Among the latest technological innovations, Artificial Intelligence is considered to be the most significant technological development. Although the AI concept has been around for the past couple of years, its vast capabilities have been explored recently. Enterprises around the world are investing increasingly in AI in an attempt to lead the next generation technology revolution with AI-powered strategies.
Here are some of the current trends in AI landscape which are believed to change the very core of the modern-day business operations.
AI-Activated Chips: AI-enabled chips integrate AI technology and can function like humans, and can process data as a human brain does. These chips accelerate data processing for AI workloads much faster and more potent than traditional CPUs. Chip manufacturers like Intel, Qualcomm NVIDIA, and Advanced Micro Devices have already started manufacturing these specialized chips, which help to speed up AI-enabled application execution.
The Intersection of AI and IoT: AI and IoT integration will play a significant role in exploiting the potential of Industrial IoT in the future. Industrial IoT is one of the big use cases for AI to conduct root cause analysis, outer detection, and predictive maintenance of the equipment. Self-driving cars are yet another fine example of the effect of working together between AI and IoT, which would not have been possible without AI and IoT convergence.
Face Recognition Based on AI: AI has undoubtedly revolutionized the method of facial recognition to make face recognition more accurate and precise. The AI-based facial recognition technologies for biometric identification will be applied more successfully and will continue to see rapid adoption in healthcare, law enforcement, etc. due to their ease of implementation and use.
AI for Disease Control: AI allows early detection of diseases more reliably, thereby allowing people to manage diseases successfully well in advance. AI and Cognitive Computing help doctors find different types of treatment for a disease. AI also reads through several available clinical trial protocols and helps figure out the best clinical trials for a specific patient.
Listed below are few possibilities to use AI for Business with their advantages
Increase in Efficiency with AI: To maximize the capital of a business, it is necessary to run the company effectively. It helps the company in saving time and money in the long run. This can be achieved by improving operational performance by making use of AI in companies. For instance, using AI would allow for the creation of speech recognition systems that medical practitioners can use to take notes loudly. This helps coders and medical billers to process invoices quickly without having to deal with note transcription. Efficiency can be improved in office space using AI-powered voice assistants to provide support with tasks such as setting up reminders, arranging meetings, and recording points that are needed to be addressed in the team meeting.
AI can Support Businesses with Improved Automation: When a company wants to go for automation, AI can take care of several manual tasks with ease, saving both time and money to help the business grow without any hurdles. When a company makes use of AI-driven software applications, it will be able to increase business-level automation. Such automation efficiently takes care of the company operations and prevents money from spending more on manual labor.
AI will help to Boost Customer Experience: Improving customer experience means trying to help the customers positively whenever assistance is needed. But this is not generally possible for the employees to be present 24*7 to attend the customers. Also, if it’s a start-up company or one in its early years, then it’s not possible to have full-fledged workers to serve customers in various shifts. But employing chatbots will increase the workforce and provide outstanding customer experience. These chatbots are based on AI algorithms and can be used to address customers ‘ queries as well as assist them whenever no human agent is present.
AI can Decrease the Instance of Errors: For any business operation, human errors can turn out to be a costly affair. Human errors can be reduced by using AI in business. Organizations should work towards designing software solutions that are developed with AI, focusing on improving accuracy and reducing errors when adding data, reviewing records, and other administrative tasks. Such AI-powered solutions will help businesses to analyze thousands of documents in a minimal interval of time and so working on more massive sets of data becomes easy in saving cost and time.
AI can Build Organizational Innovation: If a company wants to remain competitive on the market, then it will have to stay creative, and creativity is the best way to put innovation to work. Creativity gets support from AI. With the right type of automation, it will be possible at the industry level to take care of the repetitive tasks. Employees can use the time saved in such a way of performing more creative tasks.
AI can Raise ROI: A company can definitely boost ROI by making use of AI. It will be able to enjoy better returns on investments while business processes are working correctly, and the team will be able to focus on essential areas of the business, which concerns contributing towards business revenue and increasing productivity through proper design and planning. This means when an organization can take care of workflow management, support accuracy, and improve the experience of the customers, it will be able to improve efficiency and productivity, resulting in better customer retention and increased revenue.
Artificial intelligence is now being applied through rising verticals of the industry. In terms of boosting productivity, improving customer experience, boosting ROI, and making business processes smoother, businesses are finding it useful. The use of Chatbots that are more knowledgeable in handling different types of customers has made it easy for companies to become accessible to them when necessary.
