30 Oct 2022
Digitization is the new buzzword that has been doing rounds in the technology space. The world was already undergoing rapid digitization before COVID-19 struck; however, the pandemic-induced lockdowns and restrictions played a vital role in speeding up digital adoption. Amongst the plethora of new-age technologies gaining traction, Artificial Intelligence (AI) deserves a special mention. With its advanced types such as automation, Machine Learning, computer vision and Natural Language Processing, AI is not only augmenting capabilities but also enabling better decision-making for businesses.
AI: An imperative for businesses in a digital-first world
AI adoption is happening exponentially in today’s digital-driven world. With rapid technological advancements, companies across sectors are leveraging the potential of data to derive insights and incorporate automation, which is giving them a competitive edge in the market.
The fact that each year from 2018 to 2021, applied AI has had the highest innovation scores of all the trends and its investment score ranks among the top 5 is indicative of the fact that this new-age technology is emerging to be the core of businesses.
Benefits of AI Adoption
Companies today view AI as a door to new capabilities rather than just a new technology. It has 3 major benefits and applications such as automating processes, gathering insights through data analysis and enabling customer and employee engagement.
AI is adept at capturing and analyzing tons of data that is further used in gauging possible consequences and streamlining the decision-making process. With this technology, decision-making has become quick, efficient, unbiased and error-free. With real-time data gathering, trend analysis and forecasting, AI is helping businesses make informed and data-driven decisions for better outcomes.
The benefits of AI adoption are varied, ranging from financial and operational to business oriented and its applications span across industries and business functions.
AI Augmenting Business Capabilities
AI can be used as an assistant or even be given the responsibility of handling complex tasks. For instance, ML is used in analyzing patterns and anomalies in data and notifying decision-makers to take preventive actions.
Deep Learning, a more specific version of ML primarily helps in fraud detection. A simple example of this would be sensors picking up contextual information such as the distance between other objects, the speed at which they are moving and predicting their placement in the next 5-10 seconds.
AI application even extends to financial transactions. It can monitor patterns from data input and recognize cyberattacks by backtracking data, finding its source and preventing future threats. Furthermore, instead of humans spending time in resolving customer queries, AI software can take over this responsibility by undertaking the role of Customer Relationship Managers.
Often, we receive product recommendations on e-commerce apps or content suggestions on OTT platforms. This is nothing but the advanced version of AI offering us customizable experiences. Providing the right information at the right time has been made possible due to new advancements in AI.
Automation in the form of AI-enabled chatbots is another prominent application of the technology. They enable customers to chat or call online and get their queries resolved instantly, quickly yet effectively. We often use this service to have an update on our food delivery or report issues related to the same even at odd hours.
The Bottom Line
Industry reports estimate that automation will disrupt 85 million jobs globally across fifteen industries and twenty six economies by 2025. However, the fact is, it is a supporting tool and can never replace human intelligence and ingenuity.
As new digital innovations and technologies continue to take over businesses across sectors, AI, which is already the key driver of emerging technologies such as big data, robotics and the Internet of Things, will continue to transform businesses in the foreseeable future.