Why Investing in AI is One of the Biggest Opportunities for Businesses?
| 4 minutes read
Why investing in AI is one of the most extensive opportunities for businesses? But, first, we will tell you some potential reasons you should invest in AI?
In businesses and industries, deployment of Artificial Intelligence improves efficiency, productivity, and security, maximizes customer relationships and trust, hikes customer retention rate, increases productivity, expands data processing capabilities, provides a competitive edge, improves management, and is helpful in healthcare increases reliability.
- 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 would automate and potentially eliminate 40 percent of jobs within 15 years.
- The 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.
Today’s technology can never be replaced, but the same technology cannot rule for a long time because newer technology keeps replacing old. We live in 2022, where technology is not limited to the internet or online business. Artificial Intelligence is not a new technology, but for the past 5+ years, most companies have been showing interest in adopting AI technology. In the 80s, the AI-first came into existence. Still, today’s AI is a more anticipated, developed, and 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 that 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 will witness technology changing their workplace within the next few years.
There are many ways to incorporate Artificial Intelligence, but broadly speaking, a few of the most prominent ways startup owners have found it helpful.
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 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 noted that 54% of consumers stop doing business with companies due to bad customer service. So customer service is increasingly one of the most significant ways to differentiate yourself.
It is an audio-based computer recognition software. You likely 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.
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 (Public Relations) 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, 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 the 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 suitable systems in place, such as CRM and solid processes for capturing and streaming your data.
If you’re unsure whether AI is right for you, you can sit back and think, watch other companies adopt it, and learn from their successes and failures. Also, the fact is that AI is Changing the Face of the Startup. And be ready to accept the change.
If you don’t modify your business today with AI, tomorrow you might need to restructure the whole business structure; many experts believe that companies should start considering AI in their business to open and enjoy maximum opportunities.
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 warnings of wrong orders.
- AI tools can analyze the patient’s medical records and environmental factors to identify patients 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 disease risk.
Suprotik Sinha is the Content Writer with Synkrama Technologies. He writes about technologies and startups in the global enterprise space. An animal lover, Suprotik, is a postgraduate from Symbiosis Institute of Mass Communication (SIMC) Pune. He carries 6+ years of experience in Content Writing, and he also worked in mainstream broadcast media, where he worked as a Journalist with Ibn7 ( now known as News18 India) and Zee Media in Mumbai.