Artificial intelligence (AI) is a modern technology that helps businesses as well as various industries, taking them to the next level of efficiency. Distinct from humans, who usually commit errors and stay disorganized, AI works round the clock without committing the same mistakes as we often do. When it comes to artificial intelligence in businesses, it has resulted in enhanced automation of complex processes, customized consumer activity, and highly developed risk management.
The effect of AI is dominant across all industries, be it education, finance, or healthcare. Based on the findings of Accenture, AI has the potential to boost the levels of productivity by up to 40 percent by 2035. In this blog, we will walk you through the 10 ways AI technology can transform your business in 2021. Read on to learn more.
1. AI chips to improve productivity
When it comes to AI-powered chips, it helps applications running on AI algorithms such as computer vision, detection of an object, natural language processing, and facial recognition to work very quickly. These AI-based chips improve application efficiency used in healthcare, gaming, manufacturing, as well as banking and finance industries.
The best example of artificial intelligence technologies implementation is in the automobile industry leveraging AI-powered applications to test vehicle parts and do a thorough examination in just milliseconds! Did you know that the AI-based chips are expected to touch the revenue mark of a whopping $91,185 by the year 2025?
2. Helps in the prevention of fraud
It is true indeed that AI-based applications try to reduce expenses or increase earnings. Then, as far as fraud prevention is concerned, AI achieves both. It is essential to note that there are investments involved to pay consumers their money after. Besides, there is the thing called missed revenue when failing to spend that amount of money.
If you look back to the year 2016, unscrupulous fraudsters withdrew a whopping $16 billion amount of cash implying identity theft and deception. This is the reason why AI technologies are so important in this age of digital robbery or theft. AI-based applications help in probing into client’s location, activities, and purchasing practices. With fraud exposure models in place, your business can flag issues that look weird or different from normal business transactions.
These days, with more data accessibility, there are rampant instances of cybersecurity threats and attacks. That is the reason why businesses are keen to take their cybersecurity systems and infrastructures to the next level. AI and avant-garde predictive algorithms would play a pivotal role in ensuring cybersecurity in companies. When you incorporate AI in cybersecurity, you can cut back on the response time significantly when it comes to online threats, loss of money, and the cost of averting these breaches. Besides, AI will also assist in stopping cybercrimes by improving your company’s online security measures.
3. Advanced chatbots for outstanding customer support
In this age of digital operations, most companies leverage AI-based chatbots when it comes to their business communications, especially for customer service and sales. The use of artificial intelligence in Conversation Bots boosts customer engagement, generates company revenue, and collates information. AI in chatbots also plays a significant role in cutting back operational costs efficiently.
These AI-based chatbots reduce the requirement of human interference and help your business in communicating and engaging with your customers even during non-operational hours. It means that you do not need to hire customer support agents, thus cutting back on floor space, hiring costs, and of course, traditional customer support devices or equipment. Based on the findings of Juniper Research, e-commerce deals through chatbots are expected to increase by up to $112 billion by the year 2023.
4. AI in customer profiling
When it comes to customer segmentation or profiling, it means completely identifying your customers with profiling. With the use of clustering processes as well as other machine learning tactics, modern marketers can elucidate consumer demographics such as gender, age, and location. This way, you can target announcements, notifications, as well as messaging to your targeted audience.
5. AI in video analytics
AI and deep learning help in providing automated solutions to access loads of data efficiently created by videos, thus leading to faster results. You can use AI video analytics for facial recognition, letting analytics software scrutinize facial information accurately and quickly. Skilled in deep neural networks, video analytics can imitate human actions or behaviors and recognize the given objects in a photo employing computer vision methods.
AI video analytics helps your systems to interact with one another, make informed decisions when identifying suspicious activities, and foresee them before they occur. When it comes to the fundamental division of artificial intelligence, deep learning helps in identifying irregularities, boosts accuracy, and ensures the understanding of video scenes for clever and smart surveillance.
These days, the use of video analytics is widespread across the major industries, including smart cities for efficient traffic management, healthcare for assuring patient safety, retail outlets to figure out consumer interests and behaviors, city surveillance, and smart parking.
6. Voice-based searches
Today, the best examples of AI-based applications include the voice-oriented searches in our everyday lives. When it comes to these applications, Google Assistant, Amazon Alexa, and Apple’s Siri deserve a special mention. These AI-based applications have set the highest standard when it comes to users looking for any information on the web.
In 2021 and beyond, people will make the best use of voice commands more frequently than entering text to look for information online. Based on the findings of Statista, approximately eight billion digital voice assistants will come to use worldwide by the year 2023.
7. AI in automated warehouses
When we talk about automated warehouses, we usually mean Amazon’s warehouses full of innumerable, portable robots moving list from certain point A to B. Though this is true indeed, you will find more information about automated warehouses. When you hear of automated warehouses, it also denotes using data to boost file levels, leading to reduced storage space demanded, minimized total costs, and reduced costs of transportation.
8. Customized recommendations
When it comes to small retail businesses, they reap the maximum benefits out of AI to delight customers with customized support. For example, when it comes to Frank and Oak, it makes the best use of AI in transforming businesses for the better with the use of a style subscription box of stuff, which is personal for every consumer by recommending a chain of issues or problems. Amazon, which is a giant business, leverages AI technologies to display recommended products depending on the previous search history and purchasing habits of customers.
9. Network improvement in telecommunications
AI plays a crucial role in developing self-improvement systems, providing business executives the expertise to optimize networks automatically based on traffic data. Earlier, over 60 percent of telecom operators were funding AI-based systems to improve their respective networks, based on the findings of the International Data Corporation (IDC), based out of the United States.
10. Prognostic maintenance
Another greatest challenge in the telecom sector is network breakdowns. You hate it when your company’s Wi-Fi fails to work. That is why businesses are now making the best use of AI to predict which networks may snap depending on the condition of the facilities and by understanding network patterns to foresee network breakdowns or interruptions quickly and proactively.
AI technologies help in building actionable business insights from the collated information, which is beneficial when it comes to the Internet of Things (IoT). When IoT sensors gather loads of data from connected tools or devices, artificial intelligence plays a crucial role in this connection. With accurate information analysis, AI-based devices or applications provide you with the best insights to boost your business efficiency so that you can stay to the fore in this age of global competition. AI helps in assessing customer purchasing patterns, understanding current business trends, and build moneymaking strategies for new business opportunities.