How Artificial Intelligence is Transforming Business in 2020?
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 2030.
- The impact of Artificial Intelligence in business can be seen in every industry, from finance to education to healthcare.
- Accenture insights highlight that AI technology could increase productivity levels by 40% by the year 2035.
- The benefits of AI technology in business are prevalent in our everyday lives.
- AI changes the way how businesses interact with their customers. AI-powered tools and machines help companies in creating profitable business strategies.
The Role Of Artificial Intelligence In Business
- Artificial Intelligence (AI) is one of the most emerging technologies that help businesses to remain competitive in this evolving digital market. It delivers incredible benefits to businesses.
- Most organizations have realized the real power of AI and Machine Learning technology. They believe that AI renovates their business processes and makes your business future-ready.
- AI, along with ML and analytics, improves business efficiency, automates the production processes, and boosts overall business performance.
In this article, we discussed five specific areas of every business that are empowered using AI.
Benefits of Artificial Intelligence in Business
Artificial intelligent helps businesses in many ways. Implementing AI in business helps to deliver customer-oriented products and services. For instance, car manufacturing companies are using AI-powered robots to produce the most sought-after models. Thus, AI-based flexible and customizable solutions that meet your business needs.
AI augments both the accuracy & speed of existing business procedures. Artificial intelligence in business automates processes, makes faster business decisions, and protects enterprise information systems.
For instance, AI helps banking and finance institutions in detecting fraudulent acts quickly.
Artificial intelligence applications identify frauds quickly by extracting irregular patterns from a user search. 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. AI-based systems help to automate every aspect of your business process. AI-powered machines provide faster processing and take very little time. Thus, AI in business saves time and increases productivity and operational efficiency.
#4 Decision Making
AI is changing the way businesses used to make decisions towards their operations and services. AI helps enterprises unlock business insights to make smarter decisions.
AI systems extract valuable insights from large data sets in minutes. It might consume days if it is done through a manual process. By integrating their information systems with AI, businesses can analyze customer data and get useful insights for making the best business decisions.
AI-based machines can also predict future market trends. For instance, by analyzing collected customer data, AI systems can predict what customers are looking for and which product has more demand in the market. This strategy would work for retail and e-commerce businesses.
Accordingly, this feature also helps manufacturing companies in preventing equipment damages and device interruptions. Thus, AI in business helps to make a perfect business decision at the right time.
AI in business improves the customer experience. 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.
Here, AI-powered Chatbot comes into 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.
#6 AI for Brand Expansion
Brand expansion is ensured with AI. Digital transformation with AI is providing immense opportunities to marketers. Service providers can attract more targeted clients by offering smart AI-based applications and solutions.
By ensuing personalized customer experience, artificial intelligence in businesses positively impacts the brand momentum.
#7 Streamline sales efforts
The importance of AI in business is infinite. AI-integrated customer support tools help businesses build strong customer relationships. Similarly, such AI tools also help businesses in extracting qualified leads and reducing customer churn.
AI Enhances Security
Maintaining the security of the information system is essential for businesses. To protect the systems from attacks, AI helps out businesses. Artificial intelligence in business can easily detect, responds, and prevent data breaches in real-time.
Simply, by using AI technology in business, you will gain the ability to:
- Automate and optimize conventional business processes
- Save time and money
- Enhance productivity
- Make quick business decisions
- Reduce errors
- Predict customer preferences
- Offer personalized services
- Maximize sales opportunities
- Generate quality leads
- Finally, increase revenues
Now, let’s look at the recent case studies 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 afully digitized product chain of customers
- Nvidia’s Driving Constellations is a virtual driving environment that accelerates self-driving tests by a factor of 1,000, reducing time and costs.
Whatever the reason for AI implementation in your business, this advanced technology brings automation and alters the way you do business. It allows organizations to come up with innovative business strategies.
As a leading AI Service Provider, USM Business Systems help your business to evolve as an AI company in the market.