As AI progresses and becomes more widespread, people’s perceptions of it keep changing.
We couldn’t be happier that artificial intelligence has now entered every part of our lives! The AI tsunami has leveled everything, from individual lives to large and small businesses, by assisting them in expanding, making better decisions, and enhancing management. But this is just the start because, in the foreseeable future, AI and machine learning will increasingly pervade more sectors. To understand why AI is important for your business, you need to first know how AI is affecting business processes and, in this article, we will look at how AI affects business processes to understand why it will become a mainstream technology for businesses in 2022 and beyond.
Role of AI in Business
Artificial intelligence offers a wide range of business applications, and many of us are currently working with it daily. As seen in the video, artificial intelligence is already having an impact on practically every aspect of business in every field, from the commonplace to the extraordinary. Click to watch!
Couldn’t watch the video, read on to learn more about the role AI plays in business:
Unlocks the Potential of Data
Because the amount of data generated by a company was less in the past, it was structured. Such data was simple to gather and keep in a database, and firm executives were able to gain valuable insights from it to achieve their objectives.
However, the entire scenario has changed since then. Data is no longer structured, and unstructured data is now accounting for a growing percentage of our data. Unstructured data for instance accounts for more than 80% of the data generated by websites. Analyzing unstructured data will be the most crucial component for every company in the next 10 years.
Furthermore, according to Gartner, Inc., 70% of enterprises will move their focus from large to small and wide data by 2025, giving more context for analytics and lessening artificial intelligence’s data consumption (AI). This is because tiny and wide data, rather than big data, is expected to solve a number of issues for organizations dealing with increasingly complex AI queries and concerns with sparse data use cases.
Market Trends and Customer Insights
When it comes to studying the industry and your customers, artificial intelligence (AI) could be beneficial because marketers’ usage of AI is undeniably gaining traction. According to McKinsey, revenue increment from AI adoption is most reported in marketing and sales, with other benefits including the ability to anticipate the chance of buying, cost reductions, and customer service analytics. According to estimates, the worldwide enterprise AI industry would be worth $53.06 billion by 2026.
Wondering how this can be achieved? Predictive analysis for instance can be used on data from the system matrix, web matrix, and social media to develop a better and enhanced product. Customer insights might be able to help you improve your customer experience.
Start-ups could consider how to develop a new thought process and generate new ideas for their company’s expansion. Predictive maintenance also helps start-ups save money on maintenance by performing regular quality checks. By determining the most effective marketing tool for your organization and removing improbable consumers from the list of potential purchasers, AI-based solutions can assist improve marketing methods and cutting marketing expenditures.
Automation has been on the rise in technology over the last several decades. Many businesses are employing automation tools to relieve employees of a load of repetitive chores and this arrangement is altering the face of the job market. It is therefore not surprising that As Gartner has predicted that, by 2024, 69% of all management jobs will be automated. Home appliances were the first automation tools, and later industrial robots were developed. In today’s world, advanced robots collaborate with humans in a variety of settings.
With the astounding progress of AI, industry executives anticipate a new era of automation is on the horizon. Routine cognitive activities are being rapidly automated by artificial intelligence. Many businesses, such as retail, hotel, and financial firms, rely heavily on smart algorithms.
For organizations of all sizes, cybersecurity is still a serious worry. Consider how cybercriminals have wreaked havoc on large corporations and made headlines around the world. A midsized organization for instance receives notifications for around 200,000 cyber incidents per day, according to a TechRepublic survey. If this were to translate into an attack, a standard company’s security personnel would be swamped and some of these attacks will go unnoticed, putting the network in danger. Thanks to advancements in machine intelligence, cybersecurity challenges may now be addressed. Frauds can be recognized, and suspicious behaviors recorded with the right application of ML-enabled solutions. Apps and software can self-adjust and respond accordingly to secure susceptible systems as AI and machine learning develop over time. However, we must remember that hackers may exploit this technology to harm enterprises. Cyberattacks will become more sophisticated as a result of this.
The Future of Artificial Intelligence
Although it is difficult to predict how AI will be used in the future and what applications will be viable in the coming decade, these are the reasons for AI’s importance in the business world. All of this goes to one conclusion: AI will be around for a long time. The excitement surrounding this technology is justified, according to a lot of experts.
Artificial intelligence has several business advantages, therefore the sooner you transition, the better. However, if you want to apply AI technology in your company, the first step is to identify opportunities and build long and short-term business strategies before fully integrating and reaping the benefits of this evolving solution.
Contact us to help you get started!