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AI is Transforming the Businesses - Stats, Advantages, and more
AI is Transforming the Businesses - Stats, Advantages, and more

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AI has been around for at least half a century now, Although, earlier it was only in its very primitive state but the interest of the world shifted towards it and saw its potential it has grown leaps and bounds very rapidly. Just a while back, around 2014, only a few people knew about the technology, forget about knowing various applications of AI in industries and society. 

But now in 2021, the post-pandemic era has just started and we have already and the utility of AI has increased many many folds. AI can be seen in healthcare, Fincare, manufacturing industries to streamline work, disaster forecasting, and much more.

Let’s look at a few Stats on AI 

As per the Fortune Business Insights report, the AI market size is expected to be worth $266.92 billion by 2027 expanding the global revenue of AI in business. According to reports by Fortune Business Insight, the AI market is predicted to be worth $266.92 billion by 2027.

48% of employees handle data quality issues by using AI-integrated data analysis tools, O’Reilly claims.

A report by McKinsey & Company states that around 79% of respondents agree that adopting AI in marketing and sales has boosted their business revenue.

The Accenture study reveals that 84% of business executives believe that AI implementation can help them achieve their growth objectives. 

Let’s have a look at how AI is transforming the business landscape - Advantages in Business

Among many, the most posed inquiries by industry pioneers are – how will AI change business in a more profitable way, and how the job of AI in business ensures ROI? Throughout the long term, the world has seen an assortment of mechanical progressions that have utilized cycle automation advancements hugely, there are various other ways in which AI can be utilized by the industry.

Enhancing Business Operations

Artificial Intelligence is very much prepared to play a key role in enhancing business operations. Although there are various technologies that can be used, AI is far above all of them and is literally driving the business world with unique solutions. Various researchers and Data scientists use industry-specific AI technologies to predict and transform the way businesses operate. Right from developing various strategies to minimizing errors in the product line, AI, with the help of ML is transforming business operations.

Providing Personalized Experience To Customers

Utilizing AI to streamline businesses and increase overall productivity, AI has various other indirect use cases for businesses. Rather than having a direct influence over the business operations of the industry, AI can help increase revenue by elevating the user experience.

AI has also been used to elevate user experience by providing user-specific suggestions. This can help users to get directly to things he is interested in without wasting his/her time beating around the bushes. According to a survey, Providing a personalized experience led to an increase in the retention rate of the users. AI uses CRM and CDP to enable such experiences to the users. This tool predicts customer behavior and gives businesses an opportunity to make an outstanding customer experience.

Incorporating Automation In Business

Utilizing AI in business doesn't necessarily mean replacing the human labor force with machines, although that could be one of the aspects there are many other aspects to a business that can benefit from the use of AI. Automation is, as of now, being utilized by both small and large enterprises and are seeking to explore more use cases of the technology. The common  tasks that are being carried by the AI are - increase in productivity, elimination of human errors, enabling transparencies, and much more

Minimizing Human Error

Endless hours of research have shown us that the use of AI and other similar technologies can greatly help in curbing the issue of human error in the operation. Individuals have come to understand that these technologies are very good in minimizing errors in working. If we use AI and AI-powered tools in the business, we can reliably let them automate tasks and reduce the possibility of errors. Moreover, the deployment of AI in a workplace and business operations figures out our technological shortcomings by carrying out many technological and associated tasks.

Streamline IT And Security Tasks

Businesses usually store a very large sum of user’s data. This makes them a perfect target for hackers and other individuals of such kind. AI and AI-powered tools can greatly help individuals to fight against cyber threats. AI enables better monitoring techniques and capabilities. With the advancements in technology, AI can take up the tasks that fall under IT and can contribute to increased workforce security beyond a substantial margin. AI tech is ideally suited to solve Cybersecurity problems, breach prediction, quick incident response, and much more.
 

A look at the implementation of AI in various Sectors

The influence of AI in various businesses and society, in general, is just going to increase. A lot of complex AI algorithms have been developed by researchers, which have increased the utility of the technology.

With AI emerging as a progressive technology, People are looking at it as a tech, which can not just uplift one particular sector but can help elevate various major sectors. There are a lot of ventures that have effectively started fusing AI and industry-specific technology to smooth out and support the development of the business while some are yet to choose with the right tools to work with. Some regular areas for which AI is ending up being profitable are – 

Medical care – The AI-driven applications work with patients with customized clinical tasks by making them book an appointment on the web. Besides this, Artificial Intelligence is bringing various advantages over the conventional technique for completing routine exercises – including illness and hazard ID, the board of ongoing conditions, proactive wellbeing of the executives, and so on 

Manufacturing and Logistics – AI-based applications, information, and algos have shocked the assembling space. Taking a gander at the assembling and industry's present plan of action, the execution of AI has apparently amplified stock control, supply chains, condition checking, and definitely altered transportation exercises. 

Banking – From upgrading client experience and their practices to improving the transactional experience of users, this cutting-edge go-to innovation is ending up being the soul for banking and payment services. Savvy AI programs assist and manage an account with visible monetary frauds.

E-commerce – Ever since E-commerce has materialized as the quickest developing industry, it has found itself in between the large numbers of users and technologies incapable of affording such traffic. The data generated has to be processed such that it helps in making the most out of it. The job of AI in business  has fundamentally improved the CX and expanded deals with the chatbot, increasing the visibility of various user-specific products

Entertainment – Entertainment, and media are probably the greatest enterprises that are assisting organizations with finding their capabilities. Other than expanding the marketing, AI in media outlets is ending up customizing the client experience by suggesting to them the substance-dependent on watch history.

Last Thoughts

While numerous organizations may feel that AI is one of the most drastic innovations that are just for the big enterprises, much to their dismay this innovation presents a lot of potential even to small and medium scale industries. The job of AI in the business space is by all accounts ``accelerating the growth and minimizing human error" in the approaching years and this is the reason numerous organizations are managing their systems to make the best out of AI. 

 


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Ashish is a seasoned industry veteran and holds strong experience in Technology PreSales Customer Service and People Management

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