How Artificial Intelligence is Transforming Business in 2020?
A 30-Sec Summary
- Artificial Intelligence is a trending technology that is very important in business organizations and multiple industries. According to the reports, AI will contribute 13 trillion dollars to the global economy by the year 2030.
- The impact of Artificial Intelligence can be seen in every industry, from finance to education to healthcare. Tech giant, Accenture insights highlight that AI technology could increase productivity levels by 40% by the year 2035.
- AI technology is prevalent in our everyday lives, not only with Alexa at home but also in businesses everywhere, often interfering with diverse industries with amazing results.
- AI changes the way how businesses interact with their customers. AI-powered tools and machines help companies in creating profitable business strategies.
Artificial Intelligence (AI) is one of the most hopeful technologies that help businesses to remain competitive in this evolving digital market. Thankfully, AI provides incredible benefits to businesses. Most of the organizations have realized the real power of artificial intelligence and machine learning technology. AI renovates your business processes and makes your business future-ready.
AI uses machine learning and analytics to upsurge the efficiency of business operations, speed-up the production processes, and boosts overall business performance.
In this article, we discussed five specific areas of every business that are empowered using AI.
AI helps to deliver customer-oriented products and services. For instance, car manufacturing companies are empowering traditional robots to AI-powered robots to produce the most sought-after meet the models. Hence, using the updated and modernized flexible delivery processes, car manufacturers are witnessing strong sales.
Thus, the businesses can quickly adapt and customize the market trends with the help of AI.
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AI augments both accuracy & speed of existing business procedures. In particular, this feature of AI helps banking and finance institutions in detecting fraudulent act quickly.
Thus, Artificial intelligence identifies fraud quickly and efficiently. AI systems can monitor thousands of transactions simultaneously. The security of each transaction is guaranteed using AI technology with minimum human involvement.
Poor scalability always impacts business performance in real-time. But, AI-based systems help to automate every aspect of your business process. Hence, AI-powered machines provide faster processing and take very less time.
#4 Decision Making
AI-based machines can predict future market trends. For instance, by analyzing collected data, AI systems can predict that a particular part requires any maintenance or not. This feature of AI helps manufacturing companies in preventing equipment damages and device interruptions. Thus, AI helps to make a perfect business decision at the right time.
AI tools offer enhanced customer personalization. In particular, this feature of AI is completely modernizing digital marketing businesses. Brand expansion is ensured with AI.
Now, let’s learn about
How Artificial Intelligence Transforms Your Business in 2020?
AI Empowers Infrastructure With Intelligence
Artificial Intelligence can develop beneficial insights from the collected data. Primarily, this intelligence is very much useful in the Internet-of-Things (IoT). As IoT sensors collect a vast amount of data from connected devices, AI plays a vital role here.
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By doing accurate data analysis, AI machines deliver the best insights into data that helps you to improve your business performance to stay ahead of the competition in the market.
Further, using ML algorithms and predictive analytics, AI can analyze the buying patterns of customers. It helps to realize the latest business trends and to create profitable business strategies. Thus, AI offers intelligent business functions and opens new opportunities that boost your business.
AI Enhances Security
Maintaining the security of the system is essential for businesses, especially the companies that store and process customer’s data. In addition, the implementation of security measures avoids unexpected attacks on the systems.
It’s a fact that data systems are highly prone to attacks. However, many organizations have deployed AI to protect their information systems from threats. Hence, Artificial intelligence can easily detect, responds, and prevent data breaches in real-time.
AI Improves the Customer Experience
Digital transformation is providing immense opportunities to marketers as well as buyers. Service providers can attract more targeted clients, and customers can get a more personalized experience.
But, customers always expect more innovative services and tools. With increased access to many digital services, customers have high expectations regarding the products and services that they tend to purchase. So, AI is the best option to retain them in this competitive digital market.
Here, AI-powered Chatbot comes to place. Smart Chatbot is developed to guide and respond to your customers quickly. It interacts with customers, listens to their requirements, and provides a personalized experience.
AI Brings Revolution
With all the above features and benefits, AI for sure brings revolution in business processes.
The increasing network of connected devices leads to collect, store, and access more data from multiple sources. If you want to continue in this digital world, you need to transform your existing business methods. Implementation of AI models drives your business performance and makes you unique in the industry.
Now, let’s take a look at the recent case studies of some of the multinational companies that have improved their business process using AI technology.
Case Study of Companies that have Adopted AI technology
- Netflix creates content based on customer preference, minimizing its real-time access to customer behavior and increasing ROI
- Sberbank addresses customer needs in neighboring industries by creating technology-enabled platforms for real estate, healthcare and other services
- Ping An expands its smart health ecosystem by connecting patients, hospitals and insurers.
- Uber provides more convenient, faster and price optimized transportation with intelligent supply and demand
- Alibaba efficiently matches seller and buyers in both brick and mortar channels and online
- Airbus’s Skywise platform optimizes flight operations through in-depth usage, management and schedule data
- Adidas offers fast, customizable solutions to a wide range of tastes through 3D scans and fully digitized product chain of customers
- Nvidia’s Drving Constellations is a virtual driving environment that accelerates self driving tests by a factor 1,000 slashing time and costs.
As our age of AI develops and smart technology, there are numerous opportunities here to take their businesses to the next level. With the proper planning and right technology, Businesses can use AI to improve customer experience, increase security processes, develop intelligent infrastructure, and completely transform the business model on which they depend.
AI automates business procedures and allows organizations to come up with innovative business strategies. Using the power of AI, you can optimize your business and minimize errors.
As a leading AI Service Provider, USM Business Systems help your business to evolve as a best-in-class organization in the market.