This article is contributed by Mr. Anirudh Kala, Co-founder, Celebal Technologies.
When we talk about modern technology, one of the biggest inventions has to be Artificial Intelligence (AI). With its undeniable effect, AI is actually taking over the world. In an unbelievable way, it has become a part of our daily lives and is continuously on a mission to change our future. A decade ago, the Sci-fi movies that we used to watch are now unfolding in front of our eyes and are turning into a reality.
Just like the whole world, India is also experiencing the same reality, in fact, such as the impact that, the 2021 Deloitte State of AI report found that Indian enterprises intend to increase their investments in Artificial Intelligence, based on the returns they have seen on their existing AI investments. Any kind of business can benefit from using AI and innovation in their organization. Becoming data-driven will level the playing field for such enterprises, therefore, allowing everyone to leverage all their data to build better user experiences and increase business agility.
Artificial Intelligence is not just in the realm of buzzwords and hyped-up technologies anymore. It has gone from a good-to-have to a must-have part of every organization – big and small alike. The pandemic spurred on rapid digital transformations, leading every enterprise to establish a culture of continuous innovation to become more resilient. These digitalization journeys have led to a boost in AI adoption with many enterprises setting up data and analytics infrastructure as the foundation to build AI projects.
In this article, we will find out how Artificial Intelligence can bring enterprise innovation. Let's take a look.
How AI Can Unlock Hidden Opportunities for Businesses?
Artificial Intelligence has a wide range of applications in the business world. From process automation, and tailored customer services to conversational analytics and predictive analytics, the use cases for AI touch upon all the departments of HR, Finance, Operations, Manufacturing, Marketing, and others. Organizations can use AI to grow their business, increase revenues and business agility, and enhance operational efficiency.
- In the financial sector, machine learning algorithms are being designed to improve fraud detection, supplement the risk assessment process, deliver tailored customer recommendations and services.
- Artificial Intelligence is also empowering the manufacturing sector with demand forecasting, inventory optimization, supply chain analytics, production planning, and many more diverse use cases.
- With the ability to continuously learn and adapt itself, AI technologies can also help businesses make better decisions that will help predict market changes and help your business be competitive and resilient.
- Personalized virtual assistants, recommendation engines, predictive analytics are also some of the ways enterprises are leveraging AI to craft lasting customer experiences and stem customer churn.
- Infusing AI will not only fuel a culture of innovation but also cause immense benefits of reduced expenses, automated processes, faster insights, and improved business continuity.
Need of AI-Powered Enterprise Chatbots and Cognitive AI
Artificial Intelligence is showing its mettle in every form, down below some reasons are stated regarding the need for AI-Powered chatbots and Cognitive AI.
AI-Powered Enterprise Chatbots
AI-Powered Chatbots and Conversational Voice Bots are essential tools for all brands that want to deliver hyper-personalized experiences, they provide exceptional customer services. Engineering these experiences using conversational AI can boost customer satisfaction, customer loyalty, and increase customer lifetime value.
AI-driven Chatbots bring flexibility and versatility to the conversation to understand and even learn from most client queries in multiple languages. AI-enabled Chatbots are important assets for organizations dealing with a massive number of daily customer support queries or having limited customer support staff. One can also leverage chatbots for improving employee collaboration within an enterprise, bringing together business processes and people on a single platform.
Accelerating Automation with Cognitive AI
Cognitive AI applications involve embedding AI into cognitive tasks that traditionally require huge amounts of manual effort like scanning invoices and documents, extracting information from an unstructured pool of data, or analysing thousands of images. Face detection, social media sentiment analysis, speech recognition and analytics, risk assessment, knowledge mining, fraud detection, vehicle damage detection are just some of the many ways that AI can assist in improving manual and routine tasks.
Adding intelligent automation into an enterprise has the benefit of not just replacing manual processes but will help add a dimension of process intelligence. This would involve aiding decision-making with insights into maximizing your process efficiency and predicting organizational changes that could affect your business.
Going into 2022, many organizations are going to increasingly move towards AI and integrate it with their business functions. Numbers of enterprises irrespective of their size and expertise will use the power of AI for cost-savings and productivity boosts of their organization. Low code platforms are also making it easier for enterprises to tap into the potential of AI. A proper AI implementation strategy is a must for anyone who wants to partner up with this technology. Partnering with the right technology and software solutions provider will ensure that you remain in the right direction to achieve excellence and a competitive edge.
How AI will Affect Business?
AI will mainly save time, costs and will make all the tasks easier, which are quite hard in an enterprise.
Is AI the Future of Business?
Undoubtedly, AI will be the future, if it's not already one. 86% of industries state that AI is becoming the 'mainstream technology'.
What will AI do in the Future?
AI will create 58 million new artificial intelligence jobs by 2022.