Every day, we witness artificial intelligence (AI) changing the digital landscape. In doing so, we are left to wonder about a future where monotonous, manual work is automated with machine learning solutions. Much of the general public may not have a grasp on the true extent of artificial intelligence’s infiltration into everyday life, but most of us can see how more and more industries are relying on AI to innovate. In fact, the International Data Corporation predicts that spending on AI systems will reach $79.2 billion in 2022 and $114 billion by 2024.
By incorporating artificial intelligence, collaboration between AI and human employees can give organizations the ability to reach new milestones. Many organizations are looking to evolve their sufficient business practices to efficient ones and AI seems to be a clear choice. However, how does an organization go about implementing AI? What is the budget? Finally, what specific business practices could it support for already defined businesses?
Why should you invest in AI?
Most businesses have advanced since the old days of singular questions and answers. Now, even your phone apps can learn and understand where you’re going, what you might be doing, and maybe what you may even want to eat. If you notice, during these processes, there is no back and forth. Each suggestion is predictive rather than reactive, and businesses are utilizing these tools to target customers, improve their relationships, and reduce costs. That is the power of AI.
No longer do we live in the days of traditional “one size fits all” approach businesses used to take when dealing with their customers. Nowadays, every leading application can foresee events ahead of time and persuade decision-makers into favorable outcomes by delivering personalized experiences.
In short, AI strengthens client experience, increases engagement, and builds strong targeted communication. It accelerates the decision-making process by helping in gaining competitive advantages. Instead of getting overwhelmed by the huge volume, variety, and velocity of data, businesses can now use that data to utilize the advantages of using artificial intelligence.
How do businesses start with AI?
Before diving headfirst into AI, here are some questions to ask for yourself and your business:
- What are your business goals and objectives?
- Do you have large sets of data that you don’t know how to utilize for a competitive advantage?
- Do you need to be able to create actionable insights from customer behaviors?
- Are there potential revenue sources you may not be aware of, yet?
How important is AI in business?
AI has the potential to both transform and upend businesses. Executives need to understand the implications and how AI can affect their business to either propel themselves forward or prevent their competitors from catching up.
This includes learning about:
- Capabilities and Limitations of AI
- Supervised and Unsupervised Learning
- Machine Learning (ML) and Natural Language Processing (NLP)
- Neural Networks and Deep Learning
- Computer Vision
- Building and Managing AI Teams
- Predictive Analysis
- No Code/Low Code Platforms
Most importantly, executives need to learn how AI and emerging technologies can create business transformations and what needs to be done to prepare their businesses for integration. According to Oberlo.com, nearly 91.5% of leading businesses are already investing in artificial intelligence, indicating that adoption has become widespread.
How can AI help your business?
Artificial intelligence (AI) is progressively passing into everyday business use. From workflow management to trend predictions, AI has many different uses in business. It also provides new business opportunities.
Your business can use AI technologies for a multitude of different tasks. Here are a few solutions AI can bring to you:
Improve customer services – Virtual assistant programs to provide real-time support for users, such as for billing or troubleshooting.
Automate workloads – Collect and analyze data from smart sensors, or use machine learning (ML) algorithms to categorize work, automatically route service requests, etc.
Optimize logistics – AI-powered image recognition tools to monitor and advance your infrastructure, plan transport routes, etc.
Increase manufacturing output and productivity – Automate the production line by integrating industrial robots into your workflow and teaching them to perform labor-intensive or ordinary tasks.
Prevent outages – Anomaly detection techniques to identify patterns that are likely to disrupt your business, such as an IT outage. Specialized AI software can help you to detect and deter security intrusions.
Predict performance – AI applications could help determine when you might reach performance goals, such as response time to help desk calls.
Predict behavior – ML algorithms to analyze patterns of online behavior to better tailor product offers, detect credit card fraud, or launch customized advertising campaigns.
Manage and analyze your data – AI interprets and mines data more capably than ever before and provides meaningful insight into your assets, your brand, or your customers.
Improve your marketing and advertising – AI tracks user behavior and automates routine marketing tasks, such as email and ad campaigns.
AI and Your Business Future
The capabilities for AI are possibly the most expansive for businesses. AI can help your business gain valuable insights, cut down on costs, and prepare you for the technological revolution currently underway.
If you want to learn more about how AI can help your business, why not reach out to the leaders in AI development? Dash has been providing customized organizational solutions for over 10 years, and we are excited to help you move your company toward the future.
We’re technology experts with a passion for bringing concepts to life. By leveraging a unique, consultative process and an agile development approach, we translate business challenges into technology solutions.
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