Why Is AI the latest technology buzzword?
In this technology-intensive world, Artificial Intelligence is the one technology dominating our lives more and more.
Ever browsed Netflix? And see the suggestions that it throws up for you?
Seen ads and other advice on your Facebook feed that interest you
Shopping on Amazon?
Chances are you will get customised product recommendations. Or you can even check out Amazon’s voice-enabled shopping experience with Alexa.
– It’s no wonder that the predicted market size for Artificial Intelligence in retail by 2027 is $19.9 billion.
Urban planners predicting traffic
You name it, and AI is there.
Businesses are certainly leveraging their potential, which is why it’s an integral part of our everyday lives.
Business Benefits of AI
AI is deployed by businesses in all sectors like Healthcare, Manufacturing, Retail, Finance etc. Artificial Technology has helped enhance productivity in day to day operations leading to time and cost-efficient business processes.
Let’s assess some of the significant improvements AI brings to businesses.
Corporate data analysis is a big trend in today’s competitive era. AI can sift through peaks of raw data and intelligently interpret and convert it. It helps establish patterns, find correlations and other meaningful insights. Data analysis allows companies to make sense of their raw data and leverage it.
Artificial Intelligence with predictive analysis helps companies analyse data deeper and faster, allowing more efficiency and better time to markets.
Better Customer Engagement
AI can make the purchase experience more thoughtful as well as more engaging. It helps with product recommendations. It deploys chatbots to service customer concerns in real-time.
Automates Repetitive Tasks
Artificial Intelligence has the potential to automate repetitive tasks and get them done by a machine instead of manually. Employees can focus on more productive and satisfying work.
Enhances Scalability and RoI
AI can analyse vast volumes of disparate data and convert it into valuable data. With better speed and accuracy, AI offers immense value addition for organisations that can use data analysis to scale up.
- Accenture in 2016 had predicted that AI would transform the relationship between man and computer and enhance labour productivity in developed economies by 40% by 2035.
AI would free employees from mundane routine tasks to become more productive with their time. It will enable creativity and innovation to flourish if appropriately leveraged.
No business can deny its benefits. It makes sense to know more about the technology and understand its basics. This would enable a better understanding of its applications and benefits.
But how does it work?
What makes it Intelligent?
AI functions alongside its subfields and interdependent technologies. These highly advanced technologies enable machines to understand language and acquire experience to carry out the desired function.
Machine Learning is an aide or subset of Artificial Intelligence. It enables software and machines to build upon experience and improvise suggestions and results.
It enables machines to mimic a human’s thought process and behaviour accurately. It banks upon previously collected data to predict outcomes.
Machine Learning can be used across a variety of applications. It can be applied to diagnostics, medical interpretations, malware and fraud detection and business processes.
Deep Learning is another subfield. With deep learning, massive amounts and complex data can be processed. Its multi-layered approach gives it its depth. It can minimise data pre-processing to offer faster and more accurate predictions. AI has advanced tremendously with deep learning.
Natural Language Processing- NLP
With NLP, machines acquire the ability to understand and respond to a language. Its algorithm helps the machine interpret words and language and deliver the required output.
NLP examples include speech recognition, translation, auto text, chatbots, grammar checks etc.
Cognitive computing is the result of computers simulating human thought processes. Artificial Intelligence, NLP and neural networks merge to create an interactive, intuitive and adaptive computing system.
Artificial Intelligence will simulate human-like thinking. Rather than being a replacement, it is expected to create new jobs to suit the technological advancements.
-As per IDC, the global AI market is expected to cross the $500 billion mark by 2023
This indicates that AI will hold the fort as a rising technology star in the future. It will impact businesses and lives considerably.
To know more about AI applications and their impact on business processes, contact OrioneSolutions. We assure you of the best possible solutions tailored to your business success.