Artificial Intelligence (AI) never cease to enthrall us. The possibilities of AI is beyond all imagination and exceed fathomable boundaries. All those movies featuring AI devices and robots though appreciated by audience worldwide (thanks to the VFX), seemed too good to be true until now. Applications of artificial intelligence are vast and widespread across multifarious industries. The advent of technologies like the Internet of Things, big data analytics, cloud services, etc. have paved the way for solutions driven by Artificial Intelligence. Although we are yet to tap into the real potential of AI, businesses are trying to fit in. No one wants to be left behind in the race of technology.
So, how exactly is AI going to benefit businesses? Let us try to figure this out.
Time and Money Saver
Automation and AI go hand-in-hand. Just as machines automated physical labor in the industrial era, AI has taken up the responsibility of automating routine processes. This is achieved by technologies like Virtual assistants, predictive forecasts, and duplicable process automation etc. thus allowing resources to focus on tasks that add value to the business. Automating routine processes brings out a certain level of proficiency in the whole system which saves a lot of time which in turn saves money.
Stay Ahead of Times
The businesses that have already started penetrating deep into AI certainly have an edge over those businesses that are still in the testing phase with AI or that have only moderately implemented AI. A study by McKinsey Global Institute says that companies/firms who have implemented advanced AI are 52 % more likely to intensify their market share & 27% more likely to account for a growth when compared to companies/firms who are in their starting phase with AI. Early adoption of AI is only going to benefit the companies in a longer run, considering the enormous capabilities of AI.
Recently, Future Group, a $4.4 billion dollar company announced their new strategy which focuses on digital integration with 350 stores in the grocery. The group plans to implement virtual personal assistants in 10,000 stores in five years.
“We will use everything from chat apps to machine learning for a complete digital retail experience,” says Kishore Biyani, the Chairman of Future Group.
Companies realize that Customer Relationship Management is highly critical which could make or break businesses. No one would ever want to compromise on this. With virtual assistants taking over this part, interacting with customers, personalized notifications, responding to customer queries irrespective of timings etc., handling CRM becomes a breeze. Chatbots and intelligent systems can be used to connect to customers 24/7. They don’t ever need to go on a leave or take rest in between duties. A well-organized CRM using AI is sure to enhance business taking it to the next level.
Market and Business Insights to Aid in Growth
There is so much data out there in cloud databases and on the web to be generic waiting to be extracted and processed. As is stated, data is “the new oil”, data acts as the raw material of the digital economy. Artificial Intelligence can help businesses in data mining and can process billions of data points in the blink of an eye. These can provide insights that add tremendous value to business aiding them in their growth. AI, as you know is ever-learning. It learns and adapts. The insights that are derived can be used for the betterment of the processes of a business. A report from Avendus Capital shows great growth in profit estimates of AI firms and they are expected to reach USD 3.06 billion by the year 2024. This only substantiates how AI-provided insights and data add immense momentum to the growth of the business.
We have barely scratched the surface of what AI has in offer. As the research progresses and learning continues it will soon be evident that AI is the future. The companies that can best harness the possibilities of AI are certain to emerge the winners.