The “AI EXPLOSION” AND IT’S IMPACT ON BUSINESSES

We live in the Digital Disruption Age, where innovations are effectively transforming businesses to be more profitable and streamlined. Especially the advances in Artificial Intelligence and Machine Learning have stretched the horizons for improvements and growth. It opens the doors for new opportunities and acts as a catalyst for increased revenues.

With petabyte-scale data architectures, it is essential that businesses have an AI and ML strategy that can offer flexibility, efficiency and improve overall productivity. The applications of AI and ML have been diversified into various industries that have given birth to innovations such as AI assistants on smartphones, improvements in cybersecurity and self-driving cars.

AI: The less complex, the better

Businesses that have been early adopters of AI and ML have learnt that they have the ability to analyze data across multiple sectors, which has helped them gain a competitive edge with their peers. AI helps solving complex business problems by adopting characteristics of human intelligence through pre-defined algorithms and ultimately provide comprehensive solutions.

Here is a sneak-peek at how AI and ML is expected to transform the digital world in the near future.

  • The retail industry is expected to experience significant growth, with 80% of business executives claiming that their businesses will adopt AI technology between 2020 to 2027(Fortune Business Insights, 2020)
  • 39% of large organizations planned to invest in AI and/or machine learning tools in 2020 compared to 28% of mainstream companies. (Adobe, 2020)
Drive success with the power of Artificial Intelligence:

The future of technology is automation. Automating mundane and repetitive tasks can not only save time and resources, but also provide valuable insights that you can gather to stimulate the growth of your business and more importantly, save money while reducing operating costs. Businesses are discovering the various benefits of AI in various, diverse sectors that have paved the way for more technological revolutions in the following industries. Let us have a look at how we already use AI effectively on a daily basis:

Mobile/Smartphones: For voice assistants, health apps, tracking consumer habits

Businesses: Product analysis, sales forecasting, processing raw customer data

Transportation: Self-driving cars, automated public transportation like metros, trains

Gaming: Using machine learning to improve user experience, smarter NPC AI

Robotics: Using AI and ML in manufacturing, aero design, mining and military capabilities

Security: From personal alarms to home surveillance, AI plays a major role in real-time security

Education: By revolutionizing the way we learn and even assist in automating tasks for teachers

The applications of AI/ML continue to make major industries like Manufacturing, retail & e-commerce, travel, entertainment, healthcare, banking & finance, much more efficient.

As artificial intelligence takes the next step in its rapid evolution, businesses should be equipped with the infrastructure and knowledge required to race ahead of their competition. We are at a point of technological innovation where the possibilities are endless thanks to the vast capabilities of machine learning. With AI seeping into almost every major sector, companies are wholeheartedly investing in AI and ML due to its unlimited potential to reshape society and mankind.

Conclusion:

The world has witnessed businesses grow at a break-neck pace with technologies that are hard to comprehend, AI can become a cost-effective bridge that helps us understand better, innovate better and grow consistently. So, the question is not if your business can benefit from utilizing AI, but rather by how much.

With that said, what’s your strategy?