Will Artificial Intelligence Transform Businesses for Good?
It is undeniable that Artificial Intelligence has revolutionised our lives in the past few years. Be it governments, large or small organisations, and, businesses across the world, AI is becoming an integral part of the process in every field. A recent NVP, 2022 survey shows that 91% of top businesses have an ongoing investment in AI. That means more than 9 in 10 businesses are already supporting AI technology. But is AI a boon or a bain?
Let’s talk about what statistics show…
Accenture reports that AI has the potential to boost productivity by at least 40%. According to figures from the World Economic Forum, by 2022, AI will have replaced more than 75 million human jobs while also generating 133 million new ones. But the cost and accuracy of AI-powered systems are some of the obstacles.
Why is AI booming currently and how can it favour your business?
1. Real-time analytics
Data Data Data… AI-based functionalities always involve the usage of data in one way or another making data analysis one of the most important factors that can affect businesses. Today, companies have to deal with a huge amount of data. Meanwhile, it's often a requirement for businesses to make immediate and strategic decisions.
Machine learning and AI models utilise this data to provide necessary analysis. This ability to make quick decisions based on the right analysis could put your business ahead of the competition.
2. Process automation
Transfer of repetitive manual work to the machine and helps you save time and money is made possible by AI. Employees might stop spending time on easy activities and start doing what they do best.
3. Improved customer experience
Does human customer support work 24/7? Practically it is possible but with a high cost and low quality of service.
For companies which drive their revenue from regular interactivity with clients, AI can help these employees. Virtual assistants, Natural language understanding (NLU) chatbots can interact with people in real-time and solve hard problems. Moreover, developing such a system puts less strain on IT resources to maintain customer details manually.
4. Improved data security
Data remains secure when fewer people have access to it and AI can provide better security options. Meanwhile, it can also detect fraud attempts. Despite the fact that AI software could have certain flaws, overall, it can offer extra security measures to prevent a data leak.
5. Analytical modelling
Predicting the outcome of a certain project or the state of the market is a priceless skill. A high-quality predictive analysis may be produced by the software because of AI’s ability to handle and interpret a wide range of data.
AI is quite good at learning on its own. It can develop the ability to spot key details within the data and draw conclusions that are pertinent. Making the right selections for a competitive edge in their industry may be aided by this study for business owners.
SOME OTHER BENEFITS OF AI
- Shorter operating duration
- Less human error
- Increasing productivity
What challenges make AI a drawback?
1. Cost
AI needs to be implemented as specialised and customized software for it to be truly successful, yet developing such software might be expensive. Despite the substantial return on investment (ROI), not all businesses are willing to commit to such an expense. For instance, it could be difficult for a small firm to secure funding for the use of AI in its operations.
2. A lack of creative outlook
No matter how clever the software is, it is not imaginative. An AI computer actually possesses the original creator’s creativity. It doesn’t get more inventive as it learns. Therefore, it is challenging to provide creatively demanding tasks to the programme.
