Artificial intelligence (AI) is an area of computing that has experienced tremendous expansion in recent years. But few people at the beginning were aware of how it works and why it could have so much potential to enhance our world.
AI has come to be described as a blend of human and computer components used. In conjunction with each other for many applications. As businesses strive to create more personalized experiences, artificial intelligence provides a way to leverage data from customers, employees, partners, and suppliers of all kinds to make smarter decisions.
Artificial intelligence technology includes, among others, machine learning, natural language processing, and visual recognition tools. These types of technologies are expected to grow at rapid rates over the next five years, according to PWC analysts.
This growth will largely depend on how well companies innovate and incorporate emerging innovations such as advanced speech recognition and video analytics. Today’s business challenges can be solved by leveraging emerging technologies like these AI systems. We can see these opportunities where they exist today, and we can use them to improve our own work and meet global business goals.
In this section, learn about artificial intelligence technologies or how AI can benefit your business today. Plus, find out some of the benefits of implementing AI. And, learn how you could be using AI in your company’s future.
Advantages of Implementing Advanced Analytics
Businesses must deploy the latest analytics capabilities in order to reap the most value possible from their investments. Most organizations now understand that they need to know how and when to act and when to act differently based on business conditions. That is because the ability to identify, react, and respond to situations provides real-time data insights into trends and drivers of performance. It also gives managers greater insights into their workforce
. With this information, leaders understand what is normal versus abnormal; whether resources are being used appropriately; and whether new projects are moving forward or stalled. All of this information helps develop better and more efficient strategies.
In addition, AI provides faster results, which in turn makes the process of identifying patterns and trends more effective and less time-consuming. Another advantage of applying AI technologies is that they allow businesses to create solutions instantly without having to wait for months until the data arrives. Business leaders who want to seize growth opportunities this decade need to get started now using AI today.
There are many ways to implement AI, including with cloud platforms and software applications, robotic process automation software, big data analytics, predictive analytics, neural networks, etc.
Disadvantages of Implementing of artificial intelligence
Despite the obvious advantages, there are some disadvantages of deploying technology like artificial intelligence. First, AI relies heavily on data. When developing algorithms, AI developers tend to rely on existing data and data sources to make predictions about what will happen in the near future. If this happens frequently enough, AI systems become dependent on data stored on legacy servers, limiting their effectiveness.
Second, some companies are not sure whether the data they gather will make sense. Many companies are worried that their data may make their products less successful. But if all of this data does make sense, organizations should focus on how it can help them thrive, not just how it can damage their reputation.
Third, while the implementation process may seem straightforward, there can be significant paperwork involved. Because of this, many start-ups like Work Fusion offer automated assistance from IT professionals to guide companies through those steps. Fourth, there is no guarantee that advanced analytics will lead to big improvements, or even positive changes for the bottom line.
Lastly, although AI offers numerous advantages, there are some serious setbacks that are associated with implementing it into business processes. For example, AI is often viewed as an industry newcomer to the field because it requires organizations to adopt new standards and process their teams to build an AI strategy with clear expectations. Even though most organizations recognize these hurdles, many still fall victim to them. Ultimately, these two primary disadvantages will determine the success rate of utilizing AI in any industry.
How To Invest In A Robust Ecosystem Of AI Solutions
While there are clear benefits that include increased customer engagement, improved product quality, reduced costs, cost savings, and improved employee productivity, there can also be downsides if these gains aren’t translated into tangible results. Without the right team dedicated to promoting AI initiatives like IBM, Amazon, Google, Microsoft, Salesforce, Adobe, Oracle, and others, a company’s ROI on investment in AI may not translate to economic growth.
The first step is to look beyond big names like IBM, and find companies that make AI part of their core offerings. Look beyond the hype for inspiration and research the best practices of those organizations. They may provide excellent guidelines and pointers that can help you implement and scale your AI strategy today. Finally, ensure that your team is prepared to embrace change when implementing AI. After all, AI requires organizational alignment — not division of labor — to keep pace.
Artificial Intelligence Benefits Include Improved Customer Engagement & Productivity
For business leaders today, one of the key benefits of adopting artificial intelligence is optimizing the process of driving revenue growth. Instead of trying to manage every aspect of an organization’s day to day work, executives are able to take charge of the things they do best: marketing, sales, training, finance, and more. Using these roles to its full effect creates an end result that is far easier to achieve as it provides deeper insight into the overall picture of the enterprise.
Customers receive an engaged experience because they can connect with brand advocates directly. Organizations or artificial intelligence can easily integrate new technologies that they use into a robust ecosystem to drive more value and customer satisfaction. This benefits the consumer, and allows for an enhanced customer experience.
AI improves Employee Engagement & Creativity
AI is helping employers better serve their employees by allowing them to work their more productive hours and stay productive at the same time. Companies use artificial intelligence to reduce stress and burnout by freeing up employees to engage their minds, and ultimately their hearts. By using AI to streamline manual processes, workers are able to gain deeper insight into how they work and how to contribute to making a difference on a daily basis.
Employees learn better ways to apply knowledge and skills without needing a lengthy induction or certification process. More importantly, AI promotes creativity and collaboration across an entire organization, both inside and outside the workplace. Research shows that by letting employees collaborate in creative ways, organizations can better engage employees, increase retention, and decrease turnover rates. In short, AI is helping employers boost employee engagement by reducing friction and increasing employee empathy.
How To Integrate AI Into Your Organization
As the top tech trends get more buzz, it’s easy to overlook the fact that the average person doesn’t understand AI. Fortunately, with deep dives into the fundamentals, it’s easier than ever to grasp just how valuable AI can be. It’s now easier than ever to see, appreciate, and adopt AI, regardless of whether you’re looking to expand your workforce, promote personalization, create an interactive user experience, optimize your business model, or support remote working.
You’ll notice that everyone seems to look towards technology to deliver meaningful impact in their lives. However, it’s important to understand that the biggest opportunity to invest in AI comes from the largest players in the space. Take Cisco, for instance, the leader in networking and communications solutions.
With 50% market share in North America, Cisco serves nearly half of the U.S population. This massive footprint is filled with data about users, devices, applications, and services. So instead of throwing darts at every piece of data available about users, Cisco uses AI to sift through billions of data points to make sure that every interaction is a success. For this reason alone, Cisco consistently ranks high among the top 100 tech companies in terms of revenue.
They have the money, and the resources to compete on equal footing. Additionally, Cisco is known for creating a collaborative culture. Their open office policy and flexibility allow employees to interact with each other and network, rather than simply work on their own.
There are thousands of startups that make AI possible today. If we analyze the size of each, we might realize that only three percent of them even make it into the Top 500 list. Although some of these smaller companies have been around since 2010, their scope is much broader.
Some of the most popular examples are IBM Watson Health, Microsoft Deep Cognition, AutoML, Baidu, Chime, Sense Time, Solar, Doel, Unable, Vyom, Zendesk, Tufte.ai, Wiseman, and Kairos. Each company possesses huge portfolios that span almost every sector.
Therefore, investing in AI is not just a good idea, but a smart move. Not surprisingly, most of these large players have made their mark already. Let’s compare the characteristics of these leading companies, then let’s dive deeper into the different paths that they took to reach their position.
