AI (Artificial Intelligence) and Machine learning have changed the entire game of technology. Over the past few years, Artificial Intelligence (AI) seems to have gained immense popularity and is being implemented by the majority of businesses.
The future might see more and more number of organisations recognizing the importance of AI. AI in simple terms can be termed to be a process of how computers can be made to mimic all the qualities and capabilities of the human mind.
In other words, it involves training computers to be able to perform tasks in the same manner as would be done by any human. Some common examples of Artificial Intelligence include process automation, security surveillance, voice to text features, etc.
Businesses worldwide to a great extent have started realizing the benefits and the competitive edge that they can get through the implementation of AI-based technology. It is estimated that by the year 2020 a lion’s share of modern-day businesses are likely to implement AI in their business.
Artificial Intelligence (AI) — The Game Changer for Service Providers?
Artificial Intelligence requires consistent efforts at the back end before it gets fully functional. We need to feed it with data. When we talk about service providers AI has led to remarkable changes when compared previously.
Artificial Intelligence has led to optimisation of every business process. Businesses have also started to see the benefits after the deployment of AI into their business processes.
Businesses that have already implemented AI have seen a huge impact and improvement in their organisation’s efficiency. AI will help in reducing the risk of human errors through automation of a huge amount of work. With AI implementation, 27% of customers are happy about this fact. Also, 38% of consumers believe that AI will boost customer service.
Let’s have a look at how AI is affecting different types of service providers:
Financial and banking services comprise of different parts. It includes the following:
· Investment — AI can be a boon when it comes to making any kind of investment decisions. After collecting data regarding investors goals and their risk factor they will provide them with some of the most appropriate options.
· Customer Engagement — With the introduction of chatbots, customer engagement has reached a whole new level. Chatbots have proven to be of great help in serving customer queries.
· Managing Risk — AI has been of great help in terms of risk management since frauds are usually more common in the banking sector. AI helps in the detection of fraud at the earliest and hence it leads to better-managing risks.
THE AUTOMOTIVE INDUSTRY
The second industry where AI has created its magic is the automotive industry. The aspects include…
· Safety Features — With the implementation of AI, the safety-related features have been enhanced since AI can identify any kind of dangerous situations.
· Cloud Services — AI cloud platforms have made data easily available and accessible. In fact major cloud computing providers now provide clients with cloud-based AI products.
· Automotive Insurance — By combining automotive insurance and AI, it has resulted in better assessment of risks and that too, on a real-time basis.
· Car Manufacturing — Apart from changing how a vehicle appears, AI also seems to be of great help when it comes to building vehicles.
AI if deployed in the healthcare industry can result in more efficient, precise and powerful interventions in terms of patient’s care. It can prove to be a boon in terms of introducing new tools which can help in early diagnosis of diseases.
· Connecting Mind And Machines — AI technology will be of great support in helping patients’ with a disability to speak, move and interact. Brain-computer interfaces having AI as the back end can help them with these fundamental experiences.
· Radiology Tools — AI will help in introducing the next generation of radiology tools with high levels of accuracy.
The emergence of AI has also seen a rise in Chatbots and Virtual Assistants. Virtual Assistants are proving to be quite popular among people and some popular ones include Amazon’s Alexa, Google’s Home, Apple’s Siri and Cortana by Microsoft. More and more consumers seem to be relying on chatbots and virtual assistant for the completion of their tasks. It is also found that about 66% of consumers now seem to own AI-voice assistant.
AI is also establishing its mark in the logistics industry. The implementation of AI in the logistics industry has resulted in better inventory and delivery management. AI can also help in the mapping of consumer behaviour for retail businesses.
This is one of the most important parts where AI has established itself. Cyber-attacks have become quite common these days. AI will help to ensure higher accuracy in terms of cybersecurity. Also, 27% of business executives seem to plan the implementation of AI in cybersecurity.
AI is also proving to be making its existence felt when we talk about the tourism sector. The most common tool that is being used in this sector is chatbots to provide information and assistance to travellers.
HOW to implement Artificial Intelligence in your organisation?
If you are planning to implement AI in your organisation then below are a few tips that you need to ensure before you move ahead:
- UNDERSTAND YOUR BUSINESS NEEDS — Firstly, check out the list for your business needs and then head over to implementing AI. Be clear regarding the objectives of your business.
- RISK ASSESSMENT — Secondly, understand potential risks, if any. Understanding your risks will enable you to make better business decisions.
- AI Services — Before moving ahead, be sure that you make arrangements for AI developers.
- RIGHT BACKGROUND — Make sure that you have the right team at your disposal which will make sure that your efforts relating to the implementation of AI do not go wasted.
Artificial Intelligence has resulted in many ways that result in simplification of doing things. The future of Artificial Intelligence seems to be quite bright. It is rightly said that this is just the beginning; AI will become more advanced in the next few coming years. However, many businesses still seem to be apprehensive regarding the adoption of Artificial Intelligence technology into their business.
Ankita Sinha, Co- Founder & CTO, Gravitas AI