AI Artificial Intelligence in business 2020 : Types & Advantages
Technology has impacted our lives a lot and made this world fast-paced and very advanced. One of the major awe-inspiring technologies is Artificial intelligence. Although the technology is still growing and evolving from its nascent stage, people believe digital transformation companies in USA have a larger scope. They invest billions in research for tapping into its potential to amplify the growth of AI technology.
Thus, Artificial Intelligence has been continuously rendering its presence today in almost all events, and its applications find their use in different verticals. Business is no exception and instead has a greater weightage of AI usage due to enormous benefits rendered by AI. From streamlining operations to informed and accurate decision making, AI handles it all.
Check out all the significant breakthroughs in business owing to AI in 2020.
Table of Contents
What is Artificial Intelligence?
Artificial intelligence (AI) refers to the imitation of human intelligence by the machines which were programmed and taught to think like humans as well as mimic human actions, to reduce the work that requires human intervention.
AI has become ubiquitous today, ranging from recommending what an individual should buy next in online shopping. You can find it understanding and act accordingly by virtual assistants like Amazon’s Alexa and Apple’s Siri. It is the best way of identifying what and who is featured in a photo, spotting, and reporting spam, till detecting credit card malpractice.
Types of AI
In an absolute sense, AI can be classified into two types – narrow AI and general AI.
1. Narrow AI is the term referring to the intelligent systems which were trained/ taught to carry out specific tasks without being intensely programmed on how to do a task. The finest example of this kind of AI is the language as well as voice recognition seen in virtual assistants like Siri.
2. Meanwhile, general AI resembles adaptable intellect that is seen in humans. It implies that general AI is a kind of flexible form of intelligence that can learn the technique of how to perform a multitude of tasks. They can be anything from virtually creating spreadsheets to physically cutting hair. This general AI is enormously seen in movies, say HAL / Skynet (The Terminator), but isn’t in existence today and the AI experts fiercely predict how soon it would be a reality.
Artificial Intelligence: The Ultimate Path to Scale Your Business in 2020
Some of the powerful and unique features of AI like the power of autonomous, data analytics, machine learning, self-regulated and self-sustaining systems, deep learning and much more has rendered profound momentum which helps in employing it in business for various needs. It is used in various degrees in different aspects of the business right from the administration, HR, operations, finance, marketing, to sales as a wide range of issues and uncertainties like security, inability to understand, analyze and use the data, dynamic customer needs and expectations, and many more.
According to the report, it will enhance productivity by 40% and would offer a business value of $2.9 trillion by 2021. Hence, it is advisable to take a digital transformation consulting, understand these AI trends, and act wisely.
Also, as per another recent study, adopting Artificial Intelligence services can positively boost the nation on the whole as 58 million new jobs would be created by employing AI usage. Due to this, unemployment too can be resolved to a very great extent. Thus, explore and understand how AI can drastically improve one’s business.
AI Advantages in Business 2020
Enhanced User Experience
The customer/user is the king/ ultimate center of importance in any business. Offering the best user/ customer experience is the only way to personally connect with them and make them come back for more. AI would aid a business in offering excellent user experience. It is because bringing in AI helps automate the process whereby the quickest responses are offered to the queries if the user.
Hence, custom AI solutions offer a highly personalized user experience. Thus, many companies have got a stronghold on the large volumes of data that are aggregated from all the required and related sources. It is due to the undeniable fact that AI helps to manage even bulk amounts of data and thereby have better and accurate results of the requirements, queries, and the concerns of their users/ consumers. Hence, collaborating with AI companies help a business to use the capabilities of AI to learn from users’ requests and queries and primarily aids in serving the actual needs of the customers.
Informed Decision Making
Decision making is one of the key processes involved inside the business institution and in the external world, too, between a business organization and other entities. Decision making must be so exact as customers are driven either to one’s organization or away from one’s organizations depending on the critical decisions made.
The potential of the digital transformation industry can be exploited here like the booming AI. AI can help in analyzing voluminous, variant and complex data, very quickly and understanding the perspectives of customers and their actual needs can be understood. By understanding actual needs, products and services can be offered accordingly, and the business thus can be accelerated.
Security is one of the crucial aspects any business has to focus on, to avoid fraud as well as deception. AI helps to organize and safeguard all the data efficiently. Firstly, it detects suspicious activities, recognizes if there are any hidden threats in a company’s system and prevents attacks from threatening sites, and software.
Secondly, the present security measures would be boosted and enhanced by AI. Changes for safety like the improvement of the monitoring around a particular network, AI terms as suspicious can all be undertaken. Finally, repeated security tasks would also be automated that renders the analysts a larger span to understand and analyze high-priority alerts. Thus, AI development companies can be approached, and AI technology can be used for face as well as voice recognition and also biometrics from the customers for preventing forgery and deception.
Accurate Insights into data
The present world, especially the businesses, generate a whole lot of data. To understand market trends, the actual needs of customers, increasing brand loyalty, the data must be mined, understood, analyzed, and apt development strategies must be undertaken. For which AI helps hugely, as data of any technical, as well as statistical complexity, can be handled by AI. AI Development Services would help a business to get command over AI for using it for obtaining reliable, and secure insights about the data for more significant expansion of the business.
Better Inventory management
Inventory management involves ordering, right storage storing and fair usage of a company’s inventory. It encompasses the purchasing, management, organization of raw materials, other components as well as the finished products, their warehousing as well as processing of such items.
AI can handle all these essential data related to inventory and thus can be accessed anytime and anywhere for future reference. AI also gives a predictive analysis of present markets which can be expected to grow well into a business. Hence, across the globe, irrespective of domains, all industries as well as the retail stores exploit AI since it can deliver actual real-time predictions, and offers a glimpse of projected and expected inventory requirements.
Strengthening Brand Loyalty
A brand’s loyalty can be strengthened only by having a personal touch with the customers. But, this personalization requires a lot of effort, time, money, and a concrete plan to indulge every customer. Each moment and offer that enlivens them must be understood, and right future deals have to be put forth to them by the ability to forecast their needs, and this is a task that the AI services companies can help you with.
Businesses have to exploit the data obtained from every customer’s/user’s social media activity as well as their purchase history. Then, the right type of products the consumers would like to buy will be predicted. As a next step, the company would use these insights and offer customized content as well as regular messages, reminders to customers.
Here, the AI services companies would help to use AI to identify the decision-making patterns. The patterns are identified by automating this process, preparing personas for every customer based on this, and then driving apt content for every customer, increasing the click-through rates, generating leads and bringing in, more targeted audience for their desired product.
Digital transformation companies are a boon to every business/ service as these companies help a business/service to adapt to present technical trends. Also, the companies help to use the existing and booming trends to expand the base of the business. One most excellent example is the healthcare and digital transformation that go hand in hand in many nations and render the best benefits to users. Hence, every business can hire AI developersfrom their desired nations and stretch out in flying colors as there are ample of benefits with AI, and those mentioned above are just a few among the many.