Why should businesses be investing in AI

Why Investing in AI is One of the Biggest Opportunities for Businesses?

| 4 minutes read

  • In 2016, 77 percent of industrial products enterprises were at least considering AI adoption or were actively involved. Today, in 2020, it has increased to 88 percent, which is greater than the percentage of cross-industry respondents, IBM reports
  • Kai-Fu Lee told Scott Pelly, Lee, a pioneer in artificial intelligence, predicted that the technology will automate and potentially eliminate 40 percent of jobs within 15 years.
  •  Adoption of AI Technologies, among U.S. Businesses, increased from 48 percent to 72 percent last year. According to RELX, a US global provider of information-based analytics and decision tools for professional and business customers.

Technology is something that can never be replaced but the same technology cannot rule for a long time because a newer technology keeps replacing the old one. We are living in 2020, where technology is not limited to the internet or online business. Artificial Intelligence is not a new technology, but from the past 5+ years, most of the businesses are showing interest to adopt the AI technology in their businesses. In the 80s the AI-first came into existence but the difference between today’s AI is that it is more anticipated, developed, and a refined version of modern AI, which eases the working business culture with minimum costs involved.

The CXOs are highly engrossed in selecting priority business functions and value drivers for their AI investments. These areas emphasize revenue growth and customer. And, technology availability was the leading concern for executives in 2018, now it’s how to cultivate AI skills, address regulations, and drive buy-in.

What Does the Latest Survey Say?

A recent study by Adobe found that 68% of workers in the US, UK, and India were confident that there would be duties within their workplace, which tech could never replicate.

However, many experts reacted after the survey, they said “it’s good to be confident, but sooner or later, AI will replace more than half of the jobs with manpower.” Especially nations that record the highest numbers of employees, within the next few years will witness technology changing their workplace.

There are lots of ways to incorporate Artificial Intelligence, but broadly speaking, here are a few of the most prominent ways startup owners have found it useful.

Chatbots

It’s becoming more interesting to see companies use natural-language generation to analyze swaths of text-based communication data and create automated responses for customers to read and interact with. It is ideal for customer service, and can drastically cut your additional support costs, improve response times, and enables you to deliver support 24×7.

David Karandish the CEO of AI startup Jane.ai, explained how chatbots manage to improve customer service.

“At a high level, we’ve seen a big shift where customer-centric companies are now the companies that are ruling the world,” he said. “From an overall background perspective, a recent report came out saying that 54% of consumers stop doing business with companies due to bad customer service. So customer service is increasingly one of the biggest ways to differentiate yourself.

Speech Recognition

It is an audio-based computer recognition software. The likely possibility is you have already encountered this kind of tech on the phone with banks or large companies, where you’re asked to provide detailed answers to questions like your phone number or address. This technology may seem simple, but it’s quickly improving and can save your company time and energy if incoming phone calls are a big part of your business.  

Market Research

If you want to stay one step ahead of your competitors in responsive marketing, AI can help you do it. Some tools can track certain types of information, articles, keyword mentions, or subjects, keeping your marketing and PR teams in the know down to the minute. This is like a search engine—this is like keeping a relevant industry news hawk in your office at all times, making sure you’re keeping ahead of the competition.   

AI Sounds Good, Definitely—But How Much Will it Cost?

There’s not an appropriate answer to this. If you’re running a small company, you probably don’t have the desire or funds to hire a data scientist who can create proprietary algorithms for your small business.

Don’t be disappointed, there is good news that there are other ways to incorporate AI into your company. Depending on how you utilize AI to solve your business problem, the solution could be as easy as a few dollars a month for a subscription to a software. Virtual assistants are affordable and can be used by any company, while AI-run accounting and market-research software can also be used and paid for on a per-project basis.

Get Ready to Say Hello to the Future

Adopting AI is not enough, you also have to execute your business strategy, which takes more than just adding a few tools to your arsenal. It takes having the right systems in places such as CRM and solid processes for capturing and streaming your data.

If you’re unsure as to whether AI is right for you, you can sit back and think, and watch other companies adopt it and learn from their successes and failures. Also, the fact is that startups are benefiting from AI. Don’t disregard AI entirely, or you’ll go the way of the 1920s factory worker.

If you don’t modify your business today with AI, tomorrow you might need to restructure the whole business structure, many experts believe that to open and enjoy maximum opportunities companies should start considering AI in their business.

What are the Benefits After Adopting AI in Various Sectors?

  • Cut unnecessary costs
  • Faster growth in business
  • Deliver world-class quality products with the latest technology
  • Wider customer care support
  • A better understanding of the future vision
  • Maximize profits
  • Virtual assistants can help users handle transactions and provide early warning of wrong orders.
  • AI tools can analyze the patient’s medical records and environmental factors to identify patients who are at risk and provide them with preventative health plans.
  • Machine learning applications can analyze health data collected on wearable devices, provide fitness advice, and predict a user’s risk of disease.
SHARE THIS POST
Posted in

About the author

Related Posts