Technology has become an integral part of business. Digital is needed in all aspects of business, and it is needed for businesses to continue to develop. Businesses who are still adapting to the digital world are having to make rapid changes to keep up. The use of digital has become the main way that businesses are able to create and maintain a relationship with their customers. The digital world is made up of a range of technologies including artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML) and virtual reality (VR).
AI has created the most change in the digital world. It is used in many everyday things like Google search, smart home devices like the Alexa and IT Support for businesses. It has integrated and improved our lives that many do not even notice when AI or ML is being used. It has become an integral part of business. It is used in marketing to improve customer targeting; it is used in ecommerce as automation and it is even used in IT support services in London to predict and resolve IT concerns.
What exactly is Artificial Intelligence?
AI has become advanced enough that it has the ability to replicate human activity and has the ability to learn and act on what it has learned. The main appeal is that unlike humans, AI never stops working. This has helped businesses to stay on top of innovation and keep up with the ever-changing digital world. According to market.us, Artificial Intelligence market size is estimated to reach USD 2745 billion in 2032 growing at a CAGR of 36.8%.
Since there is no need for rest, AI and ML increases productivity and has become a must for collecting and analyzing data. Data collection and analysis when done by humans are extremely time consuming. With AI it is a simple and automated process, allowing businesses to have their employees focus on more important tasks. They can now focus on expanding their services, streamlining their processes and therefore keeping themselves ahead of their competitors.
AI in government
Governments around the world have jumped onto the AI bandwagon. We can see this especially in the national defense field and improving cyber security. Hospitals and national medical schemes are using AI to resolve common medical problems and city governments have been using AI to improve service delivery. It has so far been used in crime prevention, resource management and land planning. There is also the use of AI in dangerous tasks, which not only helps to speed up the work, but helps to keep government employees safe.
In order to make AI the norm, while still keeping a people-centered approach, businesses need to ensure that they have the correct regulations in place. If there are set regulations, more people will be willing to invest in AI technology. Some governance areas that AI can be seen are the use of AI in the economic system and improving public perception of AI.
Improving productivity
One of the main functions of AI is decision making and data analysis. This has allowed businesses to speed up their decision-making processes. With the help of high-speed computers and machine learning, data analysis within the business is now a streamlined process. This has benefited businesses across multiple industries including marketing, finance and science. These are especially data heavy industries and it has been estimated that AI can improve productivity in these areas by 25%. This is a significant increase that has never been seen before.
The increase in productivity will have significant improvement in innovation and research. This shows us the importance of continuing to develop AI, although it has a strong base, there is still a significant potential for its development.
AI in the IT world
The most technologically focused field is of course one of the greatest adapters of AI. It has been used to detect security concerns and to prevent potential security breaches. There are companies including those who provide managed IT support London businesses use that make use of AI to assist with automating certain processes within their business. It’s expected that 75% of the software tools used in business will be AI based.
Not only does it speed up processes, it also provides the opportunity to train employees in new skills that will benefit the business. We are already seeing a future where you do not need to be a data scientist in order to benefit from AI, but will still need to understand the basics.
This has created a need for more detailed workplace training in new technologies. There will also be more opportunities such as learnerships that are based solely on AI, which will improve your employee’s education, while still benefiting and growing businesses.
Customer support
Customer support is the most important part of any business. The use of AI allows businesses to track customer behavior, predict possible issues and provide speedy support to their customers. Support that is provided in a timely manner is one of the most important contributors to good customer service, therefore the use of bots helps to speed up this process. The AI bots collect the data provided by their customers to then learn how to improve your customer journey.
True transformation in the workplace
AI and ML are creating groundbreaking changes within the workplace and businesses need to implement these changes in order to keep up with their competition. As more businesses see the benefits, it is simple to see why it is becoming the norm. Employees will no longer have to focus on time consuming and repetitive tasks which gives them more time to use their skills in a more productive manner. Businesses can be more people focused and give employees more opportunity to challenge themselves and get creative. This growth will leave more opportunity or growth not only for your business, but for your employees as well. This means that we can expect to see a more qualified, and positive workforce in the future.
