Artificial Intelligence has become one of the most important factors in the business world today. CEO of Google, Sundar Pichai claimed that artificial intelligence (AI) will be more transformative to humanity than electricity. The term “AI” was introduced in 1956 by John McCarthy an American computer scientist is recognized as one of the founders of the discipline of artificial intelligence.
In today’s world, a multitude of individuals find it challenging to carry on with their day to day activities without any interaction with a machine. This behaviour has already altered the landscape of business monumentally. Business managers and customers turned towards smart options and smart technology now more than ever.
Artificial intelligence can simply be described as the ability of a machine to show human-like intelligence possessing three major aspects; learning, reasoning and self-correction. It is the capability of a computer to perform tasks without supervision that normally require human brain work. A perfect definition was given in this regard by online market giant of the era Amazon, referring to it as “the field of computer science dedicated to solving cognitive problems commonly associated with human intelligence, such as learning, problem solving, and pattern recognition”.
Artificial intelligence will be beneficiary to your business in many ways. It saves time and money since systems work best in optimizing and performing accurately repetitive tasks and technology enables businesses to inform customers and employees of delays or expected completion times which will help to plan the process accurately. Further, it helps to peruse previous records of the business to determine common failures and inform employees beforehand, making them aware of realistic situations . Another benefit of AI is that it improves the customer experience and enhances a more personalized touch which subsequently attracts customers and makes them feel comfortable with recommendations based on their previous behaviour and purchases. Additionally, AI automates customer interactions. Although interactions with people require the human touch, today the system has drastically advanced with automation. AI helps by reading and analyzing information collected from previous interactions, training itself to deal with customers and respond to familiar questions accurately. Today’s latest technology can make accurate predictions based on data analysis where it can predict patterns of data about consumer behaviour. It can also predict, based on previous customer records, what are the items in most demand, customer choices and most importantly how future sales will be.
In fact 84% of enterprises believe investing in AI will lead to greater competitive advantage and global revenue. AI for enterprise applications is projected to grow from $1.62B (2018) to $31.2B in 2025.
The advancement of the technology in the last few decades has improved in an unimaginable way. To establish and thrive in the market these changes have to be adapted to in your business, without fail. Many business giants in the past years faced unexpected losses in their businesses since they were not able to improvise and adapt their business with new trends and technology. Even today, some may not be as serious about AI as it may look like tip of the iceberg but it has to be considered as it is an utmost important factor for the survival of your business.
