It is integral for every company’s market value and growth that they understand the customer demand. Furthermore, the innovations happening in the industry and technical advancements are bringing solutions that are more feasible each day. This revolution is occurring at a large scale and businesses, both big and small, are reaping high benefits or they at least can. This is where AI comes in to play its part. Artificial Intelligence means machine learning but at a deeper level. It includes making possible predictions after analysing market trends, strategic thinking for maximum benefit, planning and making the actual decisions.
There’s hype about what will happen to the future of every trade after AI is integrated at every level in a business. It may all go down in history as other such trends for example, the Internet/ Internet of Things (IoT), but there’s still a long way to go. How AI will possibly influence and reform our seemingly ordinary businesses is discussed below to shed some light on this great invention.
1. High-end customer services
No need to wait for your queries being answered by an online representative. The program or application will already be calculating and monitoring every request/complaint that a consumer might have. An answer will be provided against the query and because the data will already be in a storage space, recurring demands and frequent customers will always be in touch. Most businesses fail due to poor customer services. Future will have fewer glitches so businesses will prosper more.
2. Better privacy and security
Since it’s almost every day that we listen to virtual breeches and frauds, AI will be able to protect your company, home and your electronic devices. This was greatly monitored in 2018 but with the new-year, more productive patterns are appearing in the market which promise to ensure you’re personal as well as your work’s safety. With upgraded and state of the art recognition systems that are good for protection of data and physical belongings, we can see a bright future ahead with AI leading the way.
3. Future analytics for a successful venture
A steady or rather static data was all that we earlier thought was enough for any company’s well-being. However, after some time passed and we saw the speed at which life has been passing us by, more companies and business holders realised the futility of being stuck in one place without variations. With AI, all aspects of a decision will be taken into account and informed strategically sound plans and decisions will help create profitable transactions. Instead of the earlier focus on charts and graphs, there will be interactive solutions to problems. The value of information will finally be observable in all its glory.
4. The infamous Edge
With everything digital and the ever-increasing Internet of Things devices, companies and businesses all over the world are looking to gather information on spot and not on cloud. Same goes for all the sensors that are being developed for various purposes. The data should be instantly retrievable. Since the algorithms, which are required to manage such a feat are dependent on high end heavy processing, the data packets needed would have to be crunched. Gathering information and delivering it to location based servers does require a very formidable internet connection. Options like Xfinity internet (opens in new tab) or Cox internet can be of great assistance in this matter.
5. Predicting the customer behaviour
Another very important task that will see further improvements in this year is the AI powered predictive behaviour that most websites and applications use. It will better analyse whichever product is of more interest to the consumer and then make further predictions based on previous selections. This can help maintain customers but this will also mean that businesses will have to keep a high standard of services.
6. Easier access for everyone
Since we talked about the predictive and analytical edge that Artificial Intelligence has on other systems, this also means that a nonprofessional with no proper education about a certain field can have access to data. This will simply open up a world of opportunities to people across the world. For a new business, a feature like Google Analytics Intelligence can become an easy go-to. With so much at stake when you’re fresh in the market, such AI supported platforms are a blessing. They don’t make a dent in your finances by increasing the initial costs. Moreover, data is easily accessible for all.
7. Easier recruitments
Companies used to face such hassle when they had to look for new recruits. It used to be an extremely tedious task, which would span on extensive research to look for the perfect candidate. This has become easier since the advent of AI and it’s bound to become even better. Filtering the right candidates for the right job is simply a few clicks away; regardless of the fact that there are still in-person interviews that are essential to the selection process.
8. Google Assistant
It is literally a virtual assistant that actually does your bidding, including your monthly grocery shopping. With life so busy and schedules so hectic, we are all missing some much needed quality time with family and friends. Companies will need to invest in their online marketing and digital presence to stay visible online. This will attract more business and therefore better revenues. AI is already there to help out with the rest.
9. Cyber/online frauds
Artificial Intelligence is becoming a part of our everyday reality fast. With all the good attributes and positives that come with it, the risk for being left exposed also exists. There are companies now that are focusing on AI and machine learning to find out hackers in real-time. Not just that, the online banking system is also dependent on the same tech for their transactions. Industry will see progress in the field and it will be integral for all businesses to deliver foolproof security and avoid frauds.
10. Future of Internet of Things and digital world
To end it, the future of connectivity is obviously through IoTs. With more robotics every day and with further investments into making life mechanical just so we can be in pursuit of greater things in life what warm the heart. With AI, all your devices are able to communicate with each other, individually and in a group as well. It goes for the rest of the digital world. With devices like Alexa, the rest of the devices are synched and with voice recognition, life gets further easier. Businesses will now be able to expand their growth and focus on important tasks instead of their earlier focuses.
Robert James, Content Writer, Comcast Specials (opens in new tab)
Image Credit: Robert James