Artificial Intelligence is going to reshape dramatically how companies do business. Machines are likely to play a significant role in making businesses more effective, responsive and important to the lives of consumers. From retail to healthcare and finance, all businesses use AI as an effective growth strategy.
Artificial Intelligence Speeds Up Business Processes
AI is already the catalyst behind some of the most profitable companies in the world, helping technology firms deliver a range of products and services through digital platforms. Companies like Amazon, Netflix, and Tencent lead the growth, creating personalized deals that change according to the choices and desires of the people. In the age of AI, market boundaries are becoming ever more flamboyant, with businesses forming alliances, even with rivals, and moving into new markets by exploiting their vast amounts of data and technology innovatively.
Artificial Intelligence and Machine Learning
According to Forbes, 2017 was a year of meteoric rise in artificial intelligence and Machine Learning. In particular, machine learning plays a major role in business digital transformation due to reduced data storage costs, as well as improved CPUs, and cloud computing that reduces computing power costs. Through harnessing AI’s ability, organizations will create more creative processes of automation and assistance in product development and manufacturing procedures.
Effect on User Experience
Some of the ways that companies can use artificial intelligence to improve the customer experience include the building of chatbots. The chatbots are configured to solve any problem the customer is facing, and provide them with solutions. Their mistakes of judgment are also minimized because of the lack of emotions. For insurance and finance in particular, by better understanding the behaviors of previous customers, AI can be implemented to reduce the risk of fraud or provide better underwriting for insurance premiums.
AI Never Sleeps
The AI system doesn’t take days off nor sleep nor get sick. It’ll be every hour of the day to address customer questions and issues. AI is more effective, and it’s much cheaper than humans. Corporate leaders are turning to AI to work regularly on paperwork, plans and schedules. AI is also used for virtual assistance, that is, to answer simple questions also falls under the VA category.
Providing Competitive Edge to Organizations
Organizations should spend not only because they’ll see a significant effect on the investment but also because they might not want to lose an edge over their peers. Across industries, the priority given to business domains in businesses suggests they are investing in AI in order to capture income productivity, but also in order to promote new enterprises. Companies need a strategic move to unlock the opportunity. Today, the majority are in the early AI stages. They will have a competitive advantage over the others.
Prospects of AI
30% of the businesses are projected to use AI by 2020 in at least one of their selling processes. Businesses that do not optimize their sales processes are left behind because AI equips salesmen to track leads. The customer experience is also greatly improved.