Artificial Intelligence(AI) in Business: How it Has Transformed the Industries?

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Artificial Intelligence in Business

“Predicting the future isn’t magic, it’s Artificial Intelligence”. 

                                                                                               —Dave Waters

Artificial Intelligence is no less than a boon in the 21st century. It is rapidly rising from fascinating the audience in science fiction movies to becoming an essential part of any business. AI is the next phase in the evolution of technology.

Yes, you heard it right! Artificial Intelligence has directed the world towards a quantum leap on the path of business excellence. This robotic technology has made its way to the top in just a few years. The past year’s market size of AI will blow your mind. 

In 2021, AI’s market value accounted for USD 93.53 billion. The growth will hit USD 997.77 billion in 2028.

These mindboggling figures showcase the supremacy of Artificial Intelligence in the market. Do you know what business processes heavily rely on AI? No, check out the below facts.

Artificial Intelligence Statistics

Credit- FinancesOnline.com

So, what’ say? Don’t these facts excite you? Definitely, they should! Now, it’s time to get more insight into the impact of AI in business.

This blog is all about how AI has transformed the market industries? What role has AI played in the path of business excellence? Read on further to get the answers.

The Role of AI in Business:

#1. AI Boosts Business Productivity at Great Levels:

AI boosts business productivity

AI has changed how people work! This technology enhances the productivity of a business by improving workflows. Aspects like speed, quality, and empathy are key performance indicators(KPIs) for any organization. So, AI facilitates the improvement of all these factors through automation.

Many businesses have already implemented Artificial Intelligence-based automation solutions. It has speeded up their production process and improved the quality of work.

Let’s take an example:

  • CNN used AI to design the news in the USA instead of humans. It resulted 100x increase in efficiency. Plus, a 20% rise in the quality of output.
  • Likewise, AI application in offices has made life easy. It allows efficient processing of data and transforms MS-Office work into instant tasks.

Key Takeaway-

AI has automated routine business tasks to boost the overall productivity in the industry.

#2. Saves Time & Cost With Error-Free Work:

Saves Time and cost

Credit- McKinsey & Company 

Time and money- these two things play an essential role in all business models. What if you get an opportunity to boost productivity and save time & money simultaneously? 

With AI, you can save time and money. This robotic technology offers more excellent value than the existing technology. It helps businesses to save costs and time.

Let’s dig more facts about how AI saves money for business:

  • AI has reduced the manual effort involved in data analysis and other tedious tasks by 80%. This staggering statistic implies that you can save up to 80% of resources with the help of this technology.

    Let’s understand this with an example of an AI voicebot in healthcare.

AI voicebot

And, there is more.

  • AI has transformed the way businesses handle their marketing and sales activities. It helps to boost brand design, advertising, and social media platforms with a more significant customer empathy level. It’s a cost-saving factor for small-scale business owners.

For example- the Japanese Robotic Company, Kawasaki uses AI to develop robots in different fields. This has reduced their human resources cost and time wastage.

Key Takeaway-

AI saves time and money with accuracy, speed, and fine-tuning algorithms.

#3. Real-Time Data for Greater Sales & Transparency:

Real-time analytics is one of the essential factors in the modern business world. The only way to stay ahead of the competition is to adopt changes immediately.

AI has played a vital role here. It is capable enough to analyze an immense amount of data within a fraction of seconds. Plus, it gives out meaningful insights based on historical information.

How? Let us find out…

AI collects all the relevant data and distills them in understandable forms. Then, it calculates the pattern and its probable outcome based on the gathered information. At last, it gives a prediction about future data.

All these tasks are performed in real-time- thus making AI an ideal choice for modern businesses.

For example,- Amazon uses real-time data to analyze customers’ purchasing patterns and offer discounts accordingly. This boosts their sales volume and improves brand image as well.

Key Takeaway-

Real-time data and Artificial intelligence go hand in hand to provide meaningful and actionable insights for business success.

#4. AI Enhances Organizational Risk Management:

AI Enhances Organizational Risk Management

AI enhances risk management in organizations by taking prompt action on security issues through real-time data processing. It is no less than a blessing for businesses struggling with cybercrime and theft cases, as AI calculates the possible tasks and performs accordingly.

The AI in cybersecurity has laid down preventive measures to reduce risk at all levels. It helps businesses stay prepared for an improbable event, such as security breaches, malware attacks, virus intrusion, and so on.

Take the example of Cloud Security Company, Zscaler. It has integrated AI into its product to offer heightened security levels. This technology identified around 23 million attacks in just one year and prevented data theft on 150 million devices globally.

Key Takeaway-

AI risk management helps companies stay prepared for all kinds of security issues with real-time action and data processing.

#5. Strategic Planning with Greater Accuracy:

Planning signifies a strategic approach towards business goals and objectives. To achieve those, you need a proper analysis of available resources, limitations, and market forces.

Artificial Intelligence helps businesses plan better to enhance their overall performance by offering more accurate outcomes. It integrates with the operating system to provide meaningful insights into specific business activities.

For example-

Accenture Australia uses AI-based planning technology to offer more accurate business outcomes. The technology simulates the entire planning process with data gathered from several sources, providing a more effective solution for better results.

Key Takeaway-

Businesses can use Artificial Intelligence to plan their activities and enhance performance by better analyzing resources, limitations, market forces, etc.

#6. Optimizing Customer Experience with Seamless Interactions:

Customer experience is the foundation of any business. By offering unique and better services, you can remain ahead of your competitors in this fiercely competitive market.

AI helps businesses enhance their customer interaction activities by optimizing them on a real-time basis with more accurate insights. It integrates seamlessly with various platforms to offer meaningful interactions with customers round the clock.

For example-

Nestle, one of the biggest food brands globally, built its first chatbot in 2016 to offer a better customer experience through instant messaging. It also used text messages, Alexa and Google Assistant to enhance interactions with existing and prospective customers.

Key Takeaway-

AI helps businesses deliver a seamless customer experience by simulating their activities through various communication channels.

#7. Helps Healthcare Providers Deliver Better Outcomes:

AI in healthcare

Source: Assets-Global

Artificial Intelligence in healthcare helps businesses provide better healthcare services to individuals through remote monitoring and analysis of patients. It offers faster results with minimal human intervention by integrating seamlessly with existing systems in the hospitals.

For example-

Hospitals in Boston use AI-based technology to offer enhanced patient care by simulating various diagnostic tests with accurate data collected from several sources. It provides faster and more accurate results with minimal human intervention.

Key Takeaway- 

Healthcare providers can integrate AI into their existing systems to deliver better patient care with remote monitoring.

#8. Govt. Agencies Use AI to Deliver Smoother Services:

Governments worldwide are using Artificial Intelligence to provide better services to citizens. This technology simulates numerous work processes with real-time data collected from several sources, which offers enhanced accuracy and speed of results.

AI in government
For example- 

USA Govt. uses AI-based models to help state and city officials develop disaster recovery plans and emergency evacuation procedures that offer more accurate results with minimal human intervention.

Key Takeaway- 

Governments can integrate AI into their work processes to offer efficient citizen services in real-time. 

#9. Enhancing Educational Systems with Range of Benefits:

By integrating AI into their educational systems, businesses can quickly improve the learning experience for students and employees. This technology helps provide a wide range of benefits, including progress updates, personalized learning plans, etc., to teachers and students.

AI in education

Source: AITs-TPT

For example- 

During Covid 19, a technology conference in Dubai, IBM showcased its AI-based English language learning system ELI. With this technology, students could improve their conversational skills faster and more accurately.

Key Takeaway- 

Educational institutions can integrate AI into their existing systems to offer a personalized experience to students and make them self-sufficient learners.

#10. Defense Sector Sees Enhanced Operational Efficiency:

AI helps the defense sector streamline various operations, including maintenance, supply chain, etc., to offer better operational efficiency to employees. It helps collect real-time data from numerous sources, analyze them, and provide actionable insights.

For example- 

The US Air Force uses AI-enabled chatbots to help pilots make optimal decisions during missions with real-time data. It also uses AI to help maintain its fleet of aircraft and offer smooth operations round the clock.

Key Takeaway- 

By integrating AI into various processes, defense sectors can deliver a more efficient workforce with better operational efficiency. 

#11. Bank & Finance Sector Integrates AI to Deliver Better Services:

AI in banks

Banks and financial institutions use AI-based technology to integrate it with their existing systems for better services. It helps control the various work processes with real-time data collected from several sources, which offers faster response time and lowers the cost of operations.

For example- 

Commonwealth Bank of Australia (CBA) and Rabobank of the Netherlands have started using AI-enabled chatbots that help improve customer experience with faster service.

Key Takeaway- 

Financial institutions can integrate Artificial Intelligence into existing processes to offer better services at reduced operational costs. 

#12. Improving Prediction Accuracy in the Retail Sector: 

AI is helping the retail sector deliver enhanced accuracy in predicting future demands and offer a personalized experience to customers. It helps collect real-time data from numerous sources, analyze them, and provide a seamless customer experience based on their preferences, needs, etc.

For example- 

Walmart uses AI-based deep learning technology to predict future demands and manage inventory more efficiently. This technology helps the retail giant forecast demand, control costs, etc., during product expansion.

Key Takeaway- 

The retail sector can integrate AI into its prediction modeling systems for better accuracy to offer a personalized shopping experience on a real-time basis. 

#13. Marketing Team Utilizes AI to Deliver Smarter Campaigns: 

AI helps collect real-time data from social media sites and other sources to deliver brilliant marketing strategies. It also offers faster insights with lower costs of operation to marketing professionals.

AI in marketing

Source: Business2community

Now the marketers are also experimenting with chatbots to increase automation and offer a better customer experience. It will help increase conversion rates and deliver highly targeted campaigns to customers.

For example – 

Coca-Cola uses AI for campaign management and understanding customer behavior on various social media sites. It helps them streamline the marketing campaigns according to the personas that matter most.

Key Takeaway- 

Marketing professionals can use AI to enhance their existing marketing systems and deliver timely results with minimum resources.

#14. Generating Accurate Credit Risk Assessment in Finance:

AI offers a substantial and accurate credit risk assessment that helps financial institutions improve their decision-making abilities while taking personal and business loans. It also helps in understanding potential customers better- their profile, employment history, payment records, etc. to offer either a rejection or approval based on the results.

For example- 

Credit scoring company FICO has integrated AI into its existing process to offer enhanced consumers’ financial profiles analysis. It helps in calculating the likelihood of potential default by a customer in repaying their loans on time, which banks and financial institutions use in making decisions for giving personal or business loans.

Key Takeaway- 

Financial institutions can use AI to reduce the risk of default by customers in repaying loans on time and generate more accurate results. 

Conclusion:

After getting to know about the impact of Artificial Intelligence on various sectors, it is advisable to integrate this technology into existing systems for better results. It will offer faster response time by drawing real-time data with reduced operational costs from several sources.

Being a newbie in AI, it is always advisable to conduct proper research before getting into it. You can hire AI developers for better guidance on which AI product should be best integrated into your existing business processes.

Also Read:

Artificial Intelligence Technology Tools

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