21st century business processes are getting more complex and stressful. More than ever, businesses are driven to deliver strong, decisive actions to thrive and survive, in today’s environment riddled with uncertainties. The need of the hour for many businesses is to dramatically improve upon existing processes and the performance of complex projects to ensure that they stay counted and become more efficient, productive, and resourceful.
Hence, it’s not surprising to note that several businesses these days are leveraging technology in greater depth to make their processes more efficient and effective. One such technology that is taking the business world by storm is Artificial Intelligence (AI). From mundane to complex, AI is already disrupting every business process across industries in a big way. As it becomes more sophisticated and sharp, businesses look to employ it in greater depth so as to maintain a competitive edge. In fact, according to Accenture, it has the power and the potential to enhance productivity by more than 40%.
The top six use cases for AI in today’s organizations are:
- Real-time Analytics: With a use-case percentage of 24% and going strong, AI will help businesses to use real-time analytics for finding and exposing fraudulent transactions, product offers, dynamic pricing, and more.
- Data Integration, Preparation, & Management: More than 23% of use-cases involve businesses using AI for understanding the details of their data.
- Sales/Revenue Forecasting: Over 23% of use cases harness AI for accurate sales forecasting, enhanced business control, and assistance in year-over-year growth.
- Data Security: AI can be used in 28% and more use cases for risk identification, early detection, operation improvement, and corrective action.
- Personal Security: Over 20% of use cases can harness AI for home surveillance, military defense, and access to controls for events.
- Personalised Data Visualisations & Dashboards: AI can be used in 24% of use cases for identifying irregularities in data, supporting predictive analytics, and recommending ways to improve performance.
As per the market research report, the global AI software market is predicted to leapfrog in the coming years with revenues projected to reach US$ 126 billion by 2025. The report further reveals that over 330 AI use cases across 28 industries will prop up the market growth with strong enterprise AI opportunities in automotive, banking and finance, consumer durables, education, eCommerce, healthcare, retail, and telecommunications sectors.
The beauty of AI is that it can be expanded, adapted, and applied to several business operations. AI-powered technologies can also help companies to get their tasks done faster and better with the alluring possibilities of using it for even tasks that they may have not considered to date.
Amazing Use Cases In Business
Some amazing cases using AI in business that has helped top businesses transform their operations are:
AI is well-integrated in its business operations and used extensively for predicting the products that customers may want to purchase and for automatically creating product descriptions.
A ride-hailing giant, UBER is transforming the world of its business with AI, using it for predicting demand. This results in a reduced estimated time of arrival and matching riders and drivers, resulting in a reduced church rate. UBER AI’s one-click chat feature powered by AI is also enabling drivers to communicate better with riders with just a single click video automatic response recommendations to the rider’s queries.
U.S. retail giant Walmart has deployed AI-powered machine learning and image processing in all of its locations worldwide, thereby enabling its stores to operate and run smoothly. With thousands of video cameras, weighted sensors on shelves, and other technologies across its locations, Walmart’s in-store unit can communicate with its employees and let them know as to when certain products are going to run out of stock or running low; or when products are starting to go rot and unviable.
By automating inspections and catching things that may have slipped through human eyes, with an extra set of AI eyes across its workspaces, Walmart has enhanced its efficiency and effectiveness levels a notch-up.
A leader in the 5G revolution, Verizon is building customer loyalty from fleet managers today, using Verizon’s CONNECTIS, an AI-powered fleet management solution. It automatically processes in-car telemetry and dashcam footage for a variety of solutions ranging from Advanced Analytics to customized coaching for drivers based on in-vehicle sensors; risk management from fraudulent insurance claims; and AI-based video filtering and search. As a result of this, Verizon has been able to monetize vast amounts of data collected.
This US petroleum giant deploys AI-powered algorithms to make it easier and faster for its deepwater prospecting teams to drill at the bottom of the sea. Based on a dataset that leverages drilling specifications of previous works and surveys information from the ocean floor, the AI-powered algorithms (called Drilling Advisory System) empower the teams to automatically optimize drilling parameters thus helping improve drilling and safety performance and facilitate lower costs.
How powerful will AI get is best summed up by what Alphabet’s Larry Page says,” AI would be the ultimate version of Google, the ultimate search engine that would understand everything on the web. It would understand exactly what you wanted, and it would give you the right thing. We’re nowhere near doing that now. However, we can get incrementally closer to that, and that is basically what we work on.”
Businesses around the world are just scratching the surface of AI with its possibilities exponentially increasing. This only indicates that those businesses that shun AI and other related technologies will miss out on an enthralling future of business will be left behind, rendered redundant.
A Look Ahead
Gartner predicts that by the end of 2021 or at the most by 2025, 85% of customer interactions will be managed without the presence of a human. This will help businesses to reduce the need for humans in customer interaction, while exponentially improving customer-care accessibility and conversational experiences, and most importantly, reducing costs.
Many analysts believe that AI is on the cusp of reshaping popular familiar activities like dining in ways that will thrill customers. For instance, restaurants can use AI to decide which music to play based on the preferences of their guests. Likewise, it can also be used to alter wallpaper’s appearance by anticipating the aesthetic preferences of the restaurant guests.
Tools and technologies driven by AI will only increase in the days ahead. These trends are all the more good news for businesses looking to become more efficient and provide better customer experiences. Though over 75 million jobs are expected to be replaced by AI in the bargain by 2022, the World Economic Forum predicts that AI will create 133 million jobs.
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