Artificial Intelligence and Global Rush for its Adoption
Artificial Intelligence and Global Rush for its Adoption
Artificial Intelligence is taking over the industry rapidly. Many organizations have realized the value it creates. Some industries have made the transition of their applications, and many others are undergoing transition. Artificial intelligence in businesses is helping them to go the last mile efficiently.
One of the many fields AI is creating a massive impact on is Healthcare. AI’s power to go through vast amounts of data in record time and generate inferences is unparalleled. A lot of researchers in their respective fields use AI to make their findings more accurate. AI can help businesses find the processes that block a lot of time in the lifecycle of product development.
AI can also help make those processes efficient, for example, medical diagnosis, real-time analytics, fraud detection, product maintenance, etc. At Cognilytic, we can help you leverage the power of AI for your business functions.
What is AI?
AI is a simulation of human intelligence in machines. They are programmed to think and act like actual humans. Humans cannot go through large volumes of data as fast as a machine and take real-time decisions. Although we haven’t reached maturity in the field of AI yet, the solutions we have found using AI prove that it can help businesses unlock hidden potential, cut costs by making the processes more efficient and less time-consuming.
AI has transformed how businesses work
Many businesses have profited from AI
Organisations in the field are working on cutting edge algorithms to make diagnosis faster. They have also started consulting firms that provide AI solutions for making their whole process of taking in patients to cure them full proof.
Predictive failure analysis has helped companies fix their machines before they break down, saving a lot of effort and time for those companies.
The day isn’t far when we won’t need humans to drive vehicles, which will significantly decrease the number of accidents and cause less traffic congestion. Optimal real-time routing will also save time for delivering goods.
Many businesses have adopted CRM software to automate their loyalty offerings to customers. Real-time data analysis and recommendation systems help make the journey of a customer smooth. The above services lead to more sales and creating profits. 80% of B2B marketing executives predict AI will revolutionize their industry by 2020.
There are billions of transitions taking place at a single point in time. One cannot fathom how someone can go through all transactions and approve them. AI helps them out with this by tagging the transactions which are an anomaly and might be fraudulent. Many financial firms use Machine Learning algorithms to predict stock price and future trends by analyzing historical data.
HR entities don’t have to go through reams of resumes now. The resumes get filtered by software using AI that picks out the most relevant profiles as per the job description. It has made the process of hiring more cheaper and faster.
Do you know how AI is being used in the real-world?
One of the most common examples of an average human encountering AI is when they converse with chatbots. Most organizations have replaced humans with automated chatbots to answer some of the most common and redundant queries.
Chatbots use Natural Language Processing to understand the questions of their users. NLP sees many applications in the real world, like translating languages in real-time and acting as a personal assistant to get the virtual work done.
80% of sales and marketing leaders say they already use chatbot software in their customer experience or plan to do so by 2020
Whenever you scroll through the feed of your social media account (discover pages), the posts recommended to you are personalized for you. It is done using your previous surfing data and recommendation algorithms.
E-commerce platforms use extensive ML for product recommendations, organizing information for the users. All in all, making the platform more consumer-friendly.
AI for growing businesses
In businesses, AI is gaining traction as the enterprises are watching what AI can do to improve their businesses. Due to cloud adoption acceleration, it is becoming more fast and easy to set up AI platforms.
47% of digitally mature organizations say they have a defined AI strategy.
One doesn’t need special hardware to accommodate the AI platform. Integrating AI and ML solutions with the current application is becoming easy and adaptable. Most organizations outsource their AI adoption to other firms. We, at Cognilytic, have helped many of our clients to adopt Artificial Intelligence and increase the efficiency of their services.
83% of businesses say AI is a strategic priority for their businesses today.
We here at Cogniltytic specialize in AI adoption consultation. We can make ready to deploy solutions and have an experienced team, so enterprises won’t have to build a whole AI department. Most ML and AI libraries are open-source; most of the standard datasets are also readily available online. All these things have made it easier for everyone to integrate and adopt AI.
AI is beneficial for businesses, but hastily jumping to Artificial Intelligence can impact businesses. One needs experienced people to make transitions as smooth as possible. Without the right data and system, AI will have no positive impact on businesses. Cognilytic can help you to plan and implement AI adoption carefully. Planning is the most crucial step in AI adoption. We can help you make the transition process smooth.
54% of executives say AI solutions implemented in their businesses have already increased productivity.
Every coin has two sides; fake information campaigns are becoming more mainstream. Deep fakes are so easily accessible that anyone can make them. These negative aspects that have been created by AI are neutralized by using AI. Responsibly using AI is also very important.
Don't get left behind
75% of businesses say AI will allow them to move into new ventures and enterprises.
The adoption of AI in businesses has started, and everyone is trying to jump at these opportunities. The earlier you adopt AI, the easier it will be for you to compete in the real world. One doesn’t want to go into the competitive world without the right tools and technology. Cognilytic can make the AI adoption process easy and hassle-free.
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