Why you need artificial intelligence in your business processes

Artificial Intelligence (AI) technologies are computer science techniques dealing with the simulation of intelligent behaviours in computers and mimic “cognitive” human functions like learning and problem solving.

Early industry adopters of Artificial Intelligence are advertising, finance, healthcare, consumer, aerospace and medical. Some of the biggest advocates of this technology are tech giants like Baidu, Google, Microsoft and others. An example of a tech giant is Spotify who has been snapping up AI-focused start-ups recently, with the aim to improve its content recommendations and targeted advertisements.


Examples of Artificial Intelligence

A few common examples of Artificial Intelligence (AI) that you meet on an everyday basis are:
 
  • The message that your call is being recorded for training purposes
  • The ability of paying bills over the phone to virtual advisors
  • Personal virtual assistants like Siri, Google Now, Cortana, Google Maps
  • Online customer support tools like real-time chats
  • Security surveillance systems to identify frauds

Who should invest in this technology?

Simply put. Everyone. But not everyone does. McKinsey & Company wrote in their “Artificial Intelligence, The Next Digital Frontier” discussion paper: “Artificial Intelligence is getting ready for business, but are businesses ready for AI?”

Pre-sales and customer support can be expensive resources for businesses. Most of the questions or issues they resolve are usually very similar. An investment in AI tools could resolve these issues without support intervention freeing up expensive resource to concentrate on the most complex issues.

Some companies are looking not only to adopt but develop their businesses by making investments in Artificial Intelligence solutions. For example, Google shared details of its AutoML project – an artificial intelligence that can assist in the creation of other AIs in the Google I/O ’17 conference. AutomML has the potential to impact other AI software and can improve speech, facial and image recognition. You can watch all that was discussed at the conference here.
 
AI now requires a level of talent and dedication to continuous learning and development. The share of jobs requiring AI skills has quadrupled since 2013. The start-ups developing Artificial Intelligence Systems has exponentially grown since it became a trend.
 

Artificial Intelligence > The Power to Know

According to a new report from Tractica, Artificial Intelligence software revenue will reach $59.8 billion worldwide by 2025 due to the increase interest in implementing AI solutions. The main benefits of AI are the ease of adjusting an existing system to meet new needs and the ability to deal with increased complexity faster than ever.

Customer-centric organisations have a great opportunity to grow and improve their customer service experience strategies and marketing integrations with AI solutions. Understanding what the customers want, need and expect and having the right tools in place to respond to those needs in real time is a critical success factor.


Digital Gurus

To understand and adopt AI you must be digitally savvy. Any process of digital transformation is worth investing in, but not every business is ready to embrace this transition. Very often executives become negative or even fearful when the term "digital transformation" is mentioned. The main factors driving further anxiety around this topic are the budget-busting and risk taking

 According to MIT Centre for Digital Business, "Companies that have embraced digital transformation are 26% more profitable than their average industry competitors and enjoy 12% higher market valuation.

Businesses who want to succeed in their digital transformation transition need digital disruptive technologies. Once you decide on the software tools to develop your strategy, you need to fully adopt it and that involves training and encouraging all your employees to use it accordingly.

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