How will Artificial Intelligence and Machine Learning impact your business?
Updated: May 4, 2022
Artificial intelligence (AI) and machine learning (ML) revolution sweeping across almost all businesses, your business should not remain immune to this revolution. If anything, the impact of these two futuristic technologies on every area of business is already proving to be pathbreaking. Only 23% of businesses have incorporated AI into processes and product/service offerings today, but 47% of digitally mature organizations say they have a defined AI strategy.
In this blog post, we’ll investigate how artificial intelligence and machine learning will improve businesses in the foreseeable future. Much of these impacts that we’ll be covering here have already become an integral part of the business offerings. But since AI and ML are essentially evolutionary technologies, the positive impact might witness further improvement in the coming years. This implies that in the near future AI and ML can further alleviate the standard of business processes to an altogether new level.
Let us shed light on the basic definition of Artificial intelligence & Machine Learning. This will help in a better understanding of these two emerging technologies. Especially for all those who are still not well acquainted with these technologies.
What are Artificial Intelligence and Machine Learning?
Artificial intelligence is a process of exploiting computer application and robust dataset that enables solving complex problems or performing complex tasks. AI basically seeks to imitate human intelligence but without any human intervention. Harnessing human-like intelligence, it seeks to find solutions to some of the most complex problems confronting human society.
Machine learning, on other hand, is a subset or subfield of Artificial Intelligence. It seeks to give superlative abilities to machines or computer applications in performing complicated tasks without any human intervention. It uses algorithms and statistical models to accomplish complex tasks.
How will artificial intelligence and machine learning improve business performance?
A better understanding of the Target Customer:
Since the dawn of modern consumerism, brands have always struggled to get a deep insight into their target customers. The traditional data analytic software has failed miserably on this front. However, with the advent of AI and ML, brands are now able to really dive deep into the behaviour of their target customers. Both these technologies have the unprecedented ability to collect and accurately analyse the data at a mass scale. Giving a decisive advantage to companies in a host of important things like formulating marketing strategy, improving the products and services so and so forth.
In the future, we can expect companies to be in a much more advantageous position as AI and ML’s ability to accurately predict customer behaviour improves further. Experts claim that in the foreseeable future both these technologies will demonstrate even more superior capabilities in accurately comprehending the complex dataset.
Real-time decision making with near-zero latency:
In today’s time of hyper-competition, companies earnestly want to make real-time decisions in a bid to get better off their competitors. However, more often than not most companies feel handicapped due to the absence of accurate data. Such companies are missing the ability of Artificial Intelligence and Machine Learning to precisely analyse and churn out large data sets in real-time. Companies that are able to leverage this capability are surely better off in today’s hyper-competitive world. They are able to make big and bold decisions instantaneously, much before their competitors do.
It is again pertinent to note that AI and ML’s proficiency in producing real-time data with near-zero latency will only improve further in the foreseeable future. This bodes well for ambitious companies that want to buck the competition by accessing real-time data.
Chatbots will come of an age
Today many businesses already use AI-powered chatbots to resolve the complaints of their customers. According to a rough estimate, around 3 Billion voice assistants are currently being used across different industries and this figure is likely to reach 8 Billion by 2023.
But many experts argue that today’s AI-backed chatbots face several limitations. Most often they are not able to solve complex problems or questions, making human intervention almost necessary. However, in the coming years, AI-powered chatbots are likely to come of age. This is mostly thanks to Natural Language Processing (NLP).
AI experts strongly believe that in the future NLP will give chatbots the necessary competence and proficiency in solving the most complex human problems. And they might be able to solve these complex problems without the need for human intervention. However, some critics disagree on not depending on human help or intervention. They argue that human beings will continue to act as an important intermediatory even if chatbots make impressive strides in near future. While notwithstanding the critics, in coming years AI-powered chatbots solving persistently chronic problems with human-like intelligence cannot be ruled out.
Today AI and ML have made it possible for scores of companies in doling out highly personalized services for their customers. Going forward, offering personalized services will become one of the cornerstones of a positive customer experience. Obviously, artificial intelligence and machine learning will play a central role in this quest.
Today both these cutting-edge technologies have proficiently demonstrated the ability to source customers’ history as well as previous communications and personalize it accordingly. Streaming services like Youtube and Netflix ostensibly use AI and ML for providing personalized video catalogues to their customers. In the ensuing years, we can expect streaming and other companies to make efforts to make personalized services in a more real-time manner.
Given the unfettered technological capabilities of AI & ML, their positive contribution to business in the ensuing years is a foregone conclusion. Companies can expect to reach out to their stakeholders and resolve their problems in a more immersive and riveting manner. It also must be duly noted that both these technologies are still in the nascent stage. Despite this fact, their impact on all business areas has been stupendous. And as these two nascent technologies continue to evolve & improve further, we can expect several revolutionary changes in the near future.