AI has had a major impact on the way businesses operate and shows no sign of letting up.
Artificial intelligence is changing the way that businesses plan processes and products as well as interact with people in interactions with both employees and customers. According to the experts, the international AI software market is all set to hit $62 billion this year, representing an increase of 20%.
- 300% increase in investment in AI methodology this year across all businesses.
- 57% of businesses expect it to help improve customer experience and support.
- 20% of major retailers will use AI to personalize the brand experience from awareness through purchase.
- 20% of all workers will use automated assistance technologies to make decisions and get work done.
- 80% of executives say AI boosts productivity and creates new positions.
This rapid rush to digitization is changing the game for businesses in all sectors. AI offers a more streamlined, cost-effective, and smarter way of doing business. Which in turn allows businesses to build more agile and seaworthy operations in a particularly disruptive global economy.
From a professional perspective, organizations and businesses of all types are poised to implement AI as the spearhead of their imminent operations. This is best accomplished by gaining perspective and seeking to achieve coalescence in integrating AI-enhanced technologies in current operational procedures. The benefits of this approach are numerous, including but not limited to traction in the competitive markets, enhanced customer service, enhanced productivity, and a more satisfying workplace.
Eric Tyree, head of AI at Blue Prism, explained it like this: “We are about to discover that achieving corporate initiatives depends on the intelligent automation powering its processes, whether these be financial services, resilient supply chains, improved patient care, minimizing manual admin work, or anything else.”
“The capacity to maintain a competitive position in today’s markets will depend largely on staying ahead of the curve in this crucial aspect.”
Once AI-powered technology has been integrated to shoulder the weight of improving processes, organizations can then turn their attention to re-imagine the way they are doing business using this new digital perspective. This will ensure that the staff is then occupied with more purposeful duties, focusing more on the customer and less on other administrative tasks.
Tyree continued: “In the broad scheme of things, intelligent automation is only the first step in the full process of improvement and transformation. Intelligent automation makes operational management a simpler thing to implement. This can change the way that businesses of all kinds use their workforce, the ways it functions, and its full capacity. This understanding can have a strategic value to the company. “
“The capacity of robotics to do the heavy lifting will allow the employee’s population to focus on work that is more meaningful and complex. This focuses the attention on revenue-generating activities, which can make the way for a greater capacity and greater sense of fulfillment in your working staff. The final result is a more agile and scalable organization ready to meet the challenges of the future.”
“As more businesses begin implementing AI in their operations, we will see a greater impact of AI on businesses everywhere across the globe.”
The commercial world of today is fast-paced and highly competitive, which means that organizations will have to rely on their networks to operate on a day-to-day basis. Nevertheless, the challenges and demands of the markets are becoming greater as well. This requires the deployment of networking systems prepared to take on these challenges; AI and other autonomous capabilities will be essential to meeting the uncertain future.
The concept of automation, the idea that businesses can self-diagnose, self-provide, and self-heal has existed for a long time now. explained John Morrison, vice-president of Extreme Networks.
“But the recent advances made in the realm of AI have allowed these very automated networks to become a reality. As the name implies, an autonomous network can operate without any, or very little, human intervention. This is done by maintaining, configuring, and monitoring its processes with precision. AI has made a considerable impact on organizations by allowing their dated, error-prone networks, with many restrictions, to be transformed into something more enabling to the people who will be using these networks regularly.”
“There isn’t a business in existence that will not benefit from an improved AI-driven network. These advanced networks can perform many functions. For example, it could connect the paramedics aboard a helicopter to the doctors waiting on the landing pad. In a school setting, this advanced learning system could allow children with learning disabilities to overcome the challenges they are facing in learning.”
On the customer end of the interactions, digital systems will be greatly advanced by the AI deployment which aims to make things more engaging and efficient. While this is still in its formative stages, AI will begin improving personalization and customization which will see massive changes over time.”
“As we make the advance toward the metaverse era, greater emphasis will be placed on data points. This will allow AI to create custom-made experiences for your customers,” said Maja Schaefer, CEO of Zowie.
“In the future, all customer experiences with a brand will be designed for them. For example, when they enter a store in the metaverse, all the shelves will be stacked differently for each person.
“AI has already begun making improved online recommendations and ads targeted to specific individuals. In the future, it will go well beyond this and extend to the impact these interactions have as well. Over the recent years, we have already seen a considerable number of practical applications of AI in everyday life. This trend can only be expected to increase as time goes by. As AI begins touching every aspect of life, it is very important to remember to consider your customer’s privacy. Data being processed should remain anonymized and only be used for ethical purposes. ”
As AI continues its advance across the business and economic frontier, it is expected to impact many more aspects of operations in all sectors. The most immediate result is expected to be increased efficiency and decreased workloads for employees who can now be freed for other tasks. The biggest impact of AI will be for those companies that can implement AI into their production models the most efficiently. This will lead to the integration of improved processes into business models and the benefits will continue.
Alex Housley, CEO of Seldon, had this to say: “some of the greatest opportunities for full implementation of AI is in the healthcare industry — at the moment there is only a 36% adoption rate of AI in healthcare. AI can facilitate improved diagnostics and protein folding which has economic and social returns.
“We are also beginning to see increased implementation of AI in industries like logistics and construction where ML models are being used to improve services. One example is the use of ML in construction to increase the accuracy of their estimates when planning projects. This can also improve safety by detecting potential risks before the construction site is even chalk marked.”
“Another one of the reasons that AI is making such vast improvements in the construction sector is the skill applied by developers when creating models. This is enhanced by modern software solutions that allow us to compress these models and run them on cutting-edge hardware, which greatly increases the versatility they can provide. AI accessibility has also been increased due to improved technologies, like AI maker/teacher kits, low-code-no-code AI platforms, and AI marketplaces.
“What we can see here is another example of the pervasive advance of AI into every aspect of modern business. If things continue as expected, one out of every three enterprises will be implementing AI by the end of 2021.”