According to a recent survey conducted by a
prominent IT institution, it was found that a staggering 84% of companies are using
Artificial Intelligence (AI) to elevate overall performance, many in business
functions that goes beyond IT. In the year 2015, a Global Trend Study was
conducted on Artificial Intelligence and the key findings of that survey showed
that industries such as insurance, consumer packaged goods, and high-tech are
outspending each other on AI, meaning industries are making big AI investments because
they clearly see them as vital to remaining competitive in the marketplace.
Therefore, in today’s digital world, AI
along with Big Data, Machine Learning (ML), advanced Analytics, Internet of Things (IoT), blockchain, and Cloud computing – powerful technologies for the
future – play a key role in transforming business operations that create new
business models, revenue streams, and unleash process improvements. Underpinned
by technologies such as these, organizations around the world are getting newly
enabled to deliver more value across the customers’ journey.
To fully seize future opportunities and
succeed in the tech-enabled future, companies are unlocking opportunities along
the technology value chain that’s helping to automate mundane tasks, improve
productivity, predict and resolve probable issues, recognize risk, and in quicker
detection of fraud.
ARTIFICIAL
INTELLIGENCE & COGNITIVE COMPUTING
From virtual assistants like Siri, Cortana,
and Alexa to self-driven vehicles, AI is progressing rapidly and defining the
global IT world. In a ‘default by digital' world, organizations are modernizing
their old applications infrastructure to build AI-driven smart businesses that
can improve customer experiences, augment workforce and automate repetitive
processes.
Companies want to achieve more and,
therefore, are seeking to address real-world business problems with the help of
intelligent systems that can see, listen, comprehend and learn. That’s why with
human-centered artificial intelligence, you can solve nearly all your business
problems.
Artificial Intelligence (AI) is already
playing a key role in a variety of industries like healthcare, agriculture, telecommunications,
home automation, personal care, including in manufacturing, banking & financial
services and transportation services. Along with technological advancements
like Cognitive Computing, Machine Learning (ML) and Natural Language Processing
(NLP), the influence of AI is drastically growing. The influence of AI is
drastically growing as it holds the power to redefine the current work
environment in IT enterprises. With AI getting more mature and as people adapt to
the demands of a new technology revolution, IT enterprises – be it a startup or
large enterprise – want to shift knowledge and people towards value creation in
competition with process management.
While organizations are clearly recognizing
the operational and economic benefits of AI, they are also encountering a
number of challenges. Organizations realized that while enabling AI is not just
a plug and play proposition, it involves investing significant amounts of time,
resources, and capital to adequately go on board a truly transformational AI
implementation journey. In spite of that proverbial “silver lining” to AI
implementation, the value associated with incorporating artificial intelligence
into your business processes is immense because leveraging the power of
Artificial Intelligence and Analytics can lead to massive productivity gains
for your enterprise while cutting operational costs and that’s exactly what the
enterprises want.
BENEFITS OF
AI-DRIVEN APPROACH
AI is primarily a complicated fusion of
computer science, mathematical algorithms and other complex sciences that facilitate
machines to act with a degree of autonomy. This bleeding-edge technology is
pushing the boundaries of machine-enabled functionalities, resulting in
providing fullest benefit to the customers. With the advantage of minimized
infrastructure and labour cost, AI can help you achieve high-accuracy; it can help
you build cost-effective and highly-scalable AI-powered digital products and solutions.
As the industry sectors turn compulsively
to adopt a digital strategy, let’s look at some of the benefits that AI can
provide through AI-enabled digitalization:
- AI to Boost Sales: Imagine if you had a technology that could understand all your emails, telephonic conversations and calendar interactions with your clients, your sales process would be a lot smarter than what it currently is. This is where AI comes into the picture, it helps you focus on closing deals, automatically builds and monitors your pipeline instead of wasting or devoting time on a lot of mundane tasks. AI-powered solutions can make it a reality for your business processes to dramatically improve their accuracy in sales capabilities and turn leads into customers.
- AI-Enabled Enterprise Strategy: A robust AI-driven strategy is the first step towards improved business productivity across the enterprise. The AI-driven analytics can generate data, interpret it to derive smarter insights and help in making smarter business decisions.
- Intelligent Process Transformation: With AI, you can spot new patterns and trends across multiple datasets that were previously impossible to detect, make predictions that can transform business economics and reimagine customer journeys that respond faster than your competitors. The potential of its implementation is unlimited. Intelligent business processes can transform business models to improve customer journeys/ experience, enabling more accurate forecasting to prevent lost sales and increase profit margins that also means productivity growing on an upward scale.
- Intelligent Products and Solutions: By combining the realms of AI, cognitive computing, advanced data analytics, automation, and RPA, you can succeed in the new business process era, skirting the competition. By implementing advanced artificial intelligence (AI) technologies, drive incremental change and witness top-line growth. AI-powered systems let you predict user behavior and deliver accurate services and trustworthy products as per their need.
- AI for Advanced Marketing Solutions: For making better and even bigger marketing campaigns, the Big Data trend provides companies with the necessary insights, with advanced analytics that statistically creates a 360-degree customer view and gives a clear understanding of the complete picture, trends, and dependencies. Organizations stand to gain hugely from the AI-powered intelligence that provides advanced marketing solutions built on AI. AI can help you to understand customers at every level in real-time, apart from providing the benefits of marketing automation across apps and websites.
- AI for Customer Services: What do you do if you want to identify unsatisfied customers? What would you do if you wish to avoid those customers from existing? The answer is simple: adopt AI. AI solution can help you locate, identify, search, highlight – all of that to help you provide better service to your customers. With AI service providers, you can search sentiments and correlations, find flaws in the customer data so that you can quickly identify such unsatisfied customers based on the data you have and rectify the issue/problem by personalizing the customer services.
Artificial Intelligence-infused systems can
change the entire business perspective by transforming your businesses. AI services
& solutions are powerful and reliable for almost all industries to enable
faster decision-making, reduce error by making menial or tedious tasks go
extinct, provide cognitive assistance, avoid risk exposure to humans, and cut
down operational or business operating costs drastically. That’s the beauty of
AI.
WHO NEEDS
AI? SOME KEY QUESTIONS ADDRESSED
Before we delineate some of the most important
questions that organizations from various industry sectors are facing and
looking to address the problem in their quest to adapt AI into their businesses,
here’s a quick look at the research data that forecasts the worldwide market
for AI services and solutions.
According to Tractica, a market
intelligence organization that mainly focuses on human interaction with
technology, the worldwide market for Artificial Intelligence professional
services and solutions will surge ahead from $10.1 billion in 2017 to $188.3
billion by 2025. Some of the key service categories will include scoping & architecture
design, customization, support and maintenance, application integration,
training & support, and installation or implementation services.
- What kind of AI services will you require if you are launching a full, enterprise-grade AI solution?
- How are AI services delivered by vendors and consultants?
- What are the services fees, compared with software expenditures, in each industry?
- In an AI implementation, what factors will impact the cost of services?
- In which areas of the world will AI services be required for each industry sector?
ACHIEVE EXPONENTIAL COMPETITIVE ADVANTAGE WITH AI
As more and more businesses seek to adopt
AI-related technologies, Artificial Intelligence (AI) is moving beyond the hype
cycle. AI has already started to revolutionize business processes around the
world. Organizations worldwide have begun to focus on prioritizing their functional
areas and use cases by tapping into vast stores of previously siloed structured
and unstructured data. By placing a stronger emphasis on topline growth, they are
well-abreast with the knowledge that AI can fundamentally transform their business
and disrupt the industry they operate in.
As a matter of fact, organizations are beginning
to implement a data-first strategy, define value drivers, approach strategic
imperatives, build foundational capabilities and improve access to talent or skills
of their knowledge workers. To achieve tangible business insights faster as
well as how their efforts could drive exponential competitive advantage, organizations
are integrating with other advanced technologies, such as IoT and Intelligent
Automation to help come through their enterprise AI transformation journey.
APPLICATIONS
OF AI
AI is pushing the boundaries of machine-enabled
functionalities across the front, middle, and back–office processes. AI enables
the execution of hitherto complex tasks and therefore is being deployed across
industries and some of them are mentioned below:
· Natural Language Processing:
AI easily communicates with the computer systems that understand
human-used natural language.
· Speech Recognition:
AI understands human speech and talks to them to humans as well as using
the human language. Not only that, AI can even understand the slang used by us,
background noise, comprehend the accent, etc.
· Handwriting Recognition:
AI’s handwriting-recognition (HWR) capability is nothing short of
phenomenal. The AI-powered software system can transcribe text contained in
scanned images into digital text; it can even read text written by pen or
stylus on paper or screen and convert it into editable text.
· Intelligent Robots:
Artificial Intelligence Robotics can do multiple tasks within no
time. Arguably, AI is the most exciting field in robotics. According to the algorithms
developed, robots can learn and/or perform intelligent behavior with minimal
human intervention, though robots cannot be alternate to humans.
· Expert Systems:
Expert systems are primarily computer programs, designed to solve
complex problems. It can emulate the decision-making ability of a human expert
by giving clarification and exhortation to its users.
· Vision Systems:
These type of systems can learn, distinguish between objects and
even recognize them. AI computer visions systems are increasingly powerful and
capable, meaning these systems can understand, interpret and figures out visual
input on your computer.
· Gaming:
Games have always been a perfect test-bed for the application of Artificial
Intelligence to have application in the real world. In fact, Game AI is almost
as old as AI itself as the AI technology owes much to the video gaming world. It
plays an important role in devising games such as chess, tic tac toe and an
endless list of other such games. Based on heuristic knowledge, the machine
thinks up multiple possible steps.
FUTURE OF ARTIFICIAL INTELLIGENCE
As per a leading market research
association Research and Markets’ latest report titled “Global Forecast to 2020”
on Artificial Intelligence market, the growth of AI market is pegged at USD
5.05 Billion by 2020, rising from USD 419.7 Million in the year 2014, at a CAGR
of 53.65% from 2015 to 2020.
One way or the other, the future of AI will
change everything about life. Even though, we know that the role of Artificial
Intelligence (AI) in our life is mostly confined to executing narrow tasks but
the kind of influence it has on various things is immense, which is to say, the
influence of AI is drastically growing in every sphere of our life. Today, AI
doesn’t have the versatile, adaptable intelligence that people display, but it
is quite evident that the impact of AI is definitely developing and will soon
become an everyday activity.
In conclusion, AI holds the key to redefine
the current work environment in IT enterprises around the world. As the labour
force or the staff of companies adapt to the demands of new technological
innovation/revolution and with AI getting more mature, it will only encourage economic
prosperity. To tap this ever-burgeoning future of artificial intelligence,
technology companies in India and abroad have started to provide AI-first Enterprise
Artificial Intelligence platform as a solution or as a service (AIaaS).
AI holds the power to redefine the way we
work and across multiple industries, AI professionals are extremely excited about
the ever-burgeoning future of artificial intelligence that will most certainly redefine
the whole business ecosystem.
