Artificial Intelligence is proving to be the most profound and transformational technologies in the business world. It is driving the fourth Industrial Revolution, by building a bridge between the physical and digital worlds. An impact of this is that today, various organizations (including the tech giants like Google and Apple) are exploring the opportunities to embrace the technology in their processes by investing in AI application development and enjoy better business gains.
In the midst of this, if you are struggling with questions, such as:- Why to invest in AI application development? How will the technology be helpful in enhancing operational efficiency? What would be its impact on your customers?, and so on, this blog is going to be a good read for you.
Here, we will look into how Artificial Intelligence is transforming the world and what it means in the future – starting with a quick recap of what it is and what are its advantages.
AI – Its Definition and Benefits
Artificial Intelligence, a term coined by John McCarthly back in 1956, denotes to the field of computer science that aids machines to mimic the human brain behavior. It empower machines to comprehend, think, speak, and act like humans based upon the insights gained by studying the human brain activities and environment.
The technology, with this unique concept, has provided both businesses and consumers with various advantages and made it easier for them to mitigate the prevailing challenges and enjoy a better lifestyle.
A few of the benefits of Artificial Intelligence that are bringing a huge momentum in the market are:-
AI-powered chatbots and applications, unlike humans, do not demand tea breaks, get emotionally moved, fall sick, be biased, or ask for any kind of perks. They perform all the assigned tasks day and night and even manages to handle multiple customers at the same time and look into their requests without any traces of confusion – making it possible to provide them 24×7 effective assistance.
Escape from Repetitive Jobs
Another reason why everyone is showing interest in AI application development is that the technology gives workforce an escape from the repetitive and monotonous tasks like getting a file printed, checking records and files, arranging everything in a particular sequence, etc. by performing it on its own.
Low Error Rate
AI-enabled machines work based on certain algorithms and have the knack of recording every minute detail even when occupied with multiple tasks. This makes it nearly impossible for them to miss out any detail or perform any computational error, and thus, deliver accurate results.
Artificial Intelligence, with its cognitive capabilities, also aids collecting and analyzing the data in lesser time and prevent getting distracted due to depletion of mental energy and other such concerns. In this way, it helps the organizations to look ahead to faster decisions using the app designed by the top Artificial Intelligence application builders.
Using the power of Predictive Analytics and Machine Learning, the technology also simplifies the process of determining what will be the future and thus, take the right step.
Last but not least, Artificial Intelligence interacts with the customers in real-time, accumulates the required information, and provides the opportunity to understand their behavior and deliver personalized experience.
Now as we have gained the basic knowledge about Artificial Intelligence, let’s look into how the technology is transforming the world and later, look into why one should consider AI application development:-
Impact of Artificial Intelligence on Different Business Verticals
The industry that top the list of industries being disrupted by the influx of Artificial Intelligence is Healthcare. The industry has gone through a 180-degree transformation by integrating AI-based apps and solutions to its conventional system – making everyone understand why investment in Artificial Intelligence apps is a profitable deal.
Some of the ways the healthcare sector is improving with the adoption of AI are:-
- From performing certain tests, X-rays, CT scans, data entry, and other such monotonous tasks, the technology is making more productive hours available to the healthcare practitioners and aiding the way to improve the health ratio in the industry.
- Another way the Artificial Intelligence benefits the society in terms of health and care services is that enable the doctors and medical specialists to analyze the patient records, doctor notes, and other research files to come up with a customized treatment path for every individual and thus, deliver exceptional experience to them all.
- The technology also empowers the healthcare organizations and clinics to easily gather, compile, analyze, and manage the patient data and other records in real-time and establish a consistent and secure access to them. In this way, it ensures that all the details are recorded and can be examined by both the healthcare practitioners and patients if required.
The latest Artificial Intelligence applications like Duolingo, iTalk2Learn, and Thirdspace Learning have also transformed the way we learn and teach. They have facilitated teachers, students, parents, and educational organizations with surplus of benefits, such as:-
- The technology has automated various processes like recording attendance and grading, which has provided teachers and students with more time to invest into learning purpose.
- AI-based digital assistants like Google Assistant, Siri, and Alexa have contributed to uplifting the education sector by making the information available in an easier, faster and effective manner.
- The concept of Artificial Intelligence (AI) has also resulted into the introduction of various individual learning platforms and resources. The technology, in the form of adaptive learning software, programs and games, has simplified the process of understanding the learning level of students and providing them with a learning plan as per their pace. Besides, it has increased their chances to know which topic to focus on more based on the past years’ question papers and market trends, and thus, have a better chance at getting better marks.
According to research made by Juniper Research, Retailers will invest over $7.3 billion on AI by the year 2022. Both the online and brick-and-mortar retailers will turn towards the technology to streamline their existing processes and deliver a sense of comfort and satisfaction to both the customers and employees in different ways.
A glimpse of how Artificial Intelligence is transforming the world of Retail and why you should consider AI application development can be taken from the pointers below:-
- AI-powered robots and machines are assisting with various odd jobs like inventory check, guiding customers to different sections of the store, monitoring if the floor is clean or not, and more.
- Based on the previous shopping behavior, the AI-enabled software and applications will make it easier for the retailers to know exactly what the customers want and thus, strive to provide the same in lesser yet effective steps. This will eventually improve the sales numbers and business ROI.
- With the concept of Visual Search and Image Recognition, the technology will make it possible for buyers to search for any particular item even when they are not familiar with its name. In this way, it will consumers to enjoy a better shopping experience.
Finance industry, being associated with monetary values, is facing various challenges and barriers in delivering a customized, seamless and secure experience to it users. But, with the help of cutting-edge technologies like Artificial Intelligence, it is able to make significant changes in the whole scenario and improve the financial state of individuals as well as uplift the overall GDP.
When talking about what can AI do in the field of Finance, here are some of the benefits you cannot overlook:-
- Since AI relies on the approach of learning from the past, the technology is offering a faster and accurate assessment of a borrower at cost-effective rates and help the Finance department to make better debit, credit and loan-related decisions.
- AI checks the past spending behavior on different transactions in real-time and notify if any odd behavior is found, which eventually help in preventing the frauds.
- The technology also plays a pivotal role in providing the best financial advice and offers to the bank account holders customized as per their needs, and thus, deliver an enhanced experience to them.
Another industry that is enjoying advantages of creating AI apps is Enterprise. The industry is learning new ways to streamline their traditional processes, cope up with the current challenges and make a better approach to the future using AI – a proof of which is that today, around 63% of Enterprises use Artificial Intelligence (AI) and Machine Learning (ML) into their processes and are encouraging others to look into AI and ML development.
Some of the ways Artificial Intelligence is improving the scenario of Enterprises are:-
- AI follows a data-driven strategy because of which it is possible to calculate the performance level and profits of even a small pilot program.
- The technology, with its ability to gather and analyze the data in real-time, prevent enterprises from getting their data into the claws of frauds and data intruders. In simpler terms, the technology facilitates security to Enterprises.
- Not only this, the technology helps in optimizing the internal operations, making profitable decisions, delivering smarter and connected environment, and more.
Logistics and Supply Chain
Artificial Intelligence is proving to bring a profound transformation in the field of Logistics and Supply Chain in numerous ways, such as:-
- On an average, a supply chain professional requires 10 or more minutes to gather all the information/persons in a particular manner to make the best choice for handling complex but repeatable tasks. AI, in this scenario, give them an escape from this by automating the whole process based on the algorithms it follows and the information it gains from the environment.
- In the form of Predictive Analytics, Artificial Intelligence provides the logistic business with assistance in determining what their target user base needs and thus, meet their expectations in a profitable manner – making it the urge of the hour to invest in AI application development.
- It provides them with a heap of data which aid them in analyzing different processes of supply chain and evaluate which area needs improvements. This helps them to better optimize their business as well as internal processes and ensure higher outcomes.
While this was all about how AI will change the world of business, let’s turn towards what will be the impact of AI on the technology world.
Impact of Artificial Intelligence on Other Technologies
Artificial Intelligence (AI), with its characteristics of gathering a heap of data, predictive analysis, and personalization, is helping a multitude of technologies to cope up with their shortcomings and make a better entry to the marketplace. Two of such technologies that are weaving a brighter future by collaborating with AI are:-
Internet of Things (IoT)
IoT, the technology behind the concept of Smart cities, homes, and cars, is offering the opportunity to connect a myriad of devices and tools together and maintain a flow of data for better interactivity. However, the technology is facing the challenge of analyzing the data and coming up with effective responses in real-time. Besides, the technology is facing various privacy and security concerns, making people hesitate to invest in the technology. This is where Artificial Intelligence is coming up as a savior.
The AI technology is helping the devices and people connected in an IoT environment to collect better insights with the help of adaptive learning and analytical features. It is automating most of the processes and fostering the pace of synchronization, communication, and integration in a profitable manner. It is also adding security to the IoT ecosystem by ensuring that every data is analyzed and shared to the devices after complete background check within microseconds.
Besides, it is continually performing analyses and helping businesses with proactive actions that are required to cope up with the progressively changing market and customer behavior – implying working for a better future.
While blockchain has proven to be the finest technology in the world with its unusual concept of data availability and security, it also bear some limitations. The technology has an average data mining system which runs via hashing algorithms. These algorithms function based on a ‘brute face’ approach where every possible combination of characters and values are tested before coming up with the right one. This demands higher efforts, time, and cost and bring a question upon the quality of data obtained.
Artificial Intelligence, in this context, provides a far more intelligent approach that streamlines the data management process and lower down the time, effort and cost involved with the process. Besides, it integrates the power of NLP (Natural Language Processing), 3D real-time data transformation, and Image recognition into the Blockchain linking, which provides the data miners with an opportunity to transform any large-scale system into micro-economic ecosystems and optimize data in an effective and secure manner.
We have looked into how the technology is transforming the business world in the present scenario. But, before we head on to a conclusion regarding it will be profitable to invest in the technology or not, let’s have a look into what is the future of Artificial Intelligence:-
Future Scope of Artificial Intelligence in the Market
As you can depict from these statistics, Artificial Intelligence is bringing a wave of disruption in the business world – regardless of which domain or process you consider. It is revamping all the traditional processes and providing companies with a heap of user data so that they could better understand their customers, make a profitable business plan and deliver the solutions they desire for. Also, it is rendering with real-time insights to learn about the changes in the market trends and consumer behavior so as to cope with the changes and prevent the risk of project failure. And thus, make a profitable business and beat the competition.
Not only this, the technology is also collaborating with various other technologies to bring more digitally innovation solutions into existence and streamlining our lives – giving a hint that the technology is not going to leave the market soon.
So, considering this, if you are someone who is struggling with keeping its customers hooked or someone who is dreaming of establishing a billion-dollar startup in the current competitive market, look forward to hire the best AI application development company today itself.
Co-Founder and VP Mobile Architect at Appventurez. An expert programmer who is passionate and loves to explore emerging mobile technologies. As a leader, he is a perfect match as he is always there for the team to help and guide them to learn and implement smartly and effectively.
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