The moment someone mentions ‘Artificial Intelligence’, our mind takes us to some influential Sci-Fi flick. Well, it’s not all ‘Terminator’ or ‘I, Robot’ when it comes to Artificial Intelligence. I believe it is time we embrace AI rather than fearing it.
But, what exactly is Artificial Intelligence?
Artificial Intelligence is the science and making of intelligent machines and programs as said by John McCarthy in 1956. Wouldnt it be great if we could use these intelligent programs to improve the way we work and increase productivity? That is exactly how AI is being used these days to transform businesses.
The rise of Artificial Intelligence will usher the new age of robotic collaboration between Business Intelligence and Automation. Just imagine the amount of productivity that could happen in a single days work using AI, as opposed to the number of days work when done manually. That being said, AI has not replaced human’s cognitive intelligence. Instead, AI helps humans with the menial work so that they can spend their energy on higher value activities.
Machine Learning: AI is the next big thing in the business world
Today, Artificial Intelligence is everywhere. It is smartly integrated into every sector of life to increase productivity and save precious time and money. Eventually, organizations are becoming more profitable and this is positively impacting their workforce’s happiness. When the organization and its workforce is content, they work collectively to make their customers happy which is the primary goal of any organization.
Benefits of Artificial Intelligence
Following are some of the major reasons how AI can be leveraged by businesses.
Business insights from Big Data and Cloud databases
Big data and Cloud databases are useless unless we could extract and analyze the hidden patterns and trends inside the data. AI quickly learns these patterns and makes it easy for us.
Increase business efficiency by minimizing menial tasks
As mentioned earlier AI reduces human’s efforts by taking care of all the repetitive and tedious tasks. And with the help of Machine Learning, these AI tasks can be improved over time.
Chat based solutions for customer communication
Nowadays, more and more businesses are employing intelligent chatbots to interact with their customers and attend to their concerns. This not only increases productivity but also saves a lot of time and money.
Automation for businesses
Automation of work is the new-age business revolution. Whether it is in a manufacturing plant or a healthcare or a hotel, businesses have opted for Automation. AI reduces operational costs, increases efficiency, grows revenue, and enhances customer experience.
Personalized shopping experience
Today, AI is changing the face of E-commerce. Based on customers shopping patterns and browsing habits, AI is able to pitch the right offer to customers. This eventually results in customer loyalty and increased sales.
Predicting and forecasting outcomes
AI is also used in predicting future sales and business outcomes using data analytics. With this businesses are able to plan beforehand and avoid dire consequences.
AI and Big Data go hand in hand. Along with the world, the size of the world’s data is exponentially growing. A survey about Big Data and AI by NewVantage Partners found 97.2% of executives stated that their companies are investing in, building, or launching Big Data and AI initiatives.
For an AI to function efficiently by going through a massive amount of computations, large packets of data are created. That is when Big Data comes into the scenario. AI and Big Data are different tools which come together to achieve common goals. AI needs Big Data to build its intelligence and enhance its machine learning capabilities.
Nuf said. Artificial Intelligence is not the future, it is here now and it is high time people take advantage of it to stay ahead of their competitors and take their businesses to the next level.
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