How AI will change the businesses forever?

 We live in the age of disruption. Industries are getting transformed. Small companies are slowly capturing market share and establishing their brand. The word monopoly in business is slowly fading and anyone with right strategies and innovative products can enjoy revenue share.

These early uses are still fairly limited, but huge advances in deep learning are starting to impact AI in ways that will soon help society and business tackle a wider set of more general problems. Such advances will also make it possible to automate more complex physical tasks that require adaptability and agility.

I believe AI has tremendous potential for improving the way organisations operate. This next wave of AI will enable companies to continuously adapt processes based on past experience.

This future AI has the potential to revolutionise how companies engage with customers, compete with each other, and grow within the market.

Companies or Industries which implement AI applications are going to become more diverse, as they will be powered with the ability to analyse data across multiple functionalities, fraud detection and high-class customer relationship management.

 

Role of AI in business

In spite of all the panic about predictions on artificial intelligence and how about robots taking over human jobs in near future, no one can deny the huge role of AI in business as it is increasingly revealing itself as more of an enabler than a disruptor.

1.    Market and Customer Insights

AI can play an enormous role when it comes to analysing market and your customers. Predictive analysis can be applied to the data assembled from system matrix, web matrix and social media to build a better and enhanced product. You can take customer experience to the next level through customer insights.

AI plays an incredible role for Start-ups. It can start-ups to explore opportunities to work on a different thought process and innovative new solutions for their business growth.

AI-based systems also optimise marketing strategies and can bring down marketing expenditure by providing the most effective marketing tool for your business and also by eliminating unlikely customers from the list of potential customers.

A lot of your customers are on social media and most of the business is taking place online. Artificial intelligence can also be used to understand important measures of social networks online.

 

2.    Virtual Assistance

Many companies are either using or planning to use artificial intelligence for virtual assistance. Companies deploy chatbots for various uses. The most important vertical is customer service. Many are not convinced of the idea of customers speak with a machine as it might stop working at some point, but there is potential in machine driven assistance with human-driven customer service.

For example:- In case of airline queries, an AI application can be used to solve small problems like the status of the flight, timings, alternative flights etc. Human agents can focus on more complex problems. Chatbots are used effectively by marketers to communicate with their potential buyers in a very interactive way.

Chatbots and virtual assistance can play a significant role in how customers are interacting with the technology. We strongly believe that in next decade virtual assistants could become a core part of our lives and more companies are going to use this to take their customer service to the next level.

 

3.    Process Automation

Since the last decade the thing which is rising the most in technology is automation. Various automation tools are being innovated and developed, which make business processes agile. The first ever automation tools were home appliances and later industrial robots were invented. In present day, advanced robots are working alongside humans in many places.

Industry leaders are predicting with the astonishing rise of AI, a new era of automation is emerging. AI is quickly automating routine cognitive processes. Smart algorithms are playing a crucial role in many industries like retail, hospitality, financial firms etc. These machines or algorithms not only do a very proficient task but also they can work 24 hours without a break.

 

4.    Data Unlocking

Previously, the amount of data a business was generating was less and so it was structured . It was easy to capture and store the data in a database. Business leaders were able to derive insights from the data generated for their business needs.

But later the entire scenario has changed. Data is no more structured and unstructured data that represents a large part of the information available to us. 80% of the data generated from online platforms are unstructured. Analysing unstructured data will be the most impactful factor for any business over the next decade.

 

5.    Effective Sales Process

Sales techniques and approaches hove moved far from doing cold calling and sending long emails. Consumers are influenced by so many other types of media, from TV commercials to social media platforms.

Sales team are using AI to get to know their customers better while offering tailored solutions. E-commerce companies are using AI to ask few questions to their buyers and based on their preferences they customise the product and show only the ones which can be the best fit as per the customer’s preference. This will increase the chances of conversion.

Without any doubt AI is changing the face of sales for the better transforming of the sales process.

 

AI statistics: measuring the impact

According to the Salesforce Research, “State of the Connected Customers”, the leading companies who are using technology to help them make better business decision through data and through better predictions of customer behaviour, a majority of customers(51%) say their expectations of companies are being influence by AI.

At the same time, AI-powered developments like individualised recommendations and automatic order fulfilments are raising the bar against which customers judge companies: 48% of consumers and 63% of business buyers now expect personalised offers. Checkout for more information:- “The AI Revolution” by Salesforce Research.

The technology has become the top growth area for sales team, and its adoption is forecast to grow 155% over the next two years.

At the same time, more marketers are using AI. Twenty-nine percent now use it, up from the 20% who used it extensively in 2017. Overall, marketers’ adoption of AI has grown by 44% since 2017.

 

How will future of AI affect the jobs?

62% of hiring managers say that AI will change how we work within five years. However, this approach isn’t about replacing people’s job with robots.

Experts predict that the future of AI will be characterized by broader levels of employment, because it’s technically difficult to automate unpredictable and complex physical tasks. And while machines may take over tasks involving high-volume, routine work, they don’t perform so well when it comes to abstract tasks involving human capabilities like empathy, judgement, creativity, inspiration and leadership. Innovating and managing people – to take just two examples – will be almost impossible to hand over to a robot, no matter how well programmed.

“There are some things about running an organization that I don’t think are going to change, even in the face of these crazy, powerful technologies” said Andrew McAfee, principal research scientist at MIT and co-founder of the MIT Initiative on the Digital Economy.

AI expert Dr. Kai-Fu Lee agrees. “Humans can’t just be substituted by machines or data” he said “I believed that creativity is something that cannot be replaced.”

 

Conclusion

The addition of AI in the industry has allowed small enterprise to implement tested and successful methods to achieve higher business goals. Start-ups are constantly gaining a competitive edge through AI, while big corporates are providing the platform to build innovative solutions. From serving as robot in manufacturing unit to self-driven cars and voice activated resources in difficult medical procedures, AI has become an essential part of reality.

Accenture forecasts that AI could boost labour productivity by 35% by 2035. These gains will come from computers doing what they have always been good at: allowing us to make better use of our time.

We are already witnessing a business phase where enormous technology-driven change is helping us to address a number of challenges in achieving optimum growth.

 

Thank you for reading.