Incorporating Artificial Intelligence in Business- An unmissable imperative!
“The new spring in AI is the most significant development in computing in my lifetime. Every month, there are stunning new applications and transformative new techniques. But such powerful tools also bring with them new questions and responsibilities.” – Sergey Brin [Co-founder,Google]
We have come a long way from laying the foundation of First Industrial revolution, which transformed human lives in immeasurable ways, opening new avenues of human accomplishment, to present age where we have driverless cars navigating through traffic snarls intelligently, or Siri personal assistants executing mundane jobs with religious obedience! Our journey into the world of machine learning and AI has been a remarkable one. AI’s has been all pervasive and its efficacy lies in unfailing accuracy to produce results in amazingly shorter time. Spiraling advancement in AI has changed the very discussion around every aspect of human life. Undoubtedly, we have set ourselves on a path to newer and fascinating world where machines will replicate human intelligence to greater extent, and we shall be able to harness this immense technological growth. Routine task are being increasingly carried out by AI enabled devices. More and more vendors conscious of its far reaching potential are integrating AI into the devices as a core feature. Built around “deep learning” and “natural language processing” computers have developed near human sensibility. Scouring vast amount of data, processing them in fraction of seconds, and weaving pattern to throw specific results have made AI virtually the blue-eyed boy of industries. Examples abound! Leveraging AI, technology giant Google was able to reduce energy consumption by a substantial 40% at its server centres! Productivity shot by 10% for Australian mining company, Rio Tinto, when it deployed driverless vehicles, powered by AI at its mines. In Brazil, IBM, spearheading the AI revolution, is devising innovative ways to improve crop production optimizing water use, weather and fertility conditions. Companies like Google, Facebook and Adobe are massively investing in technologies that can predict, automate and produce convincing models on businesses. A recent study reveals that 55% CMO’s across five global markets trust that AI will be the real game changer and influence market more than social media has! Coming times will see intense competition between organizations in AI, a truth becoming all the more evident.
As Tim Cook, CEO [Apple Inc.] said – What all of us have to do is to make sure we are using AI in a way that is for the benefit of humanity, not to the detriment of humanity.” Though apprehensions have been raised by cynics on its potential repercussions if not used wisely, fuelled by paranoid tabloid rumours and boisterous boardroom discussions, as often with all new technologies, we shall see why AI becomes such an enviable imperative for business of all sorts and limit it to same.
1. Enhancing predictive ability-In coming times, AI enabled systems in the business environment will acquire increased abilities of reading and manipulating wide array of patterns, process data ,apply it to varied predictive models and offer the best way out to most intractable problems and that too with no fatigue or error. We may see them outsmarting us! For example, it is beyond doubt that present day marketing and sales streams call for better convergence and alignment. AI can predict by analysis across the board, often offering personalized feedback and future steps which needs to be taken to achieve specific goals, providing perfect correlation between both team’s efforts. With business requirements of faster predictions in real time and dissemination of data driven insights across the organizations AI will be the perfect answer to such demanding needs.
2. Greater product personalization– It would be wrong to say that present day business follow a linear market approach. With changing customer perception and experience, markets of today are forced to toe the customer’s line, and eventually come up with more personalized products in a bid to create lasting relationship. Of course, it’s an uphill task, requiring more than just human insight. And this needs to done with fair amount of consistency and quality. AI can very well observe customer behavior, their response to certain situations, their preferences, likes, dislikes and just create the perfect response in a variety of situation.
3. Enabling fraud prevention and mitigation – One of the pitfalls of technology is the unrestricted playground it offers to potential attackers and fraudsters who exploit loop holes in system. Nothing pinches more that a loss of credibility and subsequent erosion of customer’s trust. Banks and vendors declining even honest transactions, smelling something fishy, or trusting it was made by scammers, has resulted depletion of customer base by 15%, and loss of $118 billion in sales. AI comes up techniques to combat such nuisance in not only real time but across multiple fronts, thanks to its enhanced algorithmic capabilities. It maintains a hawkish eye on network, stops dubious transactions, and generates reports for better fraud mitigation and practices. No doubt, prevention is better than cure.
4. Augmented Customer Support Experience– Dedicated customer support, tending to different customers needs, often with a touch of novelty and humility, brings business. It has the ability to influence and persuade prospective buyer’s mind. It is estimated that by employing AI in customer service, American companies ended up saving almost $23 Billion. 24*7 availability through chatbots, is a big plus considering, ever expanding businesses traversing time zones.
5. De-cluttering and towards simplification– One of the biggest advantages, perhaps, towering over others, is the ease it brings to business and simplifies work. With automation of intricate processes, bringing out insightful trends, empowering growth paths through unique intelligence, a chunk of precious time is saved, which can be diverted to more fruitful and strategic aims. No doubt, this will come at a cost of reducing human workforce considerably, but definitely not in an alarming way. A win-win situation for all.
With such benefits, we may as well believe, Sundar Pichai, CEO [Google], who while attending the World Economic Forum, this year in Davos, sounded prophetic when he said, tongue-in-cheek “AI will be more important than fire or electricity”.