Artificial intelligence has created a massive buzz in today’s technological business landscape. AI is a modern technology that has plugged to give a cutting edge to the business, improve business sales, market better, improve efficiency, and even help in numerous operations ensuring business upbringing and growth speedily and efficiently.
However, the general thought is that AI-based solutions work more accurately for business giants than small businesses. But it’s not truly correct, as it offers the same opportunities for all sizes and types of brands. Gartner’s report shows that Artificial Intelligence (AI) is making its way to a workspace.
With virtual personal assistants and similar forms of a, it has become relatively comfortable for businesses to offer a fantastic experience to customers whenever and wherever they want.
The report also notes that by 2021, around 70% of organizations will assist the employees how they can work to enhance their productivity and overall performance. The development surely helps more than 10% of businesses to understand why it’s essential for them to integrate AI-based solutions right over their workspace.
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AI-Based Solution: Explore Reasons that Justify Why it’s Best Option for Your Business!
The research firm Gartner says that more than 37% of businesses have implemented AI-based solutions in one or other form. AI grew by 270% in the past few years and is forecasted to triple in number in the upcoming year.
The report also shows that implementing an AI-based solution was rare four years ago; about 10% of respondents in the survey concluded that they have implemented an AI-based solution or plan to implement it in the upcoming years.
Combining advanced algorithms with software and increased performance has paved a significant boost to the adaptation of artificial intelligence-based software. A CB insight report shows that hundreds of thousands of businesses are focusing on implementing AI-based software at their workplace, resulting in a mini-boom for the sphere. It was found that companies successfully raised $3.8 billion in 2012. Businesses such as Facebook, Google, Amazon, and many more are ahead of others in research and Ai implementation.
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There is no doubt that the latest artificial intelligence (AI) technology will help businesses such as the financial sector, real estate, healthcare, food & Restaurant, and many more.
Many brands have already implemented AI at their workplace, while others are planning the same as it helps them stay ahead of the survey in a short time. The AI-based solution helps brands bring financial benefits, solve multiple problems, improving efficiency. There are many more reasons which justify why you need to invest or focus on implementing an AI-based solution for your business.
Set Strategic Objectives
Businesses can use an AI-based solution to achieve strategic objectives. It helps them to figure out what they were doing in the past strategy, make a prediction of what will be there be their brands’ future, what they need to change in their current approach to achieve growth, set plans to stay ahead of the curve in today’s competitive market, and much more.
Get Access to All Essential Information
The AI-based solution streamlines numerous processes such as retrieval, utilization, and identification across different organization areas. It offers business vendors complete access to the right information to make a collaboration that influences business results to a great extent.
Business Agility
Integrating AI-based solutions for business can help you adapt to the modern market and environmental conditions without losing productivity. It also allows you to keep your brand’s expenses as minimum as possible. Recently many businesses started using cloud computing. The global cloud computing market size is valued at around 266.0 billion in 2019. It is predicted to expand at a CAGR of 14.9% from 2020 to 2027
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Additionally, they also preferred to use enterprise architectures, business-IT alignment, and context modeling to enhance their business agility. Artificial Intelligence (AI) acts as binding material for the approach while helps in accelerating the brand’s real-time decision making.
Corporate Foresight
The AI-based solution helps brands to use and leverage the data from the past and predict future outcomes. Foresight capability allows businesses to anticipate the changes and make their business strategies accordingly.
If they have an online ordering system for business, in that case, AI can help them have insight into customers’ data to know their purchasing behavior and offer them related offerings ensuring their business growth and upbringing. It suggests businesses with necessary action to meet brand requirements as it provides long-term brand success and survival.
Generate Insight into Brands Data
AI-based solutions and tools help business vendors to uncover hidden insight into the data. Generate understanding is vital for understanding the effect and cause of relationships within the business context.
Having access to valuable insight helps businesses to make a better and profitable decision that ensures their business growth and expansion.
List of Businesses Leveraging AI-based Solution: Explore the List Right Here!
Artificial intelligence (AI) in business encompasses a wide range of computational techniques and tools that enable companies to gain actionable insight from the data. It can result in numerous advantages, such as increased efficiency, boost revenue, reduced costs, and economic & social goals. Many business vendors have started leveraging AI-based solution benefits in their sector; check the list of businesses leveraging AI-based solutions in different ways to serve their business.
Retail Sector
- Inventory Planning
- Recommendation Engines
- Up-Sell & Cross Channel Marketing
- Custom ROM and Lifetime Value
Health Care Sector
- Real-time Alters & Diagnostics
- Diseases and Risk Identification
- Productive Health Management
- Patient Triage Optimization
Financial Services
- Risk Analytics & Regulation
- Customer Segmentation
- Credit Worthiness Evaluation
- Cross-selling & Up Selling
Manufacturing
- Demand Forecasting
- Process Optimization Telematics
- Propensity to Buy
- Predictive Maintenance or Condition Monitoring
Energy & Utilities
- Power Usage Analytics
- Carbon Emission & Trading
- Customer Specific Pricing
- Smart Demand & Supply Optimization
Travel & Hospitality
- Aircraft Scheduling
- Dynamic Pricing
- Social Media Feedback Analysis
- Traffic Patterns & Management
How to Start with artificial intelligence for Your Brand
AI initiatives are linked to well-scoped opportunities and problems that have maximum impact. To initiate AI-based automation in your business, there are a few pointers which you need to take into consideration, these includes:
- Identify the problem and define where you can use AI to enhance business efficiency.
- Find the data source and focus on collecting the information from the relevant touchpoints.
- Build an AI-based solution to aid algorithm decision making
- Once you build the solution, implement the same to provide essential training.
Infographic created by Donnelley Financial Solutions, a financial consolidation software provider
Summing It Up
Undoubtedly, AI’s effect will be magnified in the upcoming year as a virtual industry will transform their business model and core process to leverage the advantage of AI and ML. The bottleneck now is in implementation, management, and imagination, which businesses need to consider.
Business vendors must get a plan to make AI-based solutions work for your brand. Presently AI-based projects are under deliverable; businesses face huge risks when they ignore implementing AI.
