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February 28, 2024The Effective Way to Leverage AI to Accelerate Business Growth
We have recently witnessed technology transition from research labs into a more commercial setting. With the onslaught of COVID-19, businesses in every industry have faced extraordinary circumstances. Aiming for better ways for optimizing future disruptions and preparing for the rebound, senior executives look at data scientists and analysts for answers. Business leaders and investors universally agree that AI and Machine Learning (ML) will transform their businesses by reducing costs, managing risks, tranching up the workload, accelerating growth, and fueling innovation. Hence, it would be sufficient to say AI is the future of the corporate world.
The current state of AI and its impact on business
Artificial intelligence is undoubtedly under the spotlight in the business world. Despite being in its preliminary stages of development, AI is on its way to making an everlasting impression on the market. With the ability to accomplish extensive tasks in a fraction of time, analyze and forecast data, AI can be the future silver bullet. Tech giants such as Microsoft, Google, and Facebook are already reaping these perks with early investments. While also promoting its adaptation in marketing strategies to increase revenue. Advanced analytics and deep learning seem to be the flavor of the month.
What are the benefits of using AI in business?
The marriage of evolutionary AI and the corporate world promises a plethora of assets to companies. The most substantial being the significant decrease in human error. According to the latest AI and ML development stats, the global revenue from AI-based applications in the industries can reach $31.2 billion, where 87% of current AI adopters are already utilizing it for sales forecasting and improving their digital marketing strategies.
By deploying enhanced AI systems with robust analytic capabilities, different organizations gain:
- Customer interaction and cost reduction: With AI-based decision augmentation systems to suggest optimum actions, consumer interaction has improved drastically. Chatbots and interactive interfaces allow companies to trim costs while increasing efficiency.
- Internet security and data governance: Banks and capital markets have seen recent enhancements in fraud checks and securing consumer data. Cutting down the human labor, they have seen incredible end-to-end responses times with greater accuracy.
- Quality products and marketing: Many agencies capitalize on user insights and data to predict customer preferences and offer them a better-personalized experience. Easy mining and compiling of vast amounts of data ensure satisfactory products and growth of a consumer base.
What are some common applications for AI in business?
Organizations can accelerate decision making, improve business processes, enhance user engagement, reduce costs and drive remarkable growth and profitability. Some industry-based applications are:
- Insurance: Complex factors drive insurances across the U.S. It is essential to analyze better the financial risks and opportunities involved in the market. Insurance companies can better model situations with much higher accuracy with AI systems.
- Hospitality: Fast-food companies aim to find ways to improve their decision- making, provide more self-service data analysis for franchisees, and expand their loyalty offerings. Switching to analytics-based insights ensure better outcomes. AI-driven intelligent platforms enable faster reporting, better data accuracy, and lower maintenance costs. Increased flexibility, scalability, and customer engagement help make informed decisions related to personalized customer experiences and market intelligence.
- Communications and media: With many businesses performing in a co- dependency, changes in one sector can impact several others. Suppliers and retailers often lean on telecom providers to maintain a loyal and interactive customer base. Customer journeys mapped by AI-based systems identify sensitive points and make them more interactive. Chatbots often also reduce the workload in call centers.
How can businesses keep up with rapid innovation in the field of AI?
The field of Machine Learning and Artificial Intelligence is changing rapidly. It's difficult to analyze how the technology will develop, but most experts see those "commonsense" tasks becoming more effortless for computers to process. That means robots will become a common occurrence and extremely useful in day-to-day life. Despite the clear incentives of AI, some sectors are falling short. To stay relevant and ahead in the game, organizations should aim the following:
- With access to acute computer vision and sophisticated models, the goal must be maximizing optimization across cross-functional units. With diverse teams, it's likelier to achieve broader organizational priorities.
- Most firms cradle the mindset that an idea must be fully baked and functional on paper before deployment. With both leading giants and up-and-coming unicorns taking risks and shedding their rigid outlook, they create a viable product in a matter of weeks.
- A small handful of responsibilities are always best handled by a hub and led by the chief analytics or chief data officer. These include digital transformations, scaling practices, and working with third-party data and AI services and software providers.
How AI is changing the way businesses operate and what you need to do to stay ahead of the curve
Realizing the potential to grow revenues, profits, and firm value, businesses are practicing more AI-focused initiatives. On average, investment in advanced analytics will exceed 11% of overall marketing budgets by 2022. Spending on AI software will top $125B by 2025 as organizations weave AI and Machine Learning tools into their business processes. In parallel, investors have poured more than $5 Billion into over 1,400 AI-fueled sales and technology companies to meet this demand. Globally, Chief marketing officers feel like the pace at which AI can be made successful has been overstated, and the challenges have been understated, according to the Forbes survey. That is understandable based on the current level of acumen in the business community about AI and advanced analytics. However, this is an education and skill problem.
Testing the waters, The Wharton School of the University of Pennsylvania announced the establishment of Wharton AI for Business (Artificial Intelligence for Business). A cornerstone of the launch is a 4-week Artificial Intelligence for Business online certification program for business leaders and professionals. The goal is to inspire cutting-edge teaching and research in artificial intelligence while joining global business leaders to set a course for a better understanding of this nascent discipline.
How Atidan Technologies can help you with your AI implementation
Atidan specializes in creating customized strategies for AI adoption. Atidan has a ton of experience in going hand-in-hand with organizations to develop customized products that utilize computer vision models. With access to the largest talent pool in the world with a proven track record of customer satisfaction, Atidan can help you develop a rock-solid approach to ensure seamless integration. With access to Atidan’s highly experienced recruiters, you can even hire deep learning(Computer Vision) engineers for your business. With decades of experience helping companies with their technological needs, Atidan delivers more value than you could imagine. With global offices in the USA, UK, India, SEA and success stories across various industries, our goal is to help you realize the full potential of today's cutting-edge technologies.
