How AI transforms Business Growth

Artificial intelligence, or AI, is the primary field of growth and interest for businesses today. Artificial Intelligence itself is comprised of various software and technologies that can ultimately perform the same functions as a human. These functions might be problem-solving, planning, or performing repetitive tasks. Included in the broad category of artificial intelligence are more specific specialties like deep learning, machine learning, and pattern recognition.

In today’s digital age, businesses around the world are learning how AI can transform their business and enhance growth.

AI-related stats you need to know

  1. Today, less than 1/5 of businesses are using AI, but that number will jump exponentially in the coming years.
  2. Marketers and business professionals agreed that AI applications is the next big marketing trend by identifying consumer personalization (26%), voice search (21.23%), and AI in general (29%).
  3. 47% of digitally enhanced organizations have a defined AI strategy
  4. 72% of business leaders believe AI is and will continue to be fundamental.
  5. Consumers use AI with 33% thinking they use AI-enabled technology and 77% actually using AI services and devices.
  6. 38% of consumers believe AI will improve customer service.
  7. 61% of marketing professionals said that AI is their company’s most significant data initiative for the future.
  8. AI is projected to increase productivity by up to 40%.
  9. 46% of US adults use AI-based applications to interact with devices.
  10. More than 50% of marketing technology providers believe AI is important or a must-have for marketing.

How AI Will Change Business Intelligence?

When it comes to business intelligence, data has exploded over the past few years to help humans understand data that can impact businesses and business decisions. With the help of AI, businesses can more easily understand data and use it to work for their benefit.

Efficiency and Increased Productivity Throughout the Company: AI-powered intelligent systems can scan through information from various sources and present it in readable formats. Instead of spending hours trying to find data to help your businesses, AI can get it done faster and more efficiently.

Business Intelligence in Human Language: Right now, business intelligence is purely about data, but with the introduction of AI, the language can be much more conversational to help humans understand and interpret data. This allows for every person in a business to receive real-time updates, from c-level executive to people on the ground in production.

Real-Time Data: Even if you were to take on the cost of data experts, you would find that they still cannot analyze data fast enough. AI delivers real-time data for every level of the business.

Cost-Effective Business Intelligence Solution: As AI transforms and becomes the new Business Intelligence, the lack of people with analytical data skills available to make data-based decisions will no longer be an issue. Because it costs a lot of money to assign data experts to every department, AI will simply be a more cost-effective way to manage and analyze big data

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What kinds of AI services exist today?

Whether you realize it or not, you probably use AI in your everyday life. Here are the kinds of AI services that exist today and are used frequently to benefit businesses and the customers they serve. 

Fraud Detection: While this one mostly deals with banks and financial institutions, everyone can agree that fraud detection is important. AI is used to detect fraudulent activity using a large sample of data that includes non-fraudulent and fraudulent purchases and is trained to determine the validity of the purchase. Over time, AI learns and becomes more adept at finding these transactions. This directly impacts not only your business but your everyday life to prevent you from falling victim to fraud.

Retail AI and Customer Support: If you’ve ever shopped online, you’ll notice a pop-up chat window near the bottom of your screen. You can easily talk to customer support representatives if you have questions or concerns. In many cases, these “representatives” are actually AI chatbots capable of understanding language and mimicking human conversation. They can help customers find the information they’re looking for by extracting information from the website and directing the customer to the appropriate page or person for support. Many businesses use chatbots to save time and money because there’s no need to hire a real person to handle mundane tasks.

Security: Cyber-attacks are frequent and cyber defenses run the risk of being breached from time to time. With human operators no longer being enough to withstand these attacks, cybersecurity is becoming increasingly popular. With real-time threat detection, mitigation, and prevention, data can be easily protected. Using algorithms, IT experts can teach AI to monitor suspicious behavior, detect anomalies, and respond to threats.

How to build your AI development team

An artificial intelligence development team is crucial to transform your business as AI becomes more important to the business landscape. This process can be difficult, but necessary to build an effective and efficient AI development team that will help your business grow.

Here are a few tips to get you started when you decide to build your AI team.

Be Aware of Challenges: There are certain challenges that you’ll face when creating an AI development team. Because AI is so new, it will be difficult to find employees with the necessary skills. With this scarcity of qualified talent, you’ll see that the costs to hire a team of experts will rise. While you may prefer to have an in-house team, you should consider why you need AI. Outsourcing AI development is a cost-effective solution to this problem. You won’t need to go out looking for talent and you’ll find experienced companies that cost a fraction of the price of an in-house talent team.

Figure Out Your Needs: In order to begin with AI development, you’ll need to take the time to figure out what your business needs and if AI is even the correct solution to your problem. Get acquainted with how other businesses in your industry are using AI and reach out to them to discuss the impact it’s had on their business.

Find the Right Experience: Because AI can be a difficult concept to wrap your mind around, you’ll want to hire a team that has a certain level of experience and expertise. Know your business challenges first so you can find the team experienced in solving them. AI experts usually have field-specific expertise, so you’ll need to be clear with your needs so that you can hire the best possible team members. 

Get AI Ready: In order to use AI for your benefit, you have to have an infrastructure in place and the data necessary to run AI algorithms. All of this data must be collected before you even begin thinking about building an AI development team so that you can get a better idea of your needs. You must also make sure you have the correct data collected that will help AI solve a particular issue.

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May 21st, 2019|Artificial Intelligence|