Understanding the value of artificial intelligence solutions in your business

With the potential to transform the business, optimize the process, streamline the workflow, and increase revenue, AI (Artificial Intelligence) has become the latest tech buzzword. The term AI originated in the 1950s and since then it is witnessing exponential growth. AI is the ability of machines to do human-like tasks by identifying and using the data provided. Artificial intelligence has not only helped businesses evolve but also improved the lives of the end-users and society in general. With so many value-driven capabilities and underlying potential to deliver substantial change in the world, the growth of AI is speeding up at an unprecedented scale. On the one hand, there is the excitement of what we can achieve through technology, and on the other hand, there is a fear of loss of jobs by the bots. A discussion on AI evokes innumerable feelings, isn’t it? As per McKinsey & Company 2020 survey, various organizations are using AI to generate more revenue. Plus, these companies plan to invest even more in AI post-covid to accelerate the digitization process. Today, the market is more tech-driven and the only way to gain a competitive edge is to leverage the business strategies on the tech front. Of course, implementing AI strategies is not so easy. But once done properly, it can deliver exceptional results and autopilot your business to the next level. As per a recent report by Gartner, only 53% of the companies can implement and move the AI to the production process. The reason being the lack of tools required to create and manage the production pipeline by AI.

Why does AI matter?

As per the estimates by PwC, by 2030, AI will contribute up to $15.7 trillion to the global economy, more than that of the current output of China and India. AI is no more a futuristic concept. AI service companies are implementing AI in a way that they are doing wonders and disrupting industries and making the lives of humans easy. AI has touched various aspects of life, some of them are not even noticeable. Now finding a cafe nearby or booking a hotel room in an unknown city is so simple, as AI makes sure that you get the information, right when you need it. “Alexa, play music” or “Siri, set an alarm for tomorrow 6 am”, are voice assistants powered by AI, with whom we interact daily without even realizing the complexity involved. As per the reports by TechJury, 77% of the population uses AI-powered devices and only 1/3rd of the users are aware of this fact.

AI – Mobile App and Web Development Market

The Mobile app market is a dynamic industry that keeps on innovating. AI helps to do personalization and helps to enhance the user experience. If a business wants to thrive in the changing environment, it needs to integrate AI into mobile apps. According to the Gartner report, by 2022, 85% of the customer service interactions will begin from self-service, up from 48% reported in 2019. AI also helps in web development by doing an in-depth analysis of user preference and behavior to build highly personalized websites.

Benefits of AI in business

84% of businesses say the main reason to adopt AI is to gain a competitive advantage. Here are a few benefits that AI in business can deliver regardless of the niche your business operates in:

• AI in businesses can help streamline processes, increase accuracy, and accelerate decision-making.
• AI can help in eliminating human errors by using data that is stored to make highly accurate decisions.
• AI helps in enhancing the customer experience by using the data available. It merges the data with customer intelligence, analysis, and more to provide a consistent and user-friendly customer experience.
• AI can help businesses to increase their ROI by streamlining and optimizing the sales process. As per the Harvard Business Review, businesses using AI-powered systems have witnessed a growth in leads and appointment by 50% and a reduction in the cost by 40-60%.
• AI helps in increasing creativity as it will simplify the regular or routine tasks so that humans can focus more on creative and complex jobs.
• AI can provide services all around the day. Unlike humans, AI does not need a break or does not get tired. They don’t need any kind of sick leave and can be at work all the time.
• AI can help in increasing productivity by working effectively and efficiently. It can quickly make the decisions using the data stored, provide insights, etc. As per a report by Gartner, by 2021, AI will recover 6.2 billion of worker productivity.

Deploying AI solutions in the business

Data is the heart of AI and one of the most important things in the process of deploying AI solutions in the business. One of the easiest ways is to familiarize the AI-based systems with the solutions that are already available in the market to get quick results. Businesses should make sure that the right person with the right skillset takes up the work of implementing and maintaining the AI systems.

Unlocking the full potential of AI

To make sure that you avoid all the pitfalls involved in AI deployment, focus on these points:

• Define the purpose and identify the problem that you want to solve. Ask yourself if you need an AI solution for the problem.
• Next, when you are sure you need AI, start researching how you can find the right data. When you find the data, check the accuracy level, as right data will help you amplify the business.
• After getting the data, you need a talented team who can properly utilize this data to solve the business problem. Check if all the resources like time, money, and people are available for your AI deployment journey.
• Build up a model or roadmap to finetune and keep track of the metrics to make sure that you are achieving the desired results.
• Monitor the performance and in case you find that there are any changes in the results as compared to the set parameters, adjust or make changes in the model.

By having a proper plan and required resources, you can easily scale your business by deploying AI. In case you are not sure, you can take help from an artificial intelligence consulting company. Final Words The future of AI is bright in the world of business. Though the application is still in the initial stage, the adoption will grow at an exponential rate. From the management of workflow to price optimization, AI will help in leveraging businesses. Tredence is one of the top data engineering, data analytics, and AI service companies in the US, Europe, and APAC regions. Need artificial intelligence consulting? We can help you to understand the details about AI that will scale your business. Reach out to us at info@tredence.com.

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Jayasurya Ragupathi
Business Analyst