines Think?
‘Computing Machinery and Intelligence’ Turing’s paper in 1950, established the fundamental goal and extended vision of AI. Well, the expansive goal of Artificial Intelligence has given a rise to many questions and arguments. So much so, that no remarkable definition of the field is universally accepted.
Why Artificial Intelligence is Important for Businesses?
Companies or organizations that implement AI applications become more diverse, as they will be powered to analyze data across multiple business platforms like fraud detection and maintaining high-class customer relationship management. This will add extra functionality to obtain a competitive edge.
The work for AI is to think like humans and find solutions for complex business problems. This bears a resemblance to adopting characteristics from human intelligence and implementing them as algorithms in a computer-friendly way.
A well-recognized research firm Gartner Inc. stated that over 40% of them plan to actually deploy AI solutions by the end of 2020: opting it over simple verbal communications.
Machine learning is a part of Artificial Intelligence that has also been applied to intelligent implementations, that include smart cars, robots, and electronics consumer goods along with business solutions. By adopting these technologies in the business, the process in the working environment gets automated. Work hours can be reduced and human brains will find more creative thoughts or brainstorming and come with a few newer ideas for researching and innovation.
Many AI influenced apps help businesses to reinforce their workflow by allowing business leaders to spend more time on business growth and expansion- while consuming less time on mundane operations.
What is Machine Learning?
Machine learning is the most common AI which is used in the process of business development. It is widely used to process large amounts of data rapidly, these types of AI are algorithms that appear to learn over time and it gets better over time.
The process of learning begins with observations or data such as instruction, it helps businesses to make better decisions in the future making process. It primarily allows the computers to learn automatically without human intercession and which as a result, they adjust actions accordingly.
How AI will transform the business?
Despite all predictions on AI and how robots will be used in almost all sectors in the industry in the near future. No one can deny the role of AI in business as it is increasingly illuminating itself as more of an enabler than a disruptor.
Many companies have already implemented or planning to implement the use of Artificial Intelligence for virtual assistance. Companies deploy chatbots for users to enhance customer service. It has been observed that many people are not interested in chatting with a machine (artificial voice) at some point it might not respond to your question, but we cannot deny the potential in machine-driven assistance with human-driven service.
Let’s take an example: In the case of flight queries, an AI can answer you the flight status, timings, and other basic details but a human is still capable of solving complex queries. But by the time of 2025, chatbot and virtual assistance will play a significant role in how customers are interacting with the technology. We believe these technologies will be part of our life and companies will effectively use this technology to their customer service.
Nearly around 10 to 15 years ago, the amount of data business generated was well structured and comparatively less in volume, which was easy to identify, capture, and store in a database. With the current and future analysis, data is no more structured therefore an unstructured data signifies a larger part of the information. Around approximately 80% of the data generated from online sources are unstructured, by considering this, the unstructured data will be the most impactful factor for any business by the year 2025.
Providing good customer services enables you to grow your business and unlocks the potential to become a global leader. Few reputed companies use AI to identify customer personalities, and those customers can be offered compatible services.
Market & Customer Insights
AI can play an enormous role in start-ups. Small firms or businesses can explore opportunities to work on a different thought process and unlock new solutions for their business transformation and growth. Predictive maintenance costs would help start-ups in cost reduction on regular quality checks.
Apart from this, AI also plays a vital role when it comes to analyzing the market structure and your consumers. Predictive analysis can be formed and applied to the data assembled from the web matrix and social media to build a superior product.
With the rise of customers on social media, Artificial Intelligence can be used to understand the essentials measures of social networks online. For example- if you plan to buy a mobile from an online platform and somehow if you change your mind. As a result, whenever you login into your social media or your Google account – the advertisement of the mobile will reflect on your screen.
The addition of AI in the industry has allowed small enterprises to implement successful methods to achieve higher business goals. With the advancement of technology, start-ups are constantly gaining a competitive edge through AI while big organizations are providing the platform to build innovative solutions.
Robotics technology is already involved in the car manufacturing company and voice-activated resource used in medical procedures. AI has become a need and part of reality.
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