Preparing Your Business For The Artificial Intelligence Revolution
Today when asked about artificial intelligence (AI), many people start painting science fiction inspired images of machine-ruled futures and robots completing manual tasks for human beings. To them, AI is only a concept, something that’s going to happen tomorrow.
In reality, artificial intelligence is already part of our lives. We use AI every day. It’s not only on your smartphones, laptops and cars, it’s everywhere.
For the last few years, AI has entered the consciousness of every industry. It has become part of mainstream conversations. Businesses of all shapes and sizes are considering artificial intelligence to solve real business problems.
In the past, only the largest corporations could afford to invest in AI technology, but things are changing fast. In fact, the high-speed growth of AI makes it more likely that startups and younger businesses will be able to embrace the technology earlier than their corporate colleagues.
According to a PricewaterhouseCoopers (PwC) report, the global economy can see a potential contribution of $15.7 trillion from AI by the year 2030. China and North America will receive almost 70% of this potential global GDP growth.
Artificial intelligence can be used to solve problems across the board. AI can help businesses increase sales, detect fraud, improve customer experience, automate work processes and provide predictive analysis.
Industries like healthcare, automotive, financial services and logistics have a lot to gain from AI implementations. Artificial intelligence can help healthcare service providers with better tools for early diagnostics. The autonomous cars are a direct result of improvements in AI.
Financial services can benefit from AI-based process automation and fraud detection. Logistics companies can use AI for better inventory and delivery management. The retail business can map consumer behavior using AI. Utilities can use smart meters and smart grids to decrease power consumption.
The rise of chatbots and virtual assistants are also a result of artificial intelligence. Amazon’s Alexa, Google’s Home, Apple’s Siri and Microsoft’s Cortana are all using AI-based algorithms to make life better. These technologies will take more prominent roles in dictating future consumer behavior. Most of your future transactions will be completed with the help of an AI-based chatbot or virtual assistant.
Implementing machine learning and AI is going to have a major impact on your organization’s efficiency. Intelligent systems can automate a great amount of your work and help reduce the risk of human errors.
