We live in a world that is full of data. This is truly the Information Age. People can ask Google virtually anything and get accurate answers. There are websites on multitudes of subjects, and specialist blogs and videos abound.
The word Artificial Intelligence (AI) was first coined in 1956. While its full definition is not fixed in stone, there are a number of distinctive characteristics to it. Like a human brain, computers are able to assess masses of data and to make conclusions. It can then make predictions, recommendations, and even adjust its trajectory as it goes along. We will now look at six ways businesses are destined to change because of it.
- Business Development Will Incorporate AI
It has been estimated that in the next half-decade, 5% of analytical decisions will be based on the findings of AI. Its demand is increasing by 40% year on year. Rather than being an add on to consider, this technology is slowly working its way to the center. When companies go online to read more, they consider outsourcing their AI development. They want free consultations and bespoke intelligent solutions for their businesses. Companies realize that their projects can be enhanced by such technology.
- Products And Companies Will Become Increasingly Smart
In order to get ahead of their rivals or even to simply stay up with them, companies need to incorporate what AI has to offer. It could be a smart television allowing people to see Youtube as well as various viewing channels. There are also smartwatches, speakers, robots, and cars.
Many people expect more from their heating systems thanks to this technology. They may say, ‘I want to control the temperatures in my rooms differently. This room can stay cold. I want the heating off until an hour before I return from work. I want hot water at 9 pm. Oh – and I want to be able to do this anywhere, using my smartphone! Even entire businesses are becoming smart. Companies can connect their different programs and applications, viewing and amending much of the data using their smartphones.
- Conversational Software Will Be Used More
Why should people manually select a song when Alexa can do it when asked? Another example would be Google Assistant. Company websites are often expected to provide such things as chatbots. They are like a telephone call center, except they’re cheaper and operate 24/7. Customers select one of the preset questions on the website to receive a preset answer. The chatbot will adapt the conversation using the scripts as they go. People enjoy receiving answers to their questions instantly, without having to queue for a phone operator. One example could be someone planning their train or plane journey.
- Company Data Will Be Analysed Using Artificial Intelligence
It’s one thing for an employee to compare two identical spreadsheets. The columns will be the same, so it will be easy. But what if two reports are collated differently? AI is able to process huge amounts of data – even when it is randomly collected. AI can bring together information from different sources, be it a computer system, social media, or the internet. It can then draw conclusions and make recommendations. This can be great for creating business plans and marketing campaigns.
- Products And Services Will Become More Bespoke
People want everything to be tailored to them – they want a more intelligent service. Amazon will make product recommendations based on their current buying preferences. Youtube and Spotify will suggest similar albums to the one just played. Netflix will list similar programs or films to those watched. Where do these recommendations come from? Data that has been processed by AI.
- Companies Will Harness Predictive Technology
As we stated earlier, AI analyses data creates conclusions and makes recommendations. A company could be taken in a new direction as a result of such findings. The public wants this technology to work for them too. If they have a dieting app, they want it to say, ‘This was your weight, this is your progress. This is your calorie consumption and exercise taken. In order to reach your goal of – you need to – ‘.
Artificial Intelligence can help businesses identify their target audiences, learn from customer feedback, and review the success of their products. It can bring new information to light that acts as a game-changer financially. The public expects more and more from their products too, and AI is able to help deliver much of this. While some people are suspicious of Artificial Intelligence, it is unlikely to disappear any time soon.