The Future of Business in the Age of AI

AI, or Artificial Intelligence, has been one of the most popular and upcoming trends in the last 5 years among the likes of Cryptocurrency, self-driving cars, etc. Let’s understand how AI stands a chance at revolutionizing how businesses work.

Whenever we discuss Artificial Intelligence, the keyword to note is automation. The entire principle behind introducing AI to the world is eliminating the need for a workforce for tasks that are highly redundant and don’t necessarily require a high skill. For example, a tax officer may enjoy their fieldwork but also hate the paperwork. AI is trying to eliminate that undesirable part of work.

• The Present of AI: Although still quite immature, AI tools have started appearing as a default mode of information processing for major companies like Google, Apple, etc.
  The process of automation of various tasks of repetitive nature has proven to be very effective as more of the workforce is freed up from the boring work, and can spend more time being creatively productive for their employers! Even in the present, AI has already started reducing costs, optimizing operations, and improving customer experience.
• The future of AI: The great optimistic outcomes of present-day AI tools have charged up a great interest in major corporations to invest in these technologies. In fact, estimates claim that nearly $40 billion were invested globally in various AI ventures in 2019!

What possibilities does AI offer to businesses?

With time, as AI advances with more research and spending going into its development, it offers the promise of higher profit margins, happier clientele, and more productive employees.

Here’s an example for you to relate to. Ever gone to a bank or a government office, where they have to hire a large number of people to just tell the customers where the empty forms are, or how to fill them, or just to give them necessary information? A lot of those employees often look bored and even disgruntled because of the nature of their work.

AI could solve that in a blink! A single bot computer fitted inside a kiosk that can print any form you want on the go, answer all your queries, and also give you any information you may need about your account/ID.

Now, this was only one example. There is an indefinite number of possibilities in which the same tact could be applied to various other fields. Businesses could have automatic employee attendance systems, quick and error-free health checkup systems, chatbots that could replace customer care executives!

Why are businesses so keen on making AI a part of their operations?

A study conducted by Deloitte in 2017 showed that corporate executives involved with their organizations’ AI systems have seen that AI has helped them “enhance the features, functions, and performance of their products, optimize internal & external business operations, and free up workers to be more creative, by automating other tasks.”

AI, as a tool, has proven its immense usefulness and benefit towards an organization’s success and growth, and it only makes sense why it’s lighting up interest globally.