How AI Is Changing Business [Now & In the Future]
In today’s modern world, technology is the primary drive that pushes industries and societies towards innovation and improvement. As such, we must be aware of how AI is already changing business in industries across the globe and how it will impact our future.
First, we need to acknowledge the influence technological development already has in modern business. Before broad access to online communications and advanced computers, development had a slower pace and not everyone could aspire to conquer the world.
Nowadays, modern technologies allow everyone to get a slice of the market, as long as they understand how things work. Easy access to knowledge and customers has forced industries to reshape the business strategies and change their way of thinking.
In fact, we are just starting to see the bigger picture when it comes to how Artificial Intelligence will change the way we do business. So, the more we know about the implementation of intelligent technologies in products, services, and communication systems, the better prepared we will be.
Advanced Technology is Everywhere
Individual users are surrounded by advanced technologies (even though some people prefer to ignore the thought). There are intelligent algorithms running on modern smartphones (the best example comes for virtual assistants like Siri or Google Assistant), smart speakers (Echo or Alexa), eCommerce platforms (Amazon or eBay), social media platforms, and more.
This creates a solid bridge between businesses and their customers since, using the right strategies, you get to have direct contact with the target audience. As such, AI is not just reshaping the way we use technology in our personal lives. It’s also the mind between advanced customer relationship management platforms and other tools that help businesses thrive.
Many companies use AI systems to process and analyze big data in order to get a better understanding of their customers and optimize sales. In addition, intelligent algorithms are being used in robotics, manufacturing, banking, finance, and even healthcare. All of these possible applications of AI explain the need to learn AI deeper as knowing it is becoming a competitive advantage these days.
Where We Are & Where We’re Going
In modern business, processes that usually take a lot of time and resources can now be automated.
Customer Service Systems
Right now, most large companies employ the services of call centers in order to handle customer service for various products or services. We just don’t have the technology to replace the input of a human being when it comes to solving complicated issues.
Still, there are intelligent chatbots in the market, that can handle a human-friendly basic conversation. Most are available in a chat-like platform where customers can ask for information or receive recommendations based on their preferences.
These chatbots use Machine Learning systems and Neural Language Processing to learn and grow. In the near future, they may be intelligent enough to handle customer service on their own, without human help or supervision.
Efficient Sale Processes
Big eCommerce platforms use AI algorithms to provide customers with recommendations based on previous behavior. They also use these systems to send relevant and personalized newsletters or offers without wasting time or resources.
Such systems are expected to be used in all sorts of systems and will bring a competitive advantage in the near future.
Improved IT Security
Cyber-threats and online fraud are increasing on a daily basis so it’s important to have intelligent systems that will protect businesses and organizations. To keep up, banks and companies working in the financial sector use intelligent fraud detection systems that can take preventive measures even before they notify a specialist.
We’re hoping this type of fraud detection will soon become mainstream, protecting both businesses and individuals.
Artificial intelligence (or, as we know it, AI), is at the core of most advanced modern technologies (including cloud-based apps and driverless cars). And, while it may be scary to think about it, AI can be the boost businesses need to move forward and advance in their quest for improvement.
In addition, it is extremely exciting to learn about artificial intelligence and how it can develop our world. Just to give you some insight, the infographic below shows how it already influences modern businesses.