Want to enable your organizations to improve your business profitability, flexibility, resilience and customer satisfaction with decreasing costs and environmental impact?
Then, you must know about the digital transformation that improves the functions in the business process like elastic cloud computing, IoT, big data, and artificial intelligence across an organization’s entire value chain.
In this article, we will know how your organization can be handled in more effective ways with the help of Artificial Intelligence and Digital Transformation.
AI is a branch of computer science that's related to creating smart machines that can perform tasks that usually need human intelligence.
To say clearly, the ability to perform tasks typically associated with intelligent beings is performed by a computer-controlled robot or a digital computer is known as artificial intelligence (AI).
In the ancient period, the history of artificial intelligence began with myths, rumors, and stories endowed with consciousness or intelligence by master craftsmen. But the base of modern AI was built by classical philosophers who typically then described the human thinking process as the mechanical manipulation of symbols.
This attempt was completed in the 1940s with the invention of a programmable digital computer that was the machine built based on the abstract essence of mathematical contention. This invented programmable digital computer inspired the next-gen handful of scientists to begin seriously taking into account the possibility to build an electronic brain.
Based on this, the AI field was finally founded at a workshop in the summer of 1956 held on the Dartmouth College campus in the USA. The scientists who joined the program were supposed to become the leaders of AI research for the next decades. And even most of them considered that the intelligent machine like a human being wouldn't exist in a generation and to implement this vision millions of dollars were given.
At last, it came out that the researchers and the commercial developers underestimated the disadvantage of the project. For that reason and in response to ongoing pressure from Congress and the criticism from James Lighthill, the British and U.S governments stopped the undirected research funding into AI and the next difficult years were known as 'AI Winter'.
And after seven years, a Japanese Government's visionary initiative inspired the US and British Governments again to invest billions of dollars in AI research, but the investors were hopeless in the late 80s and stopped funding again.
But the investment and interest in AI have been raised in the first decades of the 21st century especially when machine learning has been successfully applied to solve many problems in the industry and academia methods, the collection of immense data sets and the application of powerful hardware.
To boost the productivity of a business AI and Digital Transformation are essential technologies as they help to use the data in a better way collected by a company.
AI, machine learning, and digital transformation have become the main keys to expanding business, creating innovative strategies, and improving the current product and services with useful data.
It can't be denied that AI & digital transformation have already brought a great change in the business sector. Not now all business records are kept as digital files
Not too long ago, all business activities were recorded on paper and all the business data were analog, whether they are typed in documents or handwritten in ledgers. But now you can see all business documents are digital and digitization (the process of converting data from analog to digital) has made us operate the business in a much easier way.
However, let's know how AI and digital transformation are changing the business:
The AI applications are mostly used in the IT and security section of the business. Statistics by Tata Consultancy Services showed that almost 44% of 835 companies use AI to prevent and track out intrusions.
Almost 41% of 835 companies are using AI to fix users' technical problems and 34% are using it to reduce the workload and automate their production process.
Following Gartner's prediction, at least 75% of the security software tools will provide directory and predictive analytics based on AI-based skills, heuristics, and machine learning algorithms.
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Okay well, AI in customer service already made a revolution with some automated solutions that provide far better margins than older fashioned customer service solutions one recent example is chatbots that come into play in almost every company that is rolling their marketing through digital marketing processes.
A bad experience of customer service in a business may negatively affect the customers, which can badly affect the brand of the company. But in spite of that, there is none who doesn't make mistakes and mistakes may normally be caused.
A static by the Microsoft State of Global Service showed that 60% of total consumers of a company stopped interacting with the company due to bad experiences with customer service.
Because most consumers dislike waiting for hours to get services like communicating with the right person. There is nothing but the “AI Chatbots'' which can solve this problem. The AI Chatbots make it possible for consumers to contact the right person faster by processing and analyzing the customers' information.
Besides, these chatbots help you provide useful perspectives on how you should serve your customers' data collected from their interactions.
There is a great role of AI to run many business activities including setting a conference schedule, setting the date and time of team meetings, and scheduling business trips. And the day is not far when AI will help us make various decisions.
IBM predicts that data-based decision-making tools' cost in the market will probably be approximately $2 trillion by 2025.
It has been recognized that almost 80% of banks are benefited from the services AI can provide. This is because the highly evolved technology offered through AI can significantly improve a wide range of financial and accounting services, including personal finance, consumer finance, & corporate finance.
For instance, if any customers want to get help regarding wealth management solutions, they can quickly contact their required information via text messaging or online chat, and AI powers all communications systems.
Besides, the AI can find potential frauds like changes in transaction patterns and other potential red flags that can be pretty difficult to detect for humans. Thus, the AI saves significant losses for the business and individuals. Moreover, artificial intelligence can also better predict loan risks.
Like humans, AI can also play an important role in aiding business and other recruiting processes and can make a revolution through ai recruitment. There is a number of companies who are working with ai recruiting software that helps organizations in some very complex and tedious tasks, such as setting interview schedules, hiring, finding out the most appropriate candidates' profiles, filtering the right candidates, etc.
AI recruiting software gets smarter and more aligned with organization need when it can access other business progress through real-time connected ai solutions.
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You have to have a lot of data, right? Artificial intelligence is built on, well, artificial intelligence. So you can't just sprinkle some fairy dust over your company and call it an AI solution - you need huge amounts of data.
With the growing interest in AI among businesses worldwide today, it will be interesting to see how artificial intelligence affects how organizations do business in 2022. The AI and ML market has now become one of the most wanted technologies by IT & software companies worldwide.
I certainly think about data when I think about AI. Organizations are looking for ways to differentiate their products and services, increase productivity through automation and monitoring systems, improve customer services, cut costs and handle huge amounts of data, and make decisions out of this huge data that will result in company business growth.
AI and big data strategy can certainly help gather, manage, analyze, and create an intelligent report to provide better insights into business growth opportunities.
AI will be pretty common in 2022. If you're thinking about AI in terms of Artificial Narrow Intelligence (ANI), then yeah, most everyone will have access to some form of artificial intelligence in five years. The cars are already driving themselves, so you might as well let them do all the work too when they get here—which is probably four years away for this editor.
The global AI and data-related business market are growing rapidly across industries with increasing demand for AI-based products that can enhance ease of use. The market for artificial intelligence is expected to grow from USD 900 million in 2016 to USD 5.05 billion by 2021, at a CAGR of 57.1% between 2017 and 2021
How Artificial Intelligence is set to evolve in 2022?
Most organizations are still far away from AI adoption because it requires comprehensive data collection, automation tools, artificial intelligence platforms, artificial intelligence processes, and artificial intelligence analytics capabilities.
To create AI-based solutions for businesses, the first step involves the digitally transform of your company's culture, processes and data. After that, this technology promises to give you better insights into your customers and provides a range of business benefits that include increased customer service, improved operational efficiency, and revenue growth.
However, for AI-based web applications and technology to truly produce results, they must be implemented throughout an organization. It's no good having AI-based products if they are siloed in separate departments or used inconsistently across teams.
Organizations should start their journey by identifying their business case opportunities, taking stock of available resources (both human and financial), defining success metrics, developing AI-based use cases with appropriate sample data scenarios, building strong AI skillsets in their AI-based research and development teams, and finally establish AI-based automated processes.
AI will help to establish a digital transformation plan for a company by aligning with organizational goals. This revolution in the technology world can change the way all industries function, including health care, banking, transportation, etc.
Digital transformation is the dynamic movement to operate business operational activities using tools, processes, and methodologies with the help of technology. To expand the reach and gain competitiveness of a business, digital transformation is the main attraction.
Digital transformation makes it easier to understand customers' requirements and their marketing sectors and preferences. Digital technologies make it successful to find accurate buyers' personal profiles and audience personas.
Achieving a wide understanding of the customer's needs at the beginning of the digital transformation is crucial, and Artificial intelligence handles this mission successfully. To publish the consumers' behavior trends, digital channel engagement, and purchasing history and create a buyers' detailed view, AI plays the most important role.
Thus, the companies created customer loyalty, satisfaction, and more successful marketing campaigns and got a competitive advantage by AI.
To take proper steps in the business and digital transformation strategy, collecting useful information is a must. But how the information is capitalized impacts the success of the strategy. Artificial intelligence gathers and processes a thousand data points as well as identifies trends in real-time.
In this way, the companies can take accurate action to their consumer needs without reacting to consumer actions. With these analytics insights, the companies can get a great experience of customers' needs, take proper decisions, and improve more successful marketing campaigns.
Artificial intelligence has the potential to change the way all industries function, including health care, banking, transportation, etc. AI-based solutions can help the organization by increasing the customer base, and also these implementations will increase the good profit margin for any organization.
AI and Ai based products can be used in the following ways:
- It can help an organization by identifying the target audience from a database and making appropriate predictions.
- AI can increase productivity with efficient resources allocation using real-time monitoring and data science systems.
- Also offers a better solution for real-time market research and business trend prediction, which will provide suitable strategies for an organization to grow its business.
AI will transform how we work, by automating tasks previously done by humans. That means that as artificial intelligence technologies become smarter over time, they will complete complex tasks that generally require specific knowledge and skills.
Artificial intelligence solutions like a "virtual personal assistant" that automatically handles all chats and support and learns from the case taking over time. Artificial intelligence products can be incorporated into AI systems with AI-based chatbots to provide better customer care and product insights to customers.
AI-based customer services can help organizations reduce the volume of incoming queries and will also provide faster customer service with efficient, intelligent support systems.
AI will also help automate time-consuming tasks, freeing employees to focus on higher-value work. In addition, artificial intelligence offers a better solution for real-time market research and business trend prediction, which will provide suitable strategies for an organization to grow its business.
Artificial intelligence and machine learning (AIML) can all help companies extract significant value from huge amounts of data, analyze it quickly, and present real-time changes. As a result, artificial intelligence will revolutionize how you do business, find customers, and deliver products and services.
Artificial intelligence is improving how we work, communicate, discover and produce almost anything – including financial insights, legal advice, sports scores — using data-crunching artificial intelligence.
Artificial intelligence could positively or negatively impact society, but because AI makes optimization decisions based on input provided by stakeholders, those inputs must be objective. Artificial intelligence has been around since at least 1956 when the research was funded as part of the US government's Advanced Projects Research Agency initiative.
Artificial intelligence will be everywhere and it will make every kind of digital service better at solving customers' problems; from being able to book a flight online to video telephony on a mobile phone, artificial intelligence is going to fundamentally change the way people interact with services, both inside and outside companies.
Artificial intelligence and digital transformation have turned all the business activities into digital from analog and made it much easier to handle your business effectively.
So, it can be said that AI and digital transformation are leading the 21st-century industrial revolution to make business sectors more efficient and effective.