Biz Tips: How AI is Changing the Face of Business

Biz Tips: How AI is Changing the Face of Business

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How AI is Changing the Face of Business

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There are many disruptions in our lives today. This is transforming businesses as we know them. Small companies now can capture some of the market as monopolies are slowing fading away. AI is one of the buzzwords we hear a lot of as these changes occur. Many believe we’ll hear even more about it in the future because businesses are growing increasingly more dependent on the huge amount of data they’re capturing. This crowd sourced data has proliferated over the last decade thanks to people uploading tons of images, videos, and social media comments online. With the rise of AI on us, experts are making many predictions about what to expect in this arena in upcoming years.

Understanding the Rise in AI

Some people mistakenly think of AI as just one technology, but it’s not. It’s actually a variety of different types of software that businesses can use in various ways for various applications. This is important to understand today when we have so much data floating around. It’s also important to understand that AI can’t think for itself. It can only make insights because it’s fed information. Of course, the more information you feed it, the more insights it can produce. This is why instead of thinking about AI as a replacement for humans, we should think of it as enabling people to do much better work. Sure, AI will cause the displacement of some jobs, but it will also significantly boost people’s labor productivity. It’ll also help people use their time more efficiently to create, imagine and innovate new products and services for your business.

The key ingredient for creating successful, valuable technology lies in thinking about people first. This is a transition that will take us some time to make because both companies and governments must acknowledge the challenges that exist here and be willing to change how they behave when they encounter such challenges. It’s also important for people to be thoroughly prepared. This means being intellectually, technologically, politically, ethically and socially prepared.

Nevertheless, there’s no doubt that the market demand and opportunities for AI are quickly growing. In fact, some experts predict that the worldwide content analytics, discovery and cognitive systems software market will grow from a starting point of $4.5 billion to over $9.2 billion in 2019 and it won’t stop there. Today, there are also reports that show that about 70% of global businesses are making more frequent investments in AI-related technologies than two years ago and another 55% plan to use machine learning and embedded artificial intelligence in the future. As such, it should come as no surprise that equity financing for AI companies has risen from $282 million in 2011 to $2.4 billion in 2015 — about 746%. It also shouldn’t surprise you that AI patents are being granted five times more often than 10 years ago. In fact, in just four years the number of AI start-ups in the US alone has increased 20-fold.

How AI Offers Personalized Customer Experiences

The use of artificial intelligence communication will help you reduce the amount of time you need to spend being involved in a conversation today. Apogaeis says AI is very beneficial to businesses in this regard because it’s important to engage in good time management and yet still be able to offer customers a personalized experience. Since AI can efficiently analyze a lot of data, you’ll be able to quickly understand patterns in the information — including history, buying preferences, credit scores and other common trend. AI analyzes millions of transactions (pre, during, and post purchase) in this way daily so businesses can provide each of their customers with more personalized services and real, impactful engagement for every transaction. Doing so enables you to rest assured that your business has engaged with the right customers, offering them what they need, at the right time. It also helps your business who’s most likely to buy your products or services. Additionally, when your employees do speak with your prospective buyers, they’re already aware of their history, which makes the whoe sales process run much more smoothly.

Other Benefits of AI
Customers aren’t the only ones who will benefit from the rise in AI. Businesses will also benefit in many ways, including:

· Predictive market and customer analysis can be applied to data and social media to create better, more enhanced products and services.

· Many companies are using AI for virtual assistance as a front line instead of having their customer service agents must deal with every call all the time.

· Automating certain processes will make your business more agile.

· Unlocking large amounts of data which AI can then analyze for you positions you as a global business leader.

· You’ll make the sales process more efficient.

How to Prepare Your Business for This Rise in Voice AI Communication

Freedom and Safety says businesses must take several steps to prepare themselves for the rise of voice AI in communication. Some of these steps aren’t easy, but they’re important nonetheless. They include:

· Preparing the next generation: Taking time to re-evaluate what type of knowledge and skills you’ll need in the future, then making sure you have the necessary education and training in place to accomplish this is vital. AI will give rise to a whole new set of skilled and trained workers that don’t exist today. To prepare your employees you must offer training that’s focused on helping them adapt to these changes.

· Advocating for and developing a code of ethics specifically for AI: It’s important to supplement those upcoming, challenging ethical debates with tangible standards and best practices.

· Encouraging AI-powered regulation: You need to update your old rules and use AI to help you create adaptive, self-improving new rules that will close the gap between how fast technology is changing and how quickly we must respond to such changes. This requires people to think and act in new and appropriate ways. Technologically-trained people must be active participants here.

Working to integrate human intelligence with machine intelligence: Business processes must be re-imagined and reconstructed so people and machines’ advantages are both capitalized on.

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Lincoln W Daniel

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Aug 10, 2017

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How AI is Changing the Face of Business was originally published in Marketing And Growth Hacking on Medium, where people are continuing the conversation by highlighting and responding to this story.

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