Although the acceptance of artificial intelligence (AI) is fairly new in mainstream society, it is not a new concept. The technology was first introduced in 1956 and since there has been high optimism that this technology would be able to carry out basic human functions within the following 20 years. It has taken decades to get to the point where AI technology could incorporate multiple systems that work in tandem to enable machines to sense, learn and comprehend. Now, AI is disrupting practically every job in every industry and, if utilised correctly, can give your company a serious competitive edge.
When looking at AI on a broad spectrum, it supports three essential business needs; automating business processes, gaining insight through data analysis, and engaging with customers and employees. In today’s tech-driven and ever-changing business landscape, competition across industries has become increasingly brutal and difficult by the day. Now more than ever emerging technologies like AI should be implemented in order to take advantage of opportunities that allow for accelerated growth.
Cloud databases allow for richer business insights
The sheer mass of data stored in the vast cloud database are useless unless it can be extracted and processed to determine patterns and trends. Machine learning mines through these databases to find unique gems or patterns hidden in the datasets – this is done by quickly and efficiently scaling billions of data points. The most advantageous thing is that this form of AI ‘learns’ over time, getting better and more effective the more often it is done.
Business automation
The advances of AI technology have led to the automation of work – starting the new age of the business workforce. AI technology is redefining industries by automating jobs, from factory work to administration positions – allowing human capital to be used in more useful instances. Generally speaking, AI is also more accurate than humans. Although not error-free, AI makes decisions based on the available data and does not let opinions or emotions cloud judgment. AI can also be used to streamline inventory management and recruitment processes – increasing productivity and minimising tedious tasks. Automating mundane tasks, AI allows human resources to be used in areas where they can provide increased value.
Enhanced customer experience
AI provides customers a personalised experience that can increase customer engagement, loyalty, and sales. A big advantage of using AI is that it’s able to identify patterns in customers’ browsing habits and purchasing behaviour, mining through the data of millions of transactions stored on the cloud to offer highly accurate product choices to those most likely to purchase. AI is also automating customer interaction with chatbots, automated replies, and other tools that require no actual human interaction.
Through analysing collected data from previous communications, programs can be created to automatically reply to customer queries. These AI platforms combined with machine learning become better at these interactions the more that they are utilised – meaning automated customer interaction will only improve over time.
With the increased adoption of this technology, it is becoming increasingly difficult to maintain a competitive advantage without AI. The rise of AI has completely changed the landscape of the business world, creating entirely new fields while displacing others. Whether rocky or rosy, the future is coming and AI is sure to be a part of it – proactively reshaping the economy.
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