How AI transforming businesses around the world?
The world we live in is swamped with technology. Life seems incomplete without science, and the best gift science has given us is Artificial Intelligence. Artificial Intelligence has made our life tranquil, and it is the most common name we hear and use in our daily lives (Siri and Alexa seem to be our new best friends at even and odd times).
Artificial Intelligence came into existence in 1956, and it took decades for it to come into the mainstream. Now it just seems indispensable. Just like we need water for survival, Artificial Intelligence is now an intrinsic part of our lives, directly or indirectly. But what is the fad all about? Is the hype all worth it? Let’s look at some of the fundamental abilities of AI:
Machine learning and artificial intelligence play a significant role in transforming businesses, due to well-improved CPU systems, reduced cost of data storage, and cost-reducing of computing power through cloud computing. According to Forbes, AI and Machine Learning saw a spectacular rise in the year 2017. Let’s have a look at how AI is affecting sales and marketing:
- The top 100 AI startups, in 2018 alone so far, raised $11.7 billion in capital.
- Deep learning and pattern recognition contribute to the smooth results of AI.
- Chips like tensor processing unit (TPU), Qualcomm’s NPU (new neural processing unit), Nvidia’s deep learning chip, and many other such chips get better after enabling AI.
- Machines become better at analysis and decision making if there is more data for AI-based machines and software.
- Apps like Siri, Alexa, Microsoft Cortana, Amazon’s Echo, etc., are making our daily lives easy. Though, when these apps came first, they had their problems. But now, they have become better and a vital part of our day-to-day routine.
- MeMSQL states that, other than helping in the humdrum tasks, AI has helped them with data strategies as well.
- In a report by Deloitte, 83% of companies agree to have experienced rapid positive changes, 53% agree with moderate benefits, and 30% states that they have achieved substantial benefits.
- In a report by Gartner, 30% of CIOs agreed that by the next year, AI would become a top investment priority.
How AI transforming businesses around the world?
Building the products for the future:
Nowadays, engineers are capable of making better machine learning models; this eventually leads to the betterment of machine learning algorithms year after year. The existing data is multiplied using IoT (Internet of Things) and mobile technology, which is then used to train artificial intelligence and machine learning algorithms. CPUs are now sturdier than a decade ago.
Apt Production Management:
At the very beginning of the industrialisation era, production factories were only acquainted with machines that could only perform one task at a time. Since then, the production factories have seen a significant breakthrough, including the usage of AI-based machines which make production faster.
AI can analyse IoT data and is capable of predicting anticipated load through a specific kind of machine learning network. Data is turned into understanding, and understanding is then turned into outcome.
In every industry, it will be beneficial for every manufacturer to efficiently maximise the production and supply chain. In a report by MarketsandMarkets.com it is expected that by 2023, the market for smart manufacturing tools will reach $ 299 Billion.
Redefining the trading process:
Financial service providers nowadays have access to numerous rich data sources. For the development of more advanced trading models, the providers rely on AI. The system thinks like the business and discovers new trends to go toward. AI-based engines make their forecast based on the best approach, after analysing the market, prizes, and economic data (macroeconomic and microeconomic data).
Improving customer experience:
Chatbots are programmed to address solutions to the users as per their questions and requests. Smart AI-based chatbots provide quick customer support. Since the chatbots are designed emotionless, the chances of wrong judgment are reduced.
AI, in comparison with humans, is a lot more efficient and cheaper. AI is available every hour of the day to answer the queries of customers.
AI technology also helps customers with virtual assistance. For example, various online shopping chatbots answer and guides the customers as per their needs and requirements.
Companies like Salesforce, Netflix, Google, etc. all use artificial intelligence to a large extent. AI efficiently manages the workflow and help people to work faster and better; this eventually results in better ROI (return on investment) for the companies investing in AI-based models.
SRM Group has launched LEARNXT, a global digital learning brand empowering people to achieve their dreams through education. It is the place where you can Learn more to Be more. Accredited degrees of many universities are offered under the aegis of this brand. This is the country’s one-of-a-kind initiative where the advanced curriculum is clubbed with industry-recommended content.
Students can equip the latest principles and algorithms of machine learning and artificial intelligence with these courses and cut and edge over others with their hands-on experience in real life-like projects with experiential learning.
Businesses work with artificial intelligence for a more fluid workforce which is easily adaptive to market changes. Instead of taking over the entire world, AI is working in reshaping various industries and helping us in reshaping our skills and efficiency.
Stay tuned to LEARNXT to know how AI is transforming businesses around the world.