Artificial Intelligence: The next big thing in business
- Last Updated: January 27, 2021
- 345 Views
- 3 Min Read
Hey Siri! Set a reminder to order groceries for tomorrow.
Hey Alexa! Turn on the living room lights.
Hey Google! Show me restaurants nearby.
If you are even moderately enthusiastic about technology, I'm sure you're familiar with the above statements. Artificial intelligence and digital assistance have improved the way we interact with our electronic devices. They have helped automate simple tasks without requiring much effort from users. AI has not just enhanced but helped reinvent products and services offered by many companies. From mobile phones to smartphones and light bulbs to smart bulbs, artificial intelligence has paved the way to a new world of automation.
The role of AI doesn't just stop there. For businesses, it offers a value beyond imagination. From data management to customer tracking, organizations in every field are identifying new areas to implement this technology to achieve maximum business efficiency.
Stepping into the world of business automation
AI is not the future because it is already the present. Businesses of every kind are considering artificial intelligence to solve real-world problems. Let's take a look at three examples of how AI has transformed the way companies handle things.
1. Application of AI in customer engagement:
The internet has helped many companies expand the reach of their products and services across the globe. With this also comes the great task of engaging consumers spread across time zones. Earlier, many companies found it a great challenge to provide a timely response to client queries. Now, however, the advent of chatbots has aided organizations to offer better assistance to their users. Chat automation has reduced the customer's waiting time while providing the right information that the consumer needs. Many companies have mastered the art of personalizing chatbots to an extent where clients often don't realize who they are conversing with.
Another interesting example is the use of AI in the retail industry. Many companies have now shifted their stores online to offer customers easier access to their products. AI has helped ecommerce websites build a customized shopping experience for every individual. Artificial intelligence gathers information—such as order history, search results, and brands the customers prefer—and offers tailored suggestions based on their behavior.
2. Application of AI in data management:
Data-driven business is nothing new. However, some companies have shifted their aim to make insight-driven decisions, and this is where they have identified the importance of cloud computing coupled with artificial intelligence. Augmenting AI into information management gives organizations better control of their data and helps drive valuable insights.
One great example is how cloud storage solutions use object detection while processing images. When an image is uploaded, the solution scans for all the objects within it. These objects will be tagged as metadata for the image, making it easier for users to locate files. Another example is how cloud storage uses AI to understand the sharing pattern of an individual and automatically offers suggestions.
3. Application of AI in banking:
Banking is one of the industries most affected by technology today. Tech-savvy customers expect their banks to offer a seamless experience at lightning speed, and this is made possible with the rise of AI-powered systems. These systems allow banks to easily analyze customer profiles, predict defaulters, and eliminate any possible human errors.
AI also assists banks in building a strong security system where every transaction is encrypted. Machine learning has also helped companies identify fraud accounts or illicit activity right away. For instance, AI detects any unusual credit card spending and immediately informs the customer to check if it was genuine.
Most of these examples are just small glimpses of how AI and cloud computing are aiding the business revolution. Whether it's in healthcare, finance, or manufacturing, various industries are implementing this technology into every segment of their business. Moreover, this revolution has extended across the non-technological industries as well. AI-based equipment and machines play a vital role in today's agricultural system. They help in enhancing crop production, automate irrigation, and monitor the harvest cycle, thereby reducing the farmer's workload.
Artificial intelligence and digital assistance have already grown past our expectations. However, this is just the beginning of a new era. With the speed at which technology is growing, we can expect a whole new world of unimaginable possibilities within the next 20 years.
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