Last updated on November 2, 2019
Transformation of Business to the next level with Artificial Intelligence
Have you even realized the popularity and appreciation Artifical Intelligence has gained in recent times? I hope you did.
To be honest, it has actually become the principal driver for digital transformation and core focus areas for a maximum number of businesses (especially the ones who wish to stay up with the technology).
I hope there would be no wonders in it since the perks its been rendering are extensive. Do you even know the number of businesses integrating this latest, or I could address it as “the greatest” technology has got a considerable increase by 270% (as per the report generated by Gartner) in the past few years?
Quite a big number? No???
While there is no uncertainty that the potential of this technology is unequaled, it is still to be rapped.
So, if you are someone looking to integrate Artifical Intelligence technology into your digital strategy, there is a lot for you in this write-up.
In this post, we will shed light on the advantages and use case of AI for digital transformation and will provide a checklist to help you integrate and implement this technology effectively and reliably.
Reasons Why Your Business Should Embrace Artifical Intelligence Technology & What Are Those Perks You Can Avail After Implementing It
Well, there are a number of advantages a business can experience after the integration and implementation of this technology in their work processes. Some of them are:
- It helps in enhancing the existing products and creating newer ones
- It helps in increasing the efficiency of internal work processes
- Assists the business in data backing and making an informed business decision
- Artificial Intelligence technology enables businesses to optimize external operations.
- Let’s a business person manage the proper resource allocation (freeing up the resources from day-to-day tasks.)
All of these points to one added advantage, the most notable one: companies that embrace artificial technology get a competing edge over the rest of the business professionals.
Now, and the years that will come, we are going to enter a completely new era, the year of Artificial Intelligence technology. Techopedia defines AI as:
“An area of computer science that emphasizes the creation of intelligent machines that work and react like humans.”
Let’s now consider the use case of AI technology for digital transformation in 2020
As stated above, discovering a practical purpose for artificial intelligence is one of the purposes why several companies hesitate to embrace this technology. In order to help you determine the proper use cases in your business, let’s discuss how artificial intelligence technology is affecting today’s business work processes and how it is serving to modify it.
Here are 4 likely areas of improvement that a company might benefit from when integrating AI into its digital transformation:
Artificial Intelligence Role In Modifying Business Models
As our tools are getting united, companies now have the opportunity to gather more data. This enables businesses to figure out innovative methods of doing trade. As a consequence, there’s a more active marketplace, leaner processes, and business gets more proactive in the business.Artificial Intelligence is not just transforming how businesses operate but, it's far more than that... says Liza in this post via pvariel.com Click To Tweet
Google, Salesforce, & Netflix all practice artificial intelligence to some point. With the appropriate integration of data and preparation, artificial intelligence can manage workflows in a much more better way than individuals do, and help people serve more reliable and quicker. As a matter of fact, it will result in a greater (ROI) return on investment.
Artificial Intelligence is not just transforming how businesses operate. Despite, it also has the potential to affect safety systems and other important aspects of business on-going ventures. Companies must get on the bandwagon and make on the AI drive to address more groundbreaking formations and custom models.
Redefining the Trading Method
These days, commercial service providers have access to several rich data authorizations. The data-centric hedge stocks depend massively on artificial intelligence to evolve more superior trading models. More so, now the systems began to imagine like the marketplace and explore brand-new trends on the way.
This is because AI, in essence, substitutes individuals and their decision making and efficiently reduces human mistakes, as well as impulsive reactions that can be destructive in the dealing process.
While with every new AI discovery, after examining market values, microeconomic data, and macroeconomic data, artificial intelligence engines make their individual outlooks and are able to pick the most suitable approach in a given condition.
Improving User Experience
Presently, we are in a world where each kind of information is accessible at our fingertips without any concern. Primarily, this is why the expectations of users these days are more.
According to one research held by PointSource, one of the biggest influences that artificial intelligence has is in the user experience field, more particularly, in eCommerce where approximately 49% of users stating that they would purchase online, and then there are 38% of them who would tell about their experience to their colleagues.
Around 83% of the users that engaged themselves in this study mentioned they’ll buy from a retailer who utilizes chatbots or some other AI-powered tool.
There are some of the ways in which businesses use Artificial Intelligence technology to enhance user experience. Let’s consider them:
- Chatbots: You can integrate chatbots to address all the problems that your clients are facing and then give resolutions. Effective chatbots can give immediate customer assistance. Plus, because of the absence of emotions, their mistakes in judgment are subdued.
- 24/7/365: Artifical Intelligence is much more effective, and a lot more affordable than hiring human resources. This technology doesn’t need any off days, doesn’t get ill, and doesn’t sleep. Rather they work each and every hour to acknowledge users’ questions.
- VA (Virtual Assistance): Utilizing AI to resolve simple intricacies also comes in the virtual assistance category. For example, nowadays, there are numerous online shopping platforms that use AI Chatbots to answer subjects and guide customers to their desired product.
Now, it’s time to recognize Artificial Intelligence as an expenditure on the user journey and practice. With inventive programming and efforts, AI will indeed improve engagement and enhance the overall experience of the existing and new users.
Artificial Intelligence Role In Business And Cybersecurity
Machine learning is one of the fundamental technologies enabling companies to identify wicked behavior and irregularities that might be a symbol of a security violation.
What’s more, it additionally offers a competing edge over the human-driven protection resolutions: algorithm-based systems are more stable while an individual can make errors or drop even the sparsest variations from the standard.
Many times, this use case is normally used for the confirmation of commercial operations in funding, but also can assist companies in reacting to events in a suitable way, reducing the downtime and enhancing data safety in common.
Artificial Intelligence Role In Business What’s Next?
AI is an indispensable element of the future that is coming to every business entity across countries.
The upcoming trends in AI-driven automation exhibit notable shifts of players and activities in the AI field that address to the reconfiguration of concerns, influence, and expenses in global business governments.
While quickly automating companies present encouraging opportunities, they also offer vital security prospects. As the fate of AI-driven marketing transformation is firmly bound to how nations maintain their vital data capabilities across cyberspace, geospace, and aquaspace, there is a requirement to put a great emphasis on improving data leads to collect more knowledge to develop the AI landscape.
So, What Do You Think Does Your Business Ready For This Digital Transformation
Digital transformation and Artifical Intelligence goes one by one. So, if you are thinking of making your enterprise future-ready and establish a course for digitization, you will most probably require to consider embracing artificial intelligence as well.
This’s why you require to ensure your digital transformation approach involves some points that might be vital for your business.
Specifically, to lay a substantial foundation for AI integration in the prospect, ensure considering these 5 things:
- Evaluate the current status of your systems, integration abilities, pain points, and working bottlenecks.
- Examine your digital transformation policy, in general, to ensure it is AI-ready wholly.
- Set transparent data governance systems: make certain you have the required data with you and have the legitimate right to practice it.
- Discover particular use cases and know the key purposes for utilizing AI within your business.
- Allocate adequate resources, both commercial and personal, to manage the integration.
If you require expert guidance while preparing for a digital transformation or implementing AI adoption, think of partnering with a committed technology expert.
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