Artificial Intelligence is accelerating at lightning speed and revolutionizing almost every industry. Several companies have already started implementing artificial intelligence in all types of business processes. In 2017, AI intrigued $12 billion of VC investment, according to a report by KPMG enterprise. According to another study, the artificial intelligence market will hit USD 190.61 billion by 2025. Certainly, business leaders are now done weighing the pros and cons of AI. Machine learning and AI implementation are seen as an essential tool in everything from better chatbots to data analytics for improved customer services and customized product recommendations. No matter which industry a business belongs to, AI can help it to gain a competitive edge.
In this article, let’s discuss popular brands harnessing the potential of this converging technology to create value and why companies should get on board.
Real-World Examples of Artificial Intelligence in Business
This artificial intelligence application is a smart robotic vacuum which examines the size of the room, recognizes issues, and determines the most effective ways for cleaning. This intelligent system also decides the amount of vacuuming required to do, based on room size. IROBOT generated $883.9 million revenue in its first year and has shipped over 100 million Roombas.
Pager avails machine learning, a predefined programming model programmed to make predictions, to assist patients with trivial pains, aches, and sickness. The system is designed to analyze clinical data for exploring barriers in patient healthcare treatment. Moreover, it helps in providing guidance, scheduling appointments, and making payments.
Reasons to Implement AI in Business
Let’s uncover some of the core benefits that AI brings to a business.
Excellent Customer Support
No matter how good quality services or products a business delivers, the most essential thing that contributes towards a successful business is better customer support. A customer hearts a personalized customer experience and AI chatbots can go a long way towards keeping your clients happy by providing outstanding customer care services. Ai-enabled chatbots offer several advantages when interacting with customers. Firstly, they help to provide instant 24/7 response while communicating with a much wider and unlimited number of audience per day. Also, it can provide automated simple transactions and real-time assistance to customers. For example, an airline company can make use of Artificial Intelligence applications to send customized travel information and real-time updates.
Improved Conversion Rates
A business’s main objective is to boost its revenue and increase the conversion rate. Machine learning, a subset of AI, offers businesses to increase profits with an innovative technology called computer vision.
Image recognition or computer vision holds the key to revolutionize the way we shop. A CV allows retailers to sell wisely and recommend related products based on the customer’s past behavior. At the same time, buyers leverage computer vision-enabled research to locate items, using pictures instead of typing. This simplified search mechanism increases customer satisfaction and conversion rates.
Better Data Security
Blockchain and AI Integration has the potential to save companies millions of dollars, especially in banking and financial services. Nowadays, preventing data theft is a crucial aspect of a business.Therefore, these state of the art technologies are here to help. Blockchain offers a viable alternative, eliminating the need for any human intervention. On the other hand, AI automates data processing tasks and detect malicious activity before they get started. If companies can recognize unauthorized access to data earlier, it will be much easier for them to respond to attacks and security incidents.
Data Mining is one of the most useful use cases of AI that few people know about. Artificial Intelligence can help organizations in data mining processes for discovering new avenues to automatically analyze, visualize, and uncover user data that facilitate the decision-making process. It identifies essential trends in patterns of data that go beyond simple analysis. These findings can help companies gain a competitive edge as they can modify their services according to current market conditions. Data mining conveys the information necessary for business prosperity and success.
Artificial Intelligence offers to automate processes and analyze large amounts of data within seconds. Task automation reduces the number of employees needed to perform tasks, thus lower costs. AI offers to execute repetitive jobs that allow employees to focus on more critical tasks. Moreover, AI-enabled systems require less time to make decisions as compared to humans. Another way AI can help companies cut down costs is by detecting errors before time.
Steps to Apply AI in Business Processes
Discover the Potential of AI in Your Business
Take advantage of the internet to understand what AI can do for your business. The wealth of online information and resources save business from making unavoidable and expensive mistakes along the road. Getting access to the right information is essential for growth opportunities. We recommend some of the best online courses( both free and paid) and resources to help increase your knowledge in areas like machine learning, cognitive analysis and data processing.
- Udemy’s online course: Artificial Intelligence for Business
- Future Learn’s e-learning course: Using Artificial Intelligence (AI) Technologies
- for Business Planning and Decision-making
- Udacity’s course: Intro to Artificial Intelligence
- Microsoft’s open-source Cognitive Toolkit for enterprise-grade deep learning.
- OpenAI, a very useful research library for deep-learning
Define Issues in Business
The next step is to identify and list down issues in the business which AI can solve. The goal is
to focus on specific AI use cases, specifically related to business. A company needs to
analyze internal business problems and ask the following questions:
- What are the business problems that require AI?
- What is the reason?
- Does the problem involve human-intensive, repeated tasks, or massive amounts of data?
- Will AI the right solution for the problem?
Get Help From Experts
Once you are ready with technology standpoint, it’s time to start building
and integrating. At this stage, keep the project goals in mind and align them with AI potential to boost
Businesses. Get help from AI consultants and experts ; combine people who know about AI with people who know about business risks and the stakeholders.
Provide Necessary Training
After the solution is developed, the next step is to reskill your employees. Not everyone adopts change easily, therefore, it is essential to prepare them to make drastic changes in their daily routine. Arrange training sessions and provide training run to keep everything running seamlessly throughout the adaptation.
Industries and businesses are leaning on Artificial Intelligence to drive digital transformation in their company. Businesses are increasingly exploring to leverage it to increase the efficiency of business processes, streamline output, and eliminate the guesswork from their decision making.