Artificial intelligence is not just a term in vogue that industries and people with extra intelligent minds fancy for but one-of-its-kind innovation that has taken the world by storm, mainly the industries and allied groups. It seems that organizations are much fascinated by the potential of AI than any other technology. Since there are so many technologies to consider, you might be thinking what’s exactly with AI that is driving businesses to adopt for profitable results?
The software, tools, and solutions devised on computer science and human intelligence innovation leverage businesses to reduce operational costs, increase efficiency, and grow revenue by leaps and bounds. With respect to that, the role of AI in business ecosphere is turning out to be integral to many companies and this is why enterprises are placing their reliance on this inventive technology in lieu of any other emerging technology trends. In fact, AI is one of those technologies that can be integrated well in small as well as mid-sized businesses and is apparently cost-effective.
The advancement of technology and the growing impact of AI in business is entertaining the industries in several different ways. However, amidst all, AI is proving to be a state-of-the-art technology to get to grips with the bottlenecks of the business process. The AI-powered solutions are serving enterprises of all kinds exponentially.
Instead of just taking the wraps off from the pragmatic insights for enterprises, AI automates time-consuming endeavors, allows employees to focus on significantly productive duties and business analysis. Since the role of AI in business is seemingly progressing, the different nature of businesses has gained a mainstream advantage by employing AI technology. However, there are a substantial amount of businesses left to witness how capable AI is to transform their business.
Check this post – AI-as-a-Service: The Next Big Tech in Industry
Some Vital Artificial Intelligence Statistics 2021
- 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.
- O’Reilly website claims that around 48% of employees handle data quality issues by using AI-integrated data analysis tools.
- A global survey report of 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.
With so much consideration going on for AI incorporation for businesses, let’s have a look at how potential AI software can refine respective industry behaviors by unleashing the benefits of artificial intelligence in several business verticals. The major accomplishment of companies would be to minting the success of the growing role of AI in business which eventually leads organizations to boost sales and operations.
Understand AI Technology + AI-Based Applications Examples
Artificial Intelligence is a machine or technology that simulates human intelligence and represents a range of techniques that streamline tasks in an elusive manner. In short, a machine taking over most of the tasks instead of humans is what eventually AI is aiming for. AI technology is anticipated to grow immensely by the forthcoming years and gradually come out to be the next big thing in corporate concerns.
While optimizing routine processes and reducing human error are the common traits of AI, painting a bigger picture could lead many businesses to realize that putting highly intelligent programmed machines into operation improves customer service, maximizes sales opportunities, and empowers them to carry on with business affairs steadily. Smart assistant tools like Alexa, Google Echo, and personalized social media feeds are some common everyday AI examples.
But you might be thinking about how AI helps in making more revenue for your company? It is via AI-based applications. Let’s have a look at some examples.
Examples of AI-powered solutions
- FaceApp: An image transforming app and do editing with the help of AI.
- Databot: Databot is an AI-engineered virtual assistant.
- Hound: AI-powered voice assistant app for iOS and Android.
- Robin: Personal assistant for users that functions with artificial intelligence.
- Microsoft Pix: It is an AI-implemented camera app.
Also, check – 30+ Best Artificial Intelligence Android Apps
6 Ways Artificial Intelligence Can Help Businesses Transform
Amongst many, the most chased questions by industry leaders are – how artificial intelligence will change business forever in a remunerative manner and how the role of AI in business guarantees ROI? Over the years, the world has witnessed a variety of technological advancements that have leveraged process automation innovations immensely. While AI is surfacing as a widely considered technology, its usage and impact keep on varying as per the nature of the business and cultural change.
For instance, process automation is one of the AI features that is ubiquitous for all industries but some of the deep-learning techniques limit the role of AI in business and let companies spell success. Since we have pondered over various aspects of AI (including the good and the bad), let’s discover how AI helps in making more revenue and can be used to transform business processes for the better.
Enhancing Business Operations
Unleashing the prominent role of AI in business is equally demanding as running a business is. Both require constant motivation and brainstorming and in order to take the enterprise to newer heights, implementation of new-age technologies becomes paramount. While there are many significant technologies making strides and benefiting the industries, AI is one such technology driving the business world with powered solutions. Data scientists deploy a variety of AI paradigms that are changing the course of the way businesses operate. From aiding businesses to identify new opportunities to augment product development, AI is leading businesses to the biggest transformations (know about – AI-ML development).
Providing Personalized Experience To Customers
Apart from determining what works best for enterprise and what not and how the business can make the right use of process automation along with other relevant offerings by this technology, AI facilitates hyper-personalized customer experience with the help of CRM and CDP software devised by artificial intelligence. Unlike traditional data analytics tools, the role of AI in business is driven by intelligent solutions. The smart tools anticipate customer behavior and give both B2B and B2C brands an opportunity to lead up to building outstanding customer experience.
Incorporating Automation In Business
Many might misunderstand workplace automation by deploying advanced tools and software in the workplace that replace human labor with machine ones. Automation is dispensed across enterprises ranging from small to large and many enterprises are seeking to explore the advantages of AI in business functions. Since there is already much discourse taking place about the competencies of AI in making the workplace an easy feat to carry out, the combo of AI and RPA is emerging as a technology stellar. The common undertakings that are being taken care of by both the mainstream technologies are – skyrocketing productivity, eliminating human errors, procuring transparency, etc.
Minimizing Human Error
After spending endless hours researching the varied concept of AI and allied software and tools (know more about – Business intelligence tools) that can replicate human intelligence, data analysts have come to understand that these machines are effective in reducing human error to an extent. If we confide in the evolving role of AI in business, AI-powered tools that function on a specific algorithm emerges as a game-changer. It deduces how reliably the tools help in automating tasks and reduce the possibility of errors. Moreover, the deployment of AI in a workplace and business operations figures our technological shortcomings by carrying out many technological and associated tasks.
Streamline IT And Security Tasks
Artificially intelligent systems deal with huge amounts of data and for businesses, irrespective of the size, protecting data is imperative. With better monitoring techniques and capabilities, AI takes up the tasks that fall under information technology and adequately contributes to dramatically increasing workforce security beyond an extent. AI-based applications are ideally suited to solve the cybersecurity problems in the business premise with the help of IT asset inventory, breach risk prediction, quick incident response, and other cybersecurity practices in the IT professional ecosystem.
Empowering Sales And Marketing
AI technologies are integrated by high-level algorithms creating key internal opportunities to form an alignment between the marketing and sales team. Either it is about personalizing and scaling messages with AI insights or pulling customer data with AI, this technology is proving to be all-important and winning. The role of AI in business is undeniably appealing to organizations to increase value in marketing and orchestrate opportunities to drive meaningful customer engagement and rocket boost the business potential.
Also, check – Why You Should Invest in AI Application Development?
How AI Help In Making More Revenue For Enterprises?
By looking at the growing popularity of AI technology and the way it is enforcing lineaments in several sectors, the possibilities for businesses to use this technology have seemingly become endless. According to the marketers, the use of AI-integrated solutions facilitates growth, drives revenue, and enables businesses to implement powerful strategies for business. In short, embracing AI into business helps companies work more efficiently and astutely. Since we have known that the role of AI in business is not just limited to stimulate operation and management operations, here is the list of AI benefits in business that eventually augment organizations to generate more revenues.
Helps Businesses Conduct Strong Marketing Strategies
Technology is widespread in the marketplace and has been there in the industry for a really long time, however, the right use of the same particularly makes it a winning strategy for businesses. The marketing team of the current era has conceptualized the use of innovative AI-powered solutions in content marketing. Whether it comes to enhancing PPC advertising or providing a highly personalized website experience to the users, the progressing role of AI in business and marketing in specific is being put to use.
Enable Enterprises Sort Through Highly Profitable Leads
Leveraging AI in the business to segregate high-yielding data makes it easy for enterprises to work through the refinement of the sales funnel and identification of prospects to proliferate the sales. This is very simple, AI has enormous advantages that it brings to the business. However, unless AI-generated leads analyze the consumer behavior and buying pattern correctly, the organizations cannot operate the way they aspire to. In such scenarios, intelligent machines with smart algorithms come in rescue to the sales team.
Promotes Enforcement Of Data Analysis
As per Statista, the global revenue of AI in business is anticipated to reach around $126 billion by 2025. Since the AI market is growing by leaps and bounds, retrieving large and important sets of data within minutes is becoming crucial for organizations. Nonetheless, thanks to AI for empowering decision-makers to settle upon incisive decisions. With the help of data analysis, the business leaders can take a peek into operational costs and engender strategies to reduce the same.
Aids Enterprises Forming Informed Business Decisions
Drawing valuable insights and putting all the analysis into working can be billed as a core role of AI in business and helping them make informed decisions. Advanced AI technology is leveraging businesses with reliable and accurate insights. Moreover, AI-powered solutions are proving to be revolutionary in transforming the entire business space in a profound manner. The automation of cognitive tasks is much important in today’s rapidly evolving ecosystem and AI helps businesses capitalizing the same.
The Deployment Of AI Across Various Essential Sectors
The AI impact on business and society will always be invincible. Many advanced algorithms of AI have been put forth by Science enthusiasts for years and have uniformly grown to be the buzzword among technocrats as well as laymen ever since the invention.
By emerging as a coherent and progressive technology, the role of AI in business is not just to uplift the specific business sector but also add significance to many major industries. There are plenty of industries that have already begun incorporating AI-powered solutions and strategies to streamline and bolster the growth of the business while some are yet to decide with the right set of tools. Some common sectors for which AI contrivance is turning out to be advantageous are –
- Healthcare – The AI-driven applications facilitate patients with personalized medical affairs by making them book an appointment online. Moreover, the advanced mechanisms of artificial intelligence are bringing potential benefits over the traditional method of carrying out routine activities – including disease and risk identification, management of chronic conditions, proactive health management, etc.
- Manufacturing and Logistics – AI-based applications, data, and algorithms have taken the manufacturing sector by surprise. Looking at the manufacturing and logistics industry’s current business model, the implementation of AI has seemingly maximized inventory control, supply chains, condition monitoring, and drastically revolutionized transportation activities.
- Banking – From enhancing customer experience and their behaviors to improvising the handling of financial transactions, this modern go-to technology is proving to be the lifeblood for banking and allied services. Intelligent AI programs help banks to notice financial frauds because of which the authorities are taking necessary actions proficiently.
- E-commerce – Ever since retail has come into view as the fastest-growing industry lately, it has revealed itself no less advanced to drive itself with remarkable digital innovation (read about – digital transformation lifecycle and exponentially growing competence of smart machines. The role of AI in business intervention has significantly improved the CX and augmented sales with chatbot integration and strategic target marketing
- Entertainment – Entertainment, and media are some of the biggest industries that are helping businesses explore their capabilities. Beyond expanding the marketing and advertising landscape, AI in the entertainment industry is proving to be personalizing the customer experience by recommending them the content based on watch history.
These are just a couple of examples. The list of industries and sub-industries yielding the benefits of artificial intelligence technology is immense and is anticipated to grow beyond one’s belief. The incorporation of AI-driven software is leveraging a large number of industries with several operational efficiencies.
Also, read – Role of Chatbots in Making Enterprises Efficient
Are You Still Giving Embracement-of-AI-in-Business A Second Thought? Let Appventurez Barge In!
AI is burgeoning as an optimal technology that enables businesses to streamline tasks in a way that is prolific to them. While many organizations might think that AI is one of the disruptive innovations that are only for the bigwig companies, little do they know if this simplistic technology is cost-effective and being incorporated in all types of business. The role of AI in business space seems to be increasing in the forthcoming years and this is why many enterprises are fixing their strategy to make the best out of AI-powered solutions that precisely cater to business needs.
There are plenty of new-age startups and long-run businesses who find it challenging to know how to implement the AI rightly into the operations. The experienced professionals at Appventurez know how to employ the right technology as per the nature of the business.
If you are struggling to infer the deployment of AI technology, let us be in your service.
Co-Founder and AVP Technology at Appventurez Mobitech. A tech enthusiast who has broad expertise in delivering end to end software solutions. He is an expert technocrat ho has in-depth knowledge and is highly experienced in delivering solutions for Android, Xamarin, Ethereum Smart Contracts, ASP.net.
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