Artificial Intelligence has been the talk of the town of late, as enterprises embrace it for several applications.
AI has taken over several functions cutting across industries, and also unlocked possibilities not feasible before..Here are the major ways Artificial Intelligence (AI) is taking over the corporate world.
1. Deep Automation and Customization Rules the Roost
The earliest commercial application of Artificial Intelligence was to automate and customize processes.
Most major enterprises now adopt Artificial intelligence to automate processes, and specifically personalize engagement with customers. The AI engine scours through the data available with the enterprise, to decipher customer wants, preferences, desires, engagement history, attitudes and more, and personalize the engagement. The human interface is either eliminated altogether, or greatly reduced.
Applying AI is a win-win scenario for stakeholders. AI based technology delivers a deeply interactive customer experience, in tune with what most customers want. Enterprises, for their part, reap the benefits of improved efficiency, better customer ratings, and lower operational costs.
2. The Dominance of Robotic Workforce
Human Resource is both a major cost center and a major unpredictable variant for enterprises. Many enterprises now deploy robots running on Artificial Intelligence to overcome the traditional pain points associated with labor.
The future of labor-intensive routine work, especially in assembly lines belong to AI programmed robots. However, with AI technology advancing, robots enter even non-routine activities, and work alongside human workers. Skilled professionals, such as consultants, lawyers, financial advisors and others have also started to face the heat along with blue-collared and unskilled workers, as AI-based solutions take over much of their roles.
A portent of the thing to come may be ascertained by the prediction of 80% of elderly care slated to be done by robots, not caregivers, in Japan, by 2025.
3. Improved Marketing Efficiency and Potency
One enterprise function where deep automation and customization is already well-entrenched is marketing. Marketers now apply AI to overcome the traditional pain- points associated with marketing.
Today‚??s highly aware customers are fed up with generic marketing. They seek information themselves, and when they do prefer to engage with a marketer, prefer one-to-one interactions.They also know what to buy and will rarely fall for the marketer‚??s sweet talk or push.
Businesses cope by adopting a more socially oriented approach and establishing trust networks. Success depends on being in the right spot prospective buyers seek information. Needless to say, AI-based algorithms and solutions enable the marketers to be at the right place at the right time and engage with the right message.
4. Dynamic and Real-Time Decision Making
Until recently, the bulk of the AI-powered automation was confined to ‚??dumb‚?? routine tasks. Corporates are now applying AI for decision making in a big way. ‚??Duelling AI,‚?? a smart AI based system, where one AI-powered system creates a realistic image, and another AI-based system attempts to decide whether the image is real or artificial, offers a prototype of the intelligent systems being unleashed on any problem domain. Tech giants like Amazon and Alibaba are already deep in research on this front, and it is only a matter of time before AI dominates decision making at all levels.
5. AI Gives a Big Fillip to Innovation
In today‚??s age of high competition and focus on efficiency, businesses and organizations increasingly rely on AI to launch innovative solutions, to improve efficiency.
The U.S. Army uses machine learning to predict repairs for combat vehicles. Google now applies machine learning to a patient‚??s health records and demographics to predict when a patient would die, with 95% accuracy! A research group has started to predict stock market performance accurately, using publicly available data.
Businesses and establishments are also increasingly applying AI to innovate and develop new cutting-edge products and gain a competitive edge. More and more corporates are entering the AI bandwagon by the day, to develop better products, and improve their internal workings
As cases in point, UK‚??s IntelligentX is all set to launch the world‚??s first AI brewed beer, and DeepFish in Russia is already using neural networks to identify fish. SkinVision, an AI-powered monitoring tool, uses computer vision to monitor suspicious skin boils
6. Blockchain gives a fillip to AI
In an age where cyber-attacks and cyber frauds threaten to take down the company itself, corporates are increasingly relying on Blockchain to verify identity and protect privacy. Blockchain offers robust, incorruptible and encrypted record keeping, and is easy to verify as well. Blockchain technologies also disrupt conventional business processes related to document authentication and searches in a big way. With Europe‚??s General Data Protection Regulation and other similar stringent data privacy legislation on the anvil across the world, there is now a high premium on the security of data. The role of blockchain is set to rise even more in such a context.
Most AI systems rely on a database of knowledge to make decisions. The application of Blockchain based databases allows enterprises to apply AI in an even better and reliable way. Blockchain also enables the application of AI on previously unfeasible domains such as the production of decentralized intelligence and A.I. algorithms.
Big corporate groups are now working overtime to stitch alliances and adopt blockchain. IBM, for instance, has created an alliance with Nestle, Costco, and Walmart to increase the efficiency of global food supply chain safety, using blockchain. In the meantime, several providers, such as SingularityNET leverage the blockchain technology to make available AI algorithms and other machine learning tools to anyone, making AI accessible even to small and medium, enterprises.
While most enterprises understand the importance of Artificial Intelligence in the wider scheme of things, not everyone succeeds. Success depends on a responsive digital culture which seeks to benefit not just the shareholders but all stakeholders, and above all the right AI-powered solutions which will enable enterprises to leverage the technology seamlessly.