Artificial intelligence integration is gaining momentum as businesses look to gain a competitive edge against their rivals. Data by Gartner Inc. indicates that the number of businesses implementing AI-powered technologies has grown by over 270% over the past four years.
The jump in AI utilization has to do with the fact that the technology has matured a great deal in recent years. AI capabilities have evolved a great deal to the extent that they can add value to businesses. Contrary to perception, enterprises are increasingly leveraging AI technologies to assist human workers. It’s in contrast to sentiments shared by renowned scientist Stephen Hawkings.
“The development of full artificial intelligence could spell the end of the human race….It would take off on its own, and re-design itself at an ever-increasing rate. Humans, who are limited by slow biological evolution, couldn’t compete, and would be superseded,” said Mr. Hawkings.
A study by Pew Research Center indicates that most people believe, AI has the potential to enhance human capacities leading to better life. In the study, 63% of the respondents were of the opinion they will be better off with AI in 2030 as 37% cast doubt.
In recent years, the use of AI appears to have gained prominence in customer service. For instance, telecommunication companies are relying on AI-powered chatbots to interact with customers. Healthcare providers are also using AI-powered technologies in computer-aided diagnostics.
However, a lack of sufficient talent in the market threatens to derail the implementation of AI in most businesses.
“If there is no AI talent available, another possibility is to invest in training programmers for employees with backgrounds in statistics and data management. Some organizations also create job shares with ecosystem and business partners,” said Chris Howard research vice president at Gartner.
China is leading the pack when it comes to AI developments. Between 2011 and 2015, there were more than 41,000 papers on AI published in the country. Spearheading the AI revolution is the government, on the belief it will have a significant impact in various sectors. China has already made it clear, its intention to become a world center of artificial intelligence innovation.
The United States comes second when it comes to AI innovations and developments. Unlike China, the U.S boasts of the most number of AI companies at more than 1,000 and up to $10 billion in investments. Even though China leads the pack, the U.S is poised to be an AI superpower as tech giants led by the likes of Google and Microsoft continue to explore the technology.
“Look at how you’re going to be able to get an AI system to learn about the context and the signal”Jean-Francois Gagné, CEO at the AI-based software company Element AI
What Businesses Need To Do To Implement AI
Get Familiar with AI
Entrepreneurs need to get out of their comfort zone and take time to learn more about what modern AI can do to enhance their businesses. A wealth of online information and resources should make it easy for entrepreneurs to gain an understanding of the basic concepts of AI.
Once a business has familiarized itself with the emerging technology, the next step involves identifying problems that AI would be best suited to address. A business owner should be able to have a basic understanding of how technology can be used to enhance existing products and services.
In this regard, a business should have specific use cases that AI could be of great help in demonstrating the value
Engage AI Experts
Once a business has identified potential AI use areas, engaging the services of AI specialists should follow suit. AI experts would be able to identify ways of integrating AI technology into business operations to address underlying issues and enhance efficiency.
Starting small on AI implementation is the way to go to ensure minimal disruption at the start.
Jean-Francois Gagné, CEO at the AI-based software company Element AI, told Via News that businesses looking to implement AI capabilities should take two steps: “I think the first thing to do is have a clear idea of the outcomes they are looking for. The second step is to look at how you’re going to be able to get an AI system to learn about the context and the signal that will lead to these outcomes.”
Where to Implement AI in Business
Enhancing Shopping Experience
Artificial Intelligence is more than capable of making it easy for businesses to personalize the customers shopping experience. Integration of the technology in marketing operations could help businesses provide customers with personalized marketing, the key to enhancing customer loyalty and increasing sales.
Automating Customer Interactions
Businesses and big companies are increasingly leveraging AI capabilities to enhance customer interactions. AI is allowing companies to automate communications through things like emails, online chat as well as social media conversations.
AI-powered computers respond accurately to customer needs and queries on analyzing data collected from previous communications. In return, businesses can ensure real-time assistance to any queries raised by customers.
Data mining is as one of the best and biggest applications of Artificial Intelligence technology. AI-powered systems capable of discovering essential and relevant findings in vast troves of data are slowly cropping up. The use of AI in data mining allows businesses to make informed decisions when it comes to strategy formulation.