AI and ML In Business Today
From science fiction to reality, the development of Artificial Intelligence (AI) and Machine Learning (ML) technology has come a long way to becoming commonplace in boardrooms, factory floors, and healthcare as a critical way to improve productivity and overall efficiency. Tools like speech recognition and predictive analytics are replacing a lot of guesswork with fact-based assessments and processes – affecting everything from customer service, scheduling, ensuring stock levels are adequate, and more.
As requirements continue to grow, early adopters of AI and ML tools will be in the best position to leverage newer benefits in order to enhance operations and create more thoughtful user experiences. For organizations new to AI and ML though, it’s important to understand that investments in this area will be critical, and how these tools can be used to meet your specific needs.
72% of execs believe that AI will be the most significant business advantage of the future.Source: PwC
Combined, the global AI and ML market is expected to grow significantly over the next few years, from $10b to an estimated $126b from 2018 to 2025, signaling a 12x growth. This includes the utilization from dozens of industries such as automotive, financial services, education, retail, and more. Even now, giants in these industries continue to invest heavily in the continued development of these revolutionary tools to support their workforce.
How AI & ML Helps Boost Productivity
As these technologies continue to evolve and their capacity grows, more and more use-cases will continue to surface, with businesses from every industry able to take advantage of new functionality. These tools are quickly becoming key to enhancing overall operations and profitability, but also as a primary driver of productivity.
AI technology can enhance business productivity by up to 40%Source: Accenture
Some of the most compelling reasons organizations look to AI and ML tools to increase productivity include the following:
Reasons for Organizations to Consider AI and ML
Organizations that work under strict regulations are looking to AI and ML to ensure they remain compliant. These tools are able to determine changes to regulations and automatically adjust processes to match. The automation of this requirement is reducing the human workload required to complete this and other tedious jobs, and these newer systems are able to work much more quickly to address changes, with significantly fewer errors or mistakes.
Enhanced Customer Relationships
We see this more and more every day in the form of Chatbots and Virtual Assistants being used by organizations of every size. These tools make use of natural language processing (NLP) to provide AI-powered conversation-based responses to customer requests. Almost gone are the days of waiting for an available customer service representative to help, these additions to the team are able to answer simple requests and even connect a live representative as needed.
AI tools are even being leveraged for the management and automation of emails, allowing for the customization of smart replies without the need for a heavy, complicated system. This trend continues to grow after the success of smart devices like Amazon’s Alexa and Apple’s Siri, extremely capable systems that are able to process requests in a very efficient manner.
Better time management
Another area where we’re seeing great strides is in time management, witnessed by the increase of applications and solutions with the sole focus of streamlining tasks and appointments. Especially with a much larger percentage of remote work being completed, it’s become more important than ever to be able to track a job to completion regardless of time zones. These tools are also able to integrate with different chat and calendar applications across different devices, offering customizable notifications, restricted website access, and powerful reports to be able to check progress.
The rise in remote jobs has allowed companies to add support from all over the world. What was once difficult to imagine, is now more common thanks to AI tools that allow streamlined collaboration regardless of time zone or culture. 24×7 collaboration has become a reality for hundreds of companies, helping to reduce production times and errors by allowing communication channels to be more open between departments.
40% of digital transformations and 100% of initiatives based on the internet of things will be supported by AI.Source: Digite
These reasons represent the tip of the iceberg for what’s to come. With the ability to reduce mistakes for the benefit of compliance, increase productivity and collaboration between teams around the world, and offer a greater customer experience – AI and ML tools will continue to develop and will be indispensable to organizations in the near future, especially as more use-cases come to light. With the anticipated growth of AI, every business will want to understand how they can utilize these tools to their advantage – or be left out.