The Increasing Influence of Artificial Intelligence in Business
With the increasing prevalence of AI in our everyday lives, it is easy to see how artificial intelligence and machine learning are becoming more influential within businesses. Artificial intelligence has been applied to a number of business problems such as fraud detection, customer service chatbots and robotic process automation. The impact of AI on your company’s bottom line can be significant if you implement it correctly.
The influence of artificial intelligence in business is increasing. The use of AI has exploded over the last decade, and it’s no surprise that many companies are scrambling to keep up with this trend. Management consultant McKinsey & Company recently revealed some juicy statistics on just how influential AI will be for businesses in the very near future:
– Around 60% of firms surveyed predict they’ll have adopted enterprise machine learning by 2021 (up from less than 20%)
– 90% think their customers would want enhanced interactions if these technologies were available, such as chatbots or virtual assistants
– Nearly 40% see automation enabling a reduction in headcount across different job functions
– And more than 50% expect an impact on skills development
Which Companies are using AI?
IBM, Amazon, Google and Microsoft are among the most recognizable companies that have used Artificial Intelligence in their business. They offer voice recognition software for smartphones and computers, automated customer service chat bots to answer questions 24 hours a day on social media sites like Facebook Messenger or Skype, as well as product recommendations based on your online shopping habits.
The progress of artificial intelligence has surged in recent years. A large part of this is due to the emergence and proliferation of machine learning, a subset of AI that uses algorithms to learn from data without being explicitly programmed. With an exponential increase in computational power as well as vast quantities of information available online, it’s no wonder why many believe we’re experiencing a technological renaissance. As time goes on, more businesses are opting for some form or another of AI integration into their business practices- whether its hiring specialists who focus solely on developing these strategies or seeking out tools like IBM Watson which provide AI services over the cloud. Organizations are also beginning to see benefits outside standard cost savings; namely increased customer satisfaction and loyalty rates– with one study suggesting 37%
Is AI only accessible to Large Companies?
No. AI is beginning to permeate every corner of the economy and all businesses are using it in one form or another. For example, an agricultural company might use machine learning algorithms to anticipate demand for food by studying weather patterns that impact crop yields; a global manufacturing conglomerate might deploy deep neural networks to optimize production lines across dozens of facilities worldwide—or a small startup might be looking at ways artificial intelligence can help them design next year’s fashion line.
The growing adoption rate of Artificial Intelligence means there will be more high-paying jobs opening up as companies compete to hire experts who can solve their most challenging problems with automation, data modeling and analytical thinking skills. Is your organization ready?
What AI tools are available for Small Businesses?
There are many Artificial Intelligence tools available for small businesses. For example, there is a company called Nara Logics that provides business with predictive analytics software to help them make better decisions while reducing costs and inefficiencies. Instead of guessing which products will sell well on Black Friday or what countries might be interested in your new product line, this type of AI uses complex algorithms to analyze data from stores’ past performance and customer preferences to predict how they can maximize revenue over the next few months.
The point is: you don’t need millions of dollars to invest in order benefit from automation or artificial intelligence—many startups offer affordable off-the-shelf solutions—or even build their own custom bot using open source code like Microsoft.
Streamlining customer service with AI chatbots, such as the one offered by Conversica are being used in many businesses to provide a more personalised experience for customers.
A study conducted by Forbes found that replacing two human workers with an artificial intelligence robot could save $159,000 per year based on salaries and benefits alone. For some companies this is a small price to pay considering what they stand to lose if their customer’s loyalty slips away due to poor service or missed deadlines.
Another benefit of streamlining processes is productivity gains from automation which can increase output even when working fewer hours each day (think about how much time you waste every day filling out forms) and then there’s also the removal of office politics.
What will AI technology look like in the Future?
This is an interesting question, because the technology for AI will continue to change as it matures. It’s difficult to predict exactly what artificial intelligence will look like in 2020 or 2050. There are two possible paths that can happen with this exciting new technology: one path leads to a future where people and machines work side by side collaboratively. The other path could lead us into a highly automated society where human jobs become obsolete, which may be too much of a societal shift for some governments.
Regardless of whether you believe these scenarios are realistic, there is no denying that we have barely scratched the surface when it comes to how we use intelligent technologies today.