Why Is Artificial Brain Power Required for Future Enterprises?
Artificial intelligence, that was once considered a science-fiction dystopia, has now developed and became more commonplace in our everyday lives( Enters Alexa, Siri, Google,etc.)!
And while it may surprise you, Artificial intelligence is not new. It has been around since 1956. Although it took decades to make the AI system a reality, it has now become an essential part of future businesses.
In fact, we have been interacting with artificial intelligence in some form or another. From natural language generation and image recognition to driverless cars and machine learning, AI has always catered to the needs of businesses.
But before we dig in further, it is essential to describe the term AI.
What is Artificial Intelligence?
A discipline in Computer Science, Artificial Intelligence is a broad and general term that aims to develop human-like abilities in a computational system. These abilities are generally deemed to be intelligent if performed by a human.
AI is nowadays used to serve many aspects of business, such as in customer services, logistics, manufacturing units, and in marketing/advertisements too. But many a time, people often confuse AI with Machine Learning. Machine learning is nothing but a subfield of AI. Most of the AI work involves ML in it since intelligent behavior needs considerable knowledge.
These technologies are rapidly developing and offering notable opportunities in various areas.
Let’s discuss some benefits that AI provides to businesses
Automate customer interactions
As more people are choosing to shop online, it has become very crucial for companies to provide them with better customer service. And this would require a large team of humans and immense monetary resources. But wait!
With the use of AI in customer service, marketers have now automated the communication process with the customers. That not only proved to be economically beneficial for them but also provided better customer satisfaction and increased revenues.
Artificial brain power helps businesses that require constant communication with a high volume of customers. With an AI-based software development company, you can seamlessly develop a chatbot or AI-driven communication system to efficiently chart with your customers.
According to research, 67% of people would prefer AI assistance over humans as office assistants.
AI interacts with customers and sends real-time updates to their queries. It also acts as an assistant and predicts what a user will type or search. It recommends the user or directs him to various actions. An example of this can be popularly seen in smartphones.
Another great benefit of investing in artificial intelligence software development is that it can predict outcomes based on analytical data. AI, while using big data analytics, can be beneficial in predicting future risks for companies.
Not only can it be used to predict the risks, but it can also provide safety measures for improving future growth and profits. This feature is very much used in industries like banking, retail, and even the health-care sector.
AI when integrated with cloud systems gives an immense advantage to businesses. It makes the use of big data analysis that enables the firms to discover meaningful and relevant findings quickly. Big data analysis is now increasingly used for biomedical and health-care informatics research. It is used to predict and monitor the outbreak of various infectious diseases such as Ebola. Hence, all in all, it is a perfect option anytime to invest in AI-based software development.
Improve the recruitment process
AI-based software solutions, for quite some time, has been strengthening its position in the recruitment-related landscape. They have so far provided quick, effective, and cost-efficient ways of finding potential employees.
Automation of the recruitment process not only helps companies to save time but also ensures a bias-free selection process. From a list of even millions, it quickly sifts through the applications, thus automatically rejecting the ones that do not meet the specifications.
Artificial Intelligence and Business Today
So far, we have discussed AI and its benefits. Let us now dive-in to know how AI is impacting modern world businesses.
In the global world, artificial intelligence has a wide range of uses. Many companies are now seeing AI as a supportive tool rather than a replacement for humans. Although some tasks are challenging for AI to process and program. But it is far more capable of quickly analyzing and storing a large amount of data than the human brain. And because of its continuous learning ability and a wider latitude of decision-making, AI proves beneficial for industries.
Leading companies across the world are harnessing their powers from banks, to call centers to the education sector, etc. According to research, AI has generated approx $1.2 trillion in business value for enterprises in FY2018.
AI has now become a commonly-used competitive tool for businesses seeking competitive advantages. From AI chatbots for better customer service to the use of data analytics, artificial intelligence in its many forms is seen by business leaders as an essential tool. Whether it’s a simple task of helping corporate staff efficiently or a complex one of monitoring wind turbines to predict its repair period, AI does it all. It also helps to transform businesses into a more intelligent enterprise that can align itself with its strategic priorities. While using AI, ML, and Big data, companies can gain the speed to innovate with the latest technologies, services, processes without delay.
Machine learning and other forms of language processing have also become far more appealing while helping big platforms to discover new tricks. Scientists have now made a breakthrough in machine learning using neural networks, which mimics the process of real neurons. Big data is now speeding up, and we may soon see more integration of AI technology in our everyday lives.
There is still more to come, but tremendous advances, particularly in deep learning (a subset of ML), are starting to impact AI. That will surely help society and businesses tackle a broader set of more complex problems. So it is profitable to shift your business to a more advanced AI process as soon as possible. And the best way to do that is to invest actively in AI-based software solutions. AI-based software will not only help you to enhance your overall business performance, but will also ensure an increased customer service, and optimized profits.
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