Five Ways How Artificial Intelligence Will Transform Businesses in 2021 – Inc42 Media

  • Lauren
  • November 7, 2020
  • Comments Off on Five Ways How Artificial Intelligence Will Transform Businesses in 2021 – Inc42 Media

Artificial Intelligence, once a buzzword in the digital world, has become a part of our everyday life. From Google Assistant, Siri, Alexa to Uber and Ola, several AI-enabled services are available today that make our lives easier. The ongoing pandemic has undoubtedly impacted business models but it didn’t wane the impact AI has on our lives and businesses. On the contrary, it has become evident that Artificial Intelligence, with its self-teaching and learning algorithms, will play an essential role in transforming businesses in 2021.
Companies have swiftly started leveraging the potential of AI. Companies like Amazon, Microsoft, and Google have grown immensely due to the incorporation of AI for forecasting, adapting to changing market conditions and generating profit. Several companies are already reaping the benefits of their early investment in Artificial Intelligence. Many have started incorporating AI to utilise the huge amount of data generated each day. But how is AI bringing revolutionary changes across industries? Let’s take a look.
Chatbots For Better Customer Support
In today’s digitally driven world, many organisations use AI-powered chatbots in business communication, primarily for customer support and sales. Chatbots effectively increase customer engagements, help collect data, and drive business revenues; they effectively bring down operational costs as well. AI-powered chatbots decrease the need for human intervention and enable businesses to engage and interact with customers during non-working hours. This also brings down the need for floor space and conventional customer support equipment. According to a report by Juniper Research, ecommerce transactions via chatbots are predicted to grow up to $112 Bn by 2023.
AI-Powered Chips To Boost Performance
AI-powered chips will enable applications that run on AI algorithms like object detection, computer vision, facial recognition, and Natural Language Processing (NLP) to perform much faster. These chips boost the performance of applications used in gaming, healthcare, banking & finance, and manufacturing industries.
Qualcomm recently launched its new AI-enabled Snapdragon 732G to enhance the high-tier mobile gaming experience. Another popular example of the implementation of AI in an industrial and commercial environment is the AI-powered BMW factory in Germany. The automobile factory uses AI-based software to check auto parts and perform a complete inspection in milliseconds. The AI-powered chips are predicted to reach a revenue of $91,185 Mn in 2025.
Evolution Of Data Highways For Startup Sustainability
Data is the new currency in today’s digitally driven world. The generation of data is growing by leaps and bounds with each passing day. For startups to stay ahead in the competitive business world, it has become imperative to adopt advanced analytics and AI for creating dynamic business models. AI-based systems and solutions will help start-ups with data mining, analysis of business data, and implementing predictive analytics to determine strategic marketing based on customer insights.
AI In Cyber Security
With data becoming more accessible, there has been a massive rise in cyberattacks. Companies are investing more in improving their organisation’s cybersecurity infrastructure. AI, with its advanced predictive algorithms, will play a crucial role in facilitating cybersecurity in organisations. By incorporating AI in cybersecurity, companies will be able to reduce the response time to threats as well as the expense of preventing breaches. AI will also help in preventing cybercrimes by enhancing the organisation’s cybersecurity measures.
Increase In Preference Of Voice-Based Searches
One of the most common examples of AI-powered applications in our daily life is voice-based searches. AI-powered voice-based applications like Apple’s Siri, Google Assistant, and Amazon’s Alexa have set the benchmark high on how people will look for anything online. In the future, people will use voice commands more often rather than type it. According to Statista, globally, around 8 Bn digital voice assistants will be in use by 2023.
Innovations in Artificial Intelligence, with its huge potential, is transforming businesses by boosting work efficiency, enhancing productivity, and elevating an organisation’s profitability, and will continue to do so in the future. AI-powered applications and services provide solutions for every industry, starting from IT, retail, banking, and healthcare to eCommerce.
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