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Artificial Intelligence has been getting smarter & more intelligent by the year. We are now at a point where AI can outperform human intelligence in many fields, most prominent amongst them all is data analytics. Making sense of enormous data was never within human capabilities but now humans have nurtured an evolved intelligence that can do this in minutes, if not seconds.
As per Statista, the global AI market will grow to be worth $120 billion by 2025. Many experts estimate that it might happen sooner. A lot depends on how companies integrate AI into scalable technologies that solve real-world problems.
Smarter data-inspired decisions with AI
The evolution of storage technology and user mapping has ushered the age of Big Data. The enormous user data that is now at the disposal of businesses is too vast and detailed to be useful.
This is where Artificial Intelligence works its magic. AI can easily make sense of big data sets to produce actionable insights on user behavior, pointing to causes of distress and success of features.
“Data-driven” and “AI-driven” are two separate concepts. Data-driven decisions are ones backed by data but the processing of the data is done by humans.
AI-driven decisions have one defining difference, the processor here is AI and not humans. This intelligence “makes sense of things” and in many ways completely transfers the burden of knowledge from man to machine. Where human judgment can be bound to biases and opinions, AI can present a more researched, logically sound & unbiased opinion on things.
Marketing ~ Tailor-made & automated
Artificial Intelligence takes Data analytics & blends it with automation to give birth to a streamlined automated marketing strategy. E-commerce has already automated marketing with the use of ML & AI.
It is more convenient for customers and sales-focused for businesses. A win-win scenario for both parties.
For instance, if a customer purchases a dozen eggs each week on a Sunday then the e-commerce portal will automatically recommend that purchase on a Sunday, maybe even through an app notification.
Smart suggestions based on the type of products, brands previously purchased, and the complete user persona, are extremely effective in increasing sales.
Customer Support & engagement
As per a Gartner report, 89% of companies will compete largely on customer experience in the coming few years.
With the use of AI-enabled chatbots, brands will have the ability to interact with customers 24*7 and provide all product and business-related information with ease.
According to Chatbot magazine, the cost of customer service can be reduced by up to 30% with the use of intelligent chatbots. A quick resolution for customers and a cost saved by businesses.
Many industries have already embraced AI chat support including banking & e-commerce. The first fully digital generation might not remember a time of long hold time & exhausting call queues just to reach a customer support executive.
Robots have already started to store original words & sentences learned from their own experience and then using them in conversations.
This automated content generation can help chatbots sound more “human” and relatable. In some time we might not be able to distinguish between a robot assistant and human live chat.
Cyber Policing with AI
Organizations spend a lot of time and energy in securing transactions, preventing, and detecting fraudulent activities. Every digital transaction leaves a footprint and detecting illegal practices is all about pattern recognition.
Artificial intelligence is very good at sorting through Big data and understanding patterns & trends. With the help of machine learning, AI can prevent, detect, and trace all unauthorized activities reducing human labor and time.
AI is always on guard, real-time threat assessment and prevention creates an extremely efficient security system.
Artificial Intelligence meets IoT
Day to day objects are coming to life with the “internet of things” or “IoT”. Smart homes, smarter televisions, and even smarter cars. The scope of IoT is huge and the industry is just gearing up to launch its full potential.
Through IoT mobile apps, people have the ability to control room temperatures, lighting, doors, and everything that one can think of. The sheer amount of data that IoT assimilates is enormous. This is where AI comes in, making sense of that data to customize the user experience.
An example- A person prefers the temperature to be precisely 24 degrees celsius with 80% light brightness during the work hours.
IoT will record this data & AI will infer that every time the person sits on the chair at 9:00 a.m, he asks for the same temperature & light setting.
With this information, artificial intelligence will automatically modulate preferred settings every day, based on past learning. This is the power of IoT mixed with AI. Most new aged startups are hiring app developers to create IoT mobile applications with self-learning capabilities.
The market for IoT apps is still ripe and with very few competitors. It presents a very lucrative opportunity for businesses that plan to create innovative IoT solutions.
Faster & more efficient recruitment
Artificial intelligence can screen through thousands of resumes in minutes. Saving months for recruiters.
This saved time that can be utilized in other innovative strategies and other rounds of one to one interviews.
Big organizations like IBM, Microsoft etc already use AI to find the desired skill sets and experience. In fact, most recruiting websites including LinkedIn utilize AI-powered algorithms to provide the most relevant search results for recruiters.
Smooth Logistics with Artificial Intelligence
AI is especially genius in making predictive demand analysis and network planning. By recognizing the expected demand, companies are able to maintain a steady flow of vehicles.
Logistics and supply chain management both benefit greatly by AI analytics that also safeguards against risks and unexpected variables.
Although self-driving vehicles seem like a utopian vision, it is actually happening right now. Companies like Tesla, Waymo, Argo AI, Baidu amongst others are taking big leaps in perfecting autonomous vehicles.
These self-driving vehicles will play a much bigger role in supply chain logistics & can in fact bring the whole logistic process under the banner of AI.
Artificial intelligence has fantastic applications for businesses. From serving customers to taking big business decisions and also streamlining operations. AI’s multi-industry demand is making waves in both enterprises and startups. Companies that integrate smart AI solutions to improve on the present scenario, will be the leaders of tomorrow.
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