Artificial Intelligence (AI) is not a term that has suddenly exploded in recent times. The concept has been around for decades, gradually evolving just like any other science. Today, it seems to be a buzzword that seems to have a powerful impact on the way businesses are run.
One view defines AI as a conglomeration of three traits – the ability to learn, predict, and surprise.AI has the ability to mine data quickly and draw inferences that would take humans a whole deal longer to discover. Thus, enterprises can gain new insights, reach out to their customers more efficiently, make informed decisions, and drive business outcomes.
A composite of many wonderful technologies
AI encompasses a bigger umbrella of technologies such as NLP, image processing, voice recognition, text-to-speech, machine learning, and deep learning. These bundled into smart algorithms and with abundant computing power, can help to create business models that are based upon actual data with huge impacts across the company.
Use of AI can span areas like creation of virtual assistants and chat bots in areas of customers service, healthcare, consumer products, interactive games, etc. to name a few. Personal home assistants based on AI are becoming increasingly popular. Amazon’s Alexa is a gaining interest as the bot has the ability to self-learn and adapt to personal preferences quickly through the efficient use of AI.
On the other end of the spectrum are totally self-driven cars and robots that can function independently as spectacular manifestations of AI. In between these, there are many use cases that can help business leaders leverage for “quick wins” via AI to get a competitive edge. Autonomous drones, AR/ CR, automated retail stock monitoring are all examples that use AI. Walmart has recently tied up with Google to launch voice-activated shopping experience for its users.
Most of the major tech players have been experimenting with AI. Baidu, Microsoft, and Google also offer technologies like Computer Vision Technologies (CVT’s) for their image processing solutions based on AI. These can help to detect, track and classify people in real-time, for instance, in physical public environments.
Change of paradigm
One major advantage of conversational AI platforms is the shifting of onus from people to get familiar with new technology or systems to the system learning to familiarise itself with human behaviour and expectation. This can translate into huge benefits for companies as using a new technology to their advantage will no longer be a long cumbersome process. AI’s quick learning can make adoption to the new technology across the enterprise a quick and smooth transition.
Deep neural networks (DNNs) are the soul of advanced analytics that can be used by companies to get powerful predictive analytical capabilities. This can be used across various functions in an organization including customer service, marketing, HR, production, and claims. The insights can help drive automated event-detection, predictive prevention, risk monitoring, customer profiling, and decision support.
The stats say it all
Gartner predicts that by 2020, 30% of all B2B companies will use AI in at least one of their primary sales processes. Forrester estimates that by 2020, insight-driven businesses will take away $1.2 trillion per annum from their less-informed competitors. As per IDC spending guide, Worldwide Cognitive Systems and Artificial Intelligence Revenues Forecast to Surge Past $47 Billion in 2020
What business leaders should look for
AI is, therefore, causing disruptions in sporadic business scenarios, democratising industries that were known to be human-centric and therefore hugely dependant on ‘experts’. It is important for leaders to explore and invest in varying AI technologies to implement ground-breaking ideas.
However, AI is not something to be worried about or be wary of. Business leaders should view it as a powerful aid to be embraced in order to create more opportunities and extend the capabilities of the business. For instance, fund management can use AI to maximise the value of the portfolio. This ‘behind the scenes’ use of AI may seem unglamorous as compared to swanky robots, but it has a far-reaching impact. Amazon uses computer vision to meet its warehouse fulfilment challenges. Financial analysis tools have the power to improve financial management, money management, and credit risk management.
Don’t be left behind
As an enterprise leader, it is crucial for you to identify opportunities within your ecosystem where AI can be used. Selection of possible solutions and adoption of generic platforms and products in the market to suit your specific needs is the key contributor to the success of such an exercise. We, at Techminds, have the expertise to help you address the requirements for your business, having deep experience in AI solutions across many industries.