The transformational impact of Artificial Intelligence (AI) is already manifesting itself is different aspects of our everyday life, and business services and operations are no exception to it. A 2017 Gartner report had projected that AI would emerge among the top five investment focus areas for over 30 per cent of the CIOs across the world by 2020, and now that we’re in 2020, that figure corresponds well with the current market trends.
This focal shift toward AI has been propelled by the emergence of insights as the new capital for businesses. The better your speed of scaling those insights, the more value you can bring to your services and gain a competitive edge in the market.
Let’s take a close look at the benefits of artificial intelligence in business to understand its transformative power in full earnest.
How AI works?
To be able to use artificial intelligence in business effectively, you first need to understand how this technology works. Broadly put, AI is the tech that enables machines to learn through experiences, adapt their functionalities as per new inputs, and thus, perform tasks with human-like precision.
To do this, AI leverages large mounds of data combined with intelligent algorithms and iterative processing, equipping software with automatic learning abilities through recognition of patterns in data. Some of the most common applications of AI in business services today include chatbots, robots and digital assistants.
Benefits of AI for Businesses
Businesses across a spectrum of industry verticals today are making the shift toward incorporating AI in their processes. To leverage the benefits of artificial intelligence in business to its optimal potential, businesses must consider a more wholesome inclusion of smart technologies such as machine learning, deep learning, natural learning processing – all of which are major subfields of AI.
Deploying AI the right way, can lend businesses agility and a competitive edge in the following ways:
- Saving time, money and resources through automation and optimisation of routine and repetitive tasks.
- Increasing operational efficiency and productivity.
- Relying on cognitive technologies to expedite the process of business decision making.
- Eliminating the element of ‘human error’ through properly configured AI systems.
- Predicting customer behaviour through data insights and offering them personalised shopping experience.
- Generating quality leads for expanding the customer base through big data mining.
- Maximising sales opportunities, and consequently, increasing revenue.
- Establishing a position of domain authority through intelligent analysis, support and advice.
AI and Humans Work Best Together
There is enough evidence out there to establish that AI may not be cut out to deliver its optimal performance on its own. While it is a great tool to revolutionise lower-level tasks, optimal performance improvements require a blending of machine and human capabilities.
When you work with that basic premise, AI has immense potential to transform business operations. Since it is still an emerging technology, businesses adopting it must brace themselves for fast-paced changes and evolutions in the future.