It’s tough to discuss technology without artificial intelligence (AI), as it has become a red-hot topic in the tech industry. Many of us are unknowingly living with AI, multiple unseen algorithms that live on our devices, from smartphones to self-driving cars. Many tech giants have adopted AI, and many other businesses worldwide are starting to embrace it.
AI’s impact on business is no longer a distant vision; it’s a reality unfolding today. From optimizing workflows and efficiency with AI to leveraging machine learning (ML) for superior data sets, businesses are experiencing a transformative shift in operations and accessibility.
Businesses across industries are witnessing firsthand how AI adoption is revolutionizing customer experiences. AI-powered chatbots and virtual assistants provide immediate and personalized customer support, enhancing satisfaction and loyalty.
Moreover, AI-driven data analytics tools enable businesses to gain insights into customer behaviors, preferences, and market trends, empowering them to make data-driven decisions and stay ahead of the competition. This level of automation and intelligence streamlines processes and opens up new opportunities for growth and innovation in the digital age.
The benefits of AI in business have more options. For starters, it enhances the consumer experience, enables rapid innovation, improves revenue growth potential, reduces human error, and creates smart operations. These factors will work well in countless companies and help businesses stand out.
Industry experts caution that businesses not leveraging AI integration risk falling behind their competitors. Furthermore, AI adoption is projected to surpass USD 500 billion by 2024. A separate analysis by MarketsandMarkets (a research firm) predicted that the artificial intelligence for the business market will grow by USD 90 billion by 2025.
If you’re skeptical of how advancements in artificial intelligence will boost your business growth in the short and long term, this blog post will help you. Let’s dive into the crux of the topic.
What is Artificial Intelligence?
Artificial intelligence is not new—it dates back to 1950 when Alan Turing introduced the concept in his pursuit to crack the Enigma code. Stuart Russell and Peter Norvig coined the term in 1995. Artificial Intelligence has gained more popularity in today’s technology thanks to advanced algorithms, data volumes, and computing storage and power improvements.
Artificial intelligence is the development of computational programs that enable a server to perform better. For example, speech recognition, word translation, visual perception, and decision-making are all things that would need human intelligence, but computer uses their capabilities and intelligence to solve these tasks.
Artificial Intelligence technologies vary from robotics to speech. We can witness AI in business applications in everyday scenarios, such as online customer support interactions, financial services, fraud detection, and retail purchase predictions. The goals of AI include reasoning, learning, and perception.
Useful Link: All You Need to Know about Artificial Intelligence as a Service (AIaaS)
Why is Artificial Intelligence Important in modern technology?
Instead of automating manual tasks, AI in business can perform high-volume, frequent, computerized tasks without fatigue. In most cases, AI adds machine intelligence to existing products to improve and enhance products. For instance, Apple created a massive buzz with the Siri assistant on the iPhone. Moreover, smart devices, automation, and chatbots with a large volume of data can improve several technologies at the workplace and at home.
AI performs voluminous, frequent, and computer-generated tasks more realistically. However, human skills are necessary to ask the right questions and set up the system. AI in business has numerous benefits, including aggregating business data and streamlining the job process.
With the adoption of AI, industries are attaining outstanding accuracy. For example, when the user interacts with Alexa, Google searches and Google pictures are all based on deep learning and become more accurate the more we use the application.
From fast food to finance, health services to real estate, artificial intelligence has been adopted in various industries to innovate operating and business models. Moreover, artificial intelligence will grow global economic output by USD 13 trillion in 2029. A report by Deloitte of 1900 respondents from around seven nations found that 65 percent of users stated that their AI expansion implementations are witnessing a competitive advantage.
Benefits of AI in Business
The most common benefits of artificial intelligence for business are machine learning, customer relationship management, cybersecurity, innovative pricing, and automated recruitment.
1) Machine Learning (ML)
Machine learning technology, such as micro-blogging sites, bank transfers, and online shopping, is used everywhere. Machine learning is a tool used to build a system that improves and learns the system’s performance generated on the data consumed.
2) Customer Relationship Management (CRM)
When Customer relationship management is combined with AI expansion capabilities, it will assist your employees in being more productive and increase their efficiency. It can guide them through specific tasks like managing calendars, making phone calls, scheduling meetings, taking notes, and assisting them in every manual task.
3) Cybersecurity
Cybercrimes are not decreasing everywhere as cyberattacks are growing in complexity and volume. Even a single error in coding may lead to a cyberattack where hackers can identify a vast volume of data from an app or website. AI adoption can lower the risks of cyberattacks and improve cyber security.
4) Smart Pricing
One of the challenges that every organization faces is determining the cost of a service (or) product. To determine the price of a service, you need to research a lot of information, such as customer reviews, production cost, customer activity, competitor’s prices, etc. Implementing AI and ML tools and enough data will help you plan the best pricing for your product or service.
5) Automated Recruitment
One of the recruitment crew’s essential tasks is screening out the best candidates from the pool of applicants. Most organizations struggle to pick the right candidate for the job. Artificial Intelligence for business can make the recruiting process more accessible. AI can screen the best candidates, track them down, and schedule the interview according to the process. It can also predict how long the candidate will remain in the company. Therefore, AI advancement can save time and money by screening the right candidate for the position.
Useful Link: Overcoming Challenges: Implementing Generative AI in Healthcare
Which Industries Will Undergo Transformation Due to AI?
The influence of AI is reshaping numerous industries worldwide, but specific sectors are experiencing profound transformations due to these cutting-edge technologies.
1) Automotive
AI technology is revolutionizing the automotive industry by enhancing the capabilities of self-driving vehicles. These vehicles are equipped with advanced AI-based software that processes data from various sensors to make real-time decisions while on the road. This technology not only improves safety but also opens possibilities for more efficient transportation systems and enhanced user experiences in the future.
2) Finance and Banking
ML and deep learning play pivotal roles in finance, especially in banks and financial institutions. They analyze customer interactions, such as chat conversations, to gain insights into individual preferences and situations. This data-driven approach enables institutions to provide personalized advice and tailored solutions, enhancing customer experiences and strengthening relationships.
3) Healthcare
The healthcare sector is rapidly adopting AI technologies to improve patient care and accessibility. One notable development is the creation of virtual healthcare platforms that serve as the primary interface for patients seeking medical assistance. These platforms leverage AI expansion capabilities to offer various services, from providing medical guidance and advice to facilitating remote video consultations with healthcare professionals. This innovative approach enhances patient convenience and streamlines healthcare delivery by decreasing the need for physical visits and enabling timely interventions.
Useful Link: 10 Ways Artificial intelligence (AI) is Transforming DevOps
Is AI better than Humans?
The world’s richest man, Elon Musk, with a net worth of USD 257 billion, said that Artificial Intelligence (AI) would replace humans in upcoming years. When Elon Musk worked on Artificial Intelligence for Tesla cars, he expressed his opinion that AI advancement could become much more innovative than people in the future.
We are headed toward a situation where AI is vastly smarter than humans. I think that the time frame is less than five years from now. But that doesn’t mean that everything goes to hell in five years. It just means that things get unstable or weird,” Musk said. Advancements in artificial intelligence are becoming more advanced daily, surpassing human intelligence in some areas.
A recent analysis by the University Hospitals Birmingham stated that AI correctly detected a disease condition with 87 percent while healthcare experts detected it with 86 percent accuracy. Moreover, medical professionals can diagnose in 10 minutes, while AI technology can simultaneously make millions.
Humans make mistakes, but computers don’t make errors if adequately engineered. Organizations have replaced human employees with intelligent machines in the financial industry, service delivery, manufacturing, and recruitment.
Humans think more expansively and can imagine, judge, feel, and anticipate short-term and long-term situations. At the same time, AI advancements can estimate the available data. If we trust AI too much, we may get into trouble. Unfortunately, AI failed in some cases, like Uber’s self-autonomous car killing a pedestrian in 2018 and IBM’s Watson Supercomputer advising unsafe and incorrect cancer treatments. All these issues have raised queries about AI being a part of our lives.
Conclusion
AI is one of the disruptive technologies reshaping business today. As evident from the above information, adopting AI can scale your business and give you a competitive edge. Many organizations are implementing AI technology in moderation now and have aggressive plans.
Most experts say the future of artificial intelligence can be seen in domains like education, marketing services, financial services, health care, and professional services, which could become more valuable and less expensive worldwide. Adopting AI technology can easily avoid human errors, improve decision-making, process data faster, and avoid repetitive tasks.
Are you looking to add AI technology to your business? Then you are in the right place. Veritis, the Stevie and Globee Business Awards winner, combines business intelligence and tech expertise to deliver the best results for your organization. Veritis is one of the best companies to help you implement AI technology more effectively for your business requirements with a cost-effective solution.
Explore Digital Transformation Solutions Transform Your Business
[WPSM_AC id=13910]
Additional Resources:
- AI and IoT Collaboration in Addressing Industry Challenges
- The Role of AI and ML in Detecting Retail Fraud
- Securing the Future: AI Automation Tools in Cybersecurity
- Impact of AI in Telecommunications Industry
- 7 Essential AI Tools Every CTO Should Be Familiar With
- AI and Cybersecurity: Defending Against Evolving Threats