Irrespective of what you believe, your life is being ruled by autonomous Artificial Intelligence (AI). Right from your rideshares (Uber or Ola), autopilots in commercial flights, face detection & recognition technology, filtering of spam in emails, Robo readers to check plagiarism, social networking, to banking and financing – AI is refining the quality of digital lifestyle.
It certainly wouldn’t be an exaggeration to say that the AI-revolution is the next big revolution after the Industrial Revolution. And this AI revolution will be responsible for creating job opportunities that will reach a net of 2 million by 2025.
By now, Artificial Intelligence has successfully
- Disrupted multiple industries,
- Ensured a seamless digital transformation, and
- Revolutionized the global economy
So, let’s say it’s of no surprise that businesses are in the race to implement the essence of AI into their functioning. After all, why would business merchants pass up on the opportunity to accelerate their success during the backdrop of COVID-19?
Also, think of this – the AI tool will be a catalyst to establish a client-centric approach, boost ROI, and well, the scopes are endless! So, let’s get started with the role of AI in the business realm:
The Autonomous Artificial Intelligence Revolution In The Business Realm
So, the business world is undergoing major digital disruption. What do you think is the core of this transformation? Yes, it is all about client-centrism! However, easier said than done, considering how the client requirements are evolving. Catching up to consumer demands requires a predictive analysis that is best done by Artificial Intelligence.
AI brings along a significant innovation that improves the productivity of multiple jobs while creating millions of new positions of entry-level, low-skilled variety as well as highly skilled management variety. Digital IQ helps businesses develop a better understanding of business processes, content, and data. Thus, autonomous artificial intelligence plays a significant role in each digital transformation strategy while enterprises acknowledge the importance of gaining visibility into their operations.
Additionally, when thinking of an AI-based business strategy for the upcoming years, it is mandatory to consider the pandemic outbreak that troubled 2020. COVID-19 has been having a gala time with 2020. The initial months of the year witnessed an economic stalling that came with the potential to cause further financial hiccups for the globe. Businesses with a mere formal online presence suffered the worst considering how the online shops gained popularity owing to the self-quarantine days.
Such competition, coupled with the chances to gain an efficient workflow, enhanced client experience, and many such benefits, the integration of AI into the business view has now become a mandate.
As per the reports, AI in businesses has been predicted to boost productivity by an estimated 40% that will be fetching $2.9 trillion business value by 2021-22.
While the numbers above state only one of the reasons why AI is going to be the protagonist in business showbiz, it is essential to gain a clear insight into the concept. So here is a detailed discussion on the 5 most important questions asked on this topic –
- Why is AI essential for business?
- What are the industries transformed by AI?
- What are the effects of autonomous artificial intelligence on the business realm?
- What are the beneficial aspects of introducing AI?
Let’s get started with the answers:
What’s the Need for AI in Business Ventures in Upcoming Years?
Over the years, AI has been acting as a potent catalyst in the evolving of both client behaviors and marketing strategies.
“AI is going to make our lives better in the future.” —Mark Zuckerberg, CEO, Facebook
Well, much like multiple other topics, it seems that Zuckerberg has been true about this too!
In a pandemic stricken world, and even after the terror has passed, the business world will be looking at a new trend across their industries. As the reality and the ‘new normal’ of economic crisis sinks in and spreads its labyrinth of the aftermath, there are certain aspects of an organization that would need a major business process transformation –
- Operating models
Considering this background, an autonomous AI in business can enable brands to thrive in the competitive market with a few leverages. Here are the top 3 dimensions that are currently changing due to the COVID-19 and can be catered to with the help of AI-implementation.
(i) Value Chain Redundancy
Before the pandemic, the core objective of the global business was to optimize time and cost via its supply chains and logistical support. This suggested concentrating production across one or two low-cost nations in their high-volume factories.
- The geographical and trade barriers, and
- Rising economic nationalism
Organizations were forced to take on a new perspective considering the merits of redundancy of their current supply chain strategies – AI in supply chain and logistics. And this rethinking is crucial in the post-COVID world to mitigate risks and weather any upcoming global shock.
AI-Based Solution: Autonomous artificial intelligence enables companies to
- Build resilience into the supply chains and manufacturing options,
- Optimize cost over better planning and predictive maintenance.
- Operate multiple efficient but small facilities in closer proximity to clients by deploying advanced 3D printing and autonomous robots requiring limited workers.
(ii) Changing Consumption Patterns
As a result of the pandemic, worldwide client consumption has been affected to a point where it has mitigated the revenues of brands. While online consumption is significantly boosted, the anxiety about the economic recession has people cutting back on luxury items in return.
AI-Based Solution: To cater to these evolving consumer consumption patterns, a majority of the organizations –
- Are leaning towards deploying AI-enabled solutions that would help them scale to the top-line growth.
- Considering how AI can analyze data from diverse sources, it helps companies identify changes in client preferences and emerging trends.
- Along with this, AI in business also helps in the hyper-personalization of products to boost client sales and engagement.
(iii) Remote Ways of Working
Work-from-home has become a part of the ‘new normal’ owing to the pandemic. And though, it can easily be temporary, as more and more employees start enjoying the leverages of avoiding the hour-long commutes, this flexibility will well be in demand. To cater to this, organizations will need to think of new and innovative ways to engage their human resources.
- With AI companies, the employers will have an added advantage to offer remote work situations considering how it hails modularity and agility to succeed in a software-centric business.
- With AI, an online marketplace can celebrate and encourage on-demand and skilled labor.
- AI automation tools can also help companies rely on predictive analytics to spot operational hurdles and forecast sales accurately.
AI and the Transformed Industries
The potential that AI holds for the future extends to multiple industries of different genres. Considering how AI transforming industries stands for enhanced productivity, error-free workflow, offering personalized client experience, automation of complex procedures, and improved risk management, it is only befitting that all genres of trade are rooting for this.
For any industry striving to deliver quality service even during the pandemic, opting for this AI-based digital Business Transformation is the only preferred mode. As far as the variety of industries imbibed with AI are concerned yet, here is a look at the top 5 –
To maximize profits and enhance the client experience, the telecommunications department is looking forward to AI implementations that cover the top 3 applications that include – network optimization, churn prediction modeling, and predictive maintenance.
Post the pandemic, the retail sector is undoubtedly one of the most competitive sectors, and to trump the competitors, each merchant is looking out for innovative methods that add to the uniqueness and value of their trade. The best way forward with this is the implementation of AI in retail across the complete service and product cycle.
The most important cases of digital transformation trends in retail are – personalized recommendations, robot assistants, and chatbots.
While logistics and AI are hardly a topic that has been in discussion, this industry brings out the best potential of AI. The fields of AI in logistics stretches to both automated vehicles and warehouses that inevitably enhance the proficiency of the working conditions and functioning.
The emerging AI and Machine Learning have made marketing into more of a science than an art, as was previously ideated. With the AI implementation in the marketing industry, data scientists gain the ability to enhance their marketing practices and quantify their marketing decisions. The AI in the marketing industry comprises – marketing attribution and client profiling.
According to the McKinsey & Company report, financial companies post accepting the AI practices and implementing them witnessed a 10% higher profit margin as compared to the industry average. The common AI in finance applications covers – fraud prevention, personalized banking, and algorithmic trading.
Impact of AI In The Business World
As global technology accelerates towards an AI-based disruption, there will be a complete AI Business Transformation of operations and global governance. The introduction of AI into the business landscape will have a significant impact. Here’s how –
Micro-customization is the call of the hour. With machine learning and artificial intelligence across governance to retail consumer products, the benchmark has been set pretty high. For AI companies, human intervention is minimized, thereby boosting hyper-personalization at the individual entity level.
2. Integrated 5G Networks and Industry 4.0
As the 4th industrial revolution demands integrated and seamless networking, the upcoming global 5G rollout will cater to this. This includes the
- Industrial Internet of Things that offers a significant productivity surge,
- Consumer IoT is steadily gaining momentum, and
- Increased dependence on inter-connected robotics that helps mitigate human errors during various processes and production.
Was this a surprise to anyone? To be honest, with the –
- Cloud computing acting as a harbinger to PaaS (Platform as a Service)
- SaaS (Software as a Service) going through the heydays
-everyone saw this coming. Following the success that SaaS and PaaS witnessed, Big Technology came up with XaaS, Everything as a Service (where X stands for any function).
XaaS is the utopic combination of cloud computing and AI that brought in containerized functions that were made conveniently accessible to individuals and businesses over automated and intelligent transactions. The output of this is increased reliance on technology and boosted productivity.
4. Workforce Transformation
The workforce transformation solutions across each sector have remained the highlight for a long time now. However, as automation AI overpowers each sector, it will end up perfecting the repetitive and mundane tasks of the human workforce, AI’s cognitive and intelligent integrations will complement the human workers.
This gives the workers superlative productivity during business transactions owing to the perfect combination of AI-based automation with cognitive computing.
5. AI-driven Edge Computing- In the Cloud
It seems that AI-driven cloud computing is going to be the next big mutation in the computing realm that relies on locally operating complex algorithms. These algorithms are in conjunction with the big data in the cloud and bring on the leverages of instant intelligent decision-making.
To summarize, the impact of AI used in business can be categorized into the aforementioned 5 pointers. However, the benefits of introducing AI into the business field goes beyond this. Some specific aspects benefit the most from this, here is a glimpse into this –
Leverage Aspects Of Introducing AI into the Business Landscape
Autonomous artificial intelligence programming is all about the 3 major skills – analyzing, reading, and learning. With AI devices have a clear shot at learning from the earlier work data and performing tasks that require human intelligence.
Well, that’s how the AI automation functions! Now, it’s time to look into some aspects that gain the most of AI implementation in the business world.
(A) User Experience
The digital world is all about client-centrism and enhanced user experience. With AI, this becomes a feasible option considering how it offers a highly personalized user experience. Much of this can be attributed to how the implementation of AI automates the delivery process to fetch responses against any client query.
With AI on their side, enterprises can now efficiently handle petabytes of data that arrives from diverse but related sources. This offers them a better insight into the concerns, requirements, and wants of the concerned consumers. The AI user experience is based on the analysis of client requests, inquiries, and content that caters to the needs and requirements of the existing or prospective consumers.
(B) Online Security
Unfortunately enough, as the technology progresses, so does the scope of fraud and deception to gain control over data. Thereby, security is one of the major concerns for any business. In this endeavor, they can have the complete support of AI.
So, how does autonomous artificial intelligence help in enhancing online security for enterprises? Here is how –
- Protect information from cyber-attacks and threats that are directed at the client-data.
- Machine Learning, with the aid of AI, helps spot and prevent deceptions.
- Machine Learning also helps implement reliable online security for their client data
(C) Inventory management
Considering the volume of data collected from diverse resources, it is crucial to preserve such data for future requirements. AI in the business world presents a predictive analysis of the potential market. The reliance on Artificial Intelligence offers enterprises more insights about the actions, clients, and visitors considering its real-time analytics and projected inventory requirements.
(D) Decision Making
Decision-making is crucial when it comes to customer driving. The decision-making process comprises gaining an understanding of client perspectives and follows aligning products. With AI, there are increased chances of accelerated decision-making over developing values in businesses.
The benefits of AI in business is dependent on how it analyzes data efficiently, swiftly, and precisely when it comes to a diverse variety of data sources and a high volume of data. Machine learning handles the complexity of high data volume and complexities by unlocking the benefits from the collected data far more efficiently.
(E) Data Insights
Organizations, irrespective of their genre of trade, now deal with huge volumes of data from diverse sources. The analysis of these data enables enterprises to set predetermined values. In this respect, AI and ML offers the brands robust, reliable, and secure data insights considering how they-
- Treat statistical and technical complexities, and
- The quality and amount of data present in a data set.
The leverage aspects in queue surely put in a good case for enterprises to implement AI into their operational functioning at the earliest. However, before the implementation, take into account the ulterior goal for your enterprise and opt for a suitable AI technology.
To conclude, implementing autonomous artificial intelligence in the business landscape is not an option anymore, but a mandate. Considering the numerous advantages that AI will bring to your organization, it is crucial to start acting on this decision!!
Whether you're preparing for your first job interview or aiming to upskill in this ever-evolving tech landscape, GeeksforGeeks Courses
are your key to success. We provide top-quality content at affordable prices, all geared towards accelerating your growth in a time-bound manner. Join the millions we've already empowered, and we're here to do the same for you. Don't miss out - check it out now!