Businesses in the modern world are being innovative by initiating numerous changes in their working strategies to bring about a positive difference in their product/service offerings. The rapidly changing market with customers’ demanding behavior and rising operational costs are pushing businesses/organizations to innovate through various means of technologies and creative strategies.
New technologies that have significantly boosted business operations through multi-functional enhancements are observed through Artificial Intelligence (AI) and Machine Learning (ML), respectively.
AI has been in use for quite some time now. The modern technologies of AI/ML are the substantial evolution in IT innovation and data science by transforming a vast gamut of industries worldwide. Data plays a vital role in various functions, decision-making, and business projections in every business organisation.
The AI methodology indicates the algorithms and processes that can simulate human intelligence, including mimicking cognitive functions such as perception, learning, and problem-solving. Machine Learning and Deep Learning are subsets of AI. It is also seen in four distinct types from basic to highly advanced functionalities: Reactive Machines, Limited Memory, Theory Of Mind, and Self-Awareness.
The data is generated, processed, and transferred exponentially faster. It involves many highly skilled resources in data management. The new technology of AI/ML offers numerous ways to out of the volumes of data it collects, provides business statistics, automates tasks, and advances in system capabilities. Data forms an important resource for every business organization as it.
Time and Effort Optimization
The numerous algorithms in AI contribute to handling the basic tasks that otherwise would have demanded the involvement of valuable resources. AI tools assist many operations with fast data processing with categoric results in significantly less time. The skilled team members can focus on higher-end tasks suitable for their technical and business skills. It also assists in data finding and specific search of the required quickly.
Significant Cost Reduction
The AI applications handle numerous basic level operations with seamless ease and accuracy, helping businesses reduce high variable costs of manpower required in the same activities. Companies spend large amounts of money on fees to the workforce specially employed for the functions. The same work on data gathering-processing-analysis-storage and Inference details has impressively saved good amounts of employee salary expenses.
Enhanced Customer Satisfaction
The AI features provide constant support with built-in features that identify the customer queries and need to process them with positive replies seamlessly. Customers get the basic information through the company’s AI system up to certain initial levels of communication. Customers feel valued and attended, hence are happy with the company.
The features of AI like chatbots give customers a spontaneous, interactive experience and provide all the relevant details that are asked for. The system is already fed in with the questions and suitable answers, which are logically connected through the algorithms helping to read the conversation messages and respond appropriately.
Significant Increase in Revenue
The AI systems’ logical data processing functions help identify the cost-optimizing solutions and pinpoint the cost-consuming variables. The finance department is enabled through the AI applications in the right aspects, thereby helping in resource optimization. The business projections are based on impressively accurate figures generated by the AI applications in decision-making and planning.
AI applications in Healthcare are pivotal in increasing clinical efficiency, speeding up diagnosis with considerable accuracy, and contributing to patient recovery outcomes.
Today, the leading companies in this niche are using Machine Learning to develop a real-time predictive analysis product named SPOT which stands for Sepsis Prediction and Optimization of Therapy. This has played a crucial role in the quick and accurate detection of sepsis-a potentially life-threatening situation.
Moreover, the energy sector has undergone noticeable transformations with the advent of modern technologies. The AI/ML applications in the energy sector aid in the development of smart power plants, optimize energy consumption and cost, develop predictive maintenance schedules, and considerably optimize field and safety operations.
AI/ML in the financial services industry is helping in identifying the fund and portfolio management that includes personalized customer services, improvement in risk identification and analysis, and better preparation in tackling complex frauds, cyber-crimes, and money laundering cases.
The insurance industry is significantly benefited through the AI/ML applications in its areas of seamless claim settlement, product suggestions, and illustration generation based on customer inputs. The basic duplicating and repetitive tasks are easily covered by AI, which otherwise consumes many people.
Partnering with Technology
The role and applications of AI have been widespread in numerous industrial sectors. The modern age is witnessing business organizations partnering with AI for shouldering basic operations is a great leap ahead.
The scope and scalability of the AI are huge, provided the functional areas need to be rightly identified. The new age of the Hi-Tech Future has already begun.
- Kedar Borgaonkar