AI Isn’t Just for Robots
Artificial intelligence (AI) takes flak with reports about robots controlling humans and taking over their jobs. From Hollywood staples like 2001, The Matrix, and The Avengers: The Age of Ultron, The Terminator to I Robot, the depiction of this futuristic technology is mostly unrealistic. From movies, TV series, comics to novels, and music videos, the representation of artificial intelligence technology is way off the mark.
This misrepresentation of AI in popular culture has, however, not hindered the development of the technology. This post explores AI in detail and explores the opportunities in the application of this technology.
The Artificial Intelligence (AI) Revolution
If you thought artificial intelligence (AI) is a fad or a fancy trend, think again. This is now the fastest-growing and popular data-driven technology. Applications such as Apple's Siri, Amazon's Alexa, Cortana by Microsoft, Elsa Speak are just a few examples of real-life applications of artificial intelligence.
Projections show that by 2027, the global artificial intelligence market will reach $267 billion. More businesses have adopted this technology, with the number growing by 270 percent in four years. Also, over nine in ten leading businesses have ongoing investments in artificial intelligence.
These numbers are just the tip of the iceberg when it comes to the adoption of AI. With so much data available in the digital marketing landscape, artificial learning application continues to grow.
Organizations that leverage AI report increased productivity, improved efficiency, reduced costs in different areas, improved decision making, better marketing metrics, and much more.
Application of Artificial Intelligence
While artificial intelligence still sounds like a far-off technology in concept shows, its application in real-life continues to grow. Most people are already using AI technology without even knowing it. For instance, voice search and language translation software rely on AI to work.
This technology straddles industries, making it one of the most influential trends of the century. Here are some outstanding applications of AI in different industries:
In today's data-driven world, research is at the heart of virtually all business operations. Governments and private organizations also rely on data to make decisions and this makes research more critical than ever. For a long time, research was costly and back-breaking work.
For this reason, many organizations would cut corners to reduce the cost of product development. Most times, public organizations would rely on outdated research leading to poor decision making. However, artificial intelligence (AI) changes all this by improving efficiency in data collection.
AI continues getting smarter, and this makes the work of researchers easier. It's easier now to analyze data from multiple touch points in a business organization using refined AI technology. From facial recognition to predictive analysis, there's a lot of potential in research across industries.
This technology reduces human error in data analysis and helps pick patterns to make better data analysis conclusions.
Better Data-Driven Decisions
Big data is no longer a buzzword but a reality across industries. Data is now big business, with the global big data industry estimated to hit $274.3 billion by 2022. The volumes of data generated across industries are mindboggling, with about 40 trillion gigabytes of data in 2020.
But it's not about the data volumes but how to harness the power of these numbers. This is where artificial technology comes into play. Data scientists now integrate AI technology in data analysis tools to extract more accurate and extensive insights and patterns from large data sets.
For instance, if you have multiple analytics tools to track your metrics, it becomes easier to get logical conclusions that help make better decisions. While there are many innovative digital data collection tools, these can only add value when used with the best data analysis software.
You can also predict outcomes from the data sets, filter data sets for specific insight, and much more. All this is possible through the use of artificial intelligence.
Predictive Maintenance in Factories
In the production chain, problems occur but it's possible to prepare and reduce any damage such issues causes. Any failures in your manufacturing system can devastate operations leading to massive financial losses, among other problems. This is why you need to leverage data to mitigate such eventualities.
Predictive maintenance is all about using historical and real-time data to identify areas where problems are most likely to occur and when. Artificial intelligence comes in handy for this operation by collecting data from different manufacturing points such as sensors, machines and switches.
Using intelligence algorithms, AI software can anticipate any problems before they occur. Monitoring manufacturing systems continuously using AI improves the management of manufacturing systems and minimizes the risk of failure.
AI in the Sales and Marketing Process
The business marketing environment is now more competitive than ever before. Your sales and marketing teams have to innovate and adapt fast to changing trends to drive your business. Artificial intelligence is already a huge trend in the revenue generation process through personalized and targeted marketing.
Through better customer insight, marketers can target potential audiences and grow their qualified leads. Lead generation and lead nurturing processes benefit from personalization, predictive content distribution, scaling of messaging, and improving customer engagement.
With AI, the sales and marketing department can now harness the power of data more competently and reduce errors in lead generation. This technology also helps in sales alignment and achieving sales and marketing KPIs.
Chatbots to Optimize Customer Service
Chatbots are all over but many organizations don't realize this is one of the AI-powered technology. In 2018, 67% of customers used chatbots which are now an integral part of the customer service department.
This technology also delivers smart and flexible analytics which your organization can leverage for better customer engagement. Chatbots boost engagement levels, improve customer service levels, reduces customer churn and bounce rates and other positive business outcomes.
AI in Ecommerce Intelligence
Information is power and as a business organization, you need to keep gathering insight into your customers and your operations. Ecommerce intelligence can make a huge difference and give you a competitive edge in your niche.
To survive in the fast-paced eCommerce industry, boost your AI capabilities to make it easier it easier for target customers to find your products or services. You can use this information to keep your prospects in the know about any new products or services you're about to launch.
AI for Human Resource Management
A lot of the debate around artificial intelligence (AI) centers on human resources. Many people perceive AI as a threat to their professions and this misconception has been boosted in popular culture. However, AI has a huge positive impact on the management of human resources.
It allows organizations to optimize their recruitment processes by leveraging data. Automation of HR processes streamlines operations and also cuts costs. This technology takes out the repetitive aspects of HR and makes this a more seamless process. Ultimately, it becomes easier for employers to find the best-suited employees while through data-driven processes.
AI in Logistics and Supplies
A supply chain is the most complex component in any industry. This is where most things go wrong to cause customer relation problems. Artificial intelligence can transform your company's logistics and supplies by leveraging consumer data.
By providing contextual intelligence, AI software helps reduce time wastage and cost and allows for easier inventory management. These tools provide invaluable insight on warehouse management, inventory inspection, forecasting, scheduling and other aspects of logistics and supply chain.
Organizations integrating AI into the supply chain improve the customer experience leading to brand loyalty, productivity in the supply chain, reduced risks and much more.
Streamlined Manufacturing With AI
The manufacturing chain has so many stages and every section has to work seamlessly for successful outcomes. This is easier said than done but the application of AI technology promises to change this. AI tools help with data processing to improve manufacturing.
AI saves time, improves productivity/efficiency, boosts safety in the manufacturing process, and helps with compliance and other things. It is crucial in your drive towards Industry 4.0.
AI Applications in Healthcare
** ** The healthcare sector is one area where artificial intelligence is already having an incredible impact. This is a sector that requires precision, speed and efficiency which are capabilities that AI can boost. There's a lot of data generated in healthcare and AI tools can help optimize this to deliver better services.
Not only does AI help with clinical and policy decision making it also works to optimize resources and reduce human error. Other areas where AI technology will play a role include drug research and discovery, surgical procedures using AI-robotics, personalized wellness messaging, AI-based medical devices and many other areas.
Artificial intelligence is no longer the stuff of novels and films. This is a reality in the 21st century, with the application of the technology already impacting diverse areas. As more innovation in AI technology continues, the apparent benefits of this technology will emerge. This technology might date over 50 years but it's only now that the world has discovered its full potential. These are just a few of the applications where this technology can benefit the world. The consensus is that we haven't even scratched the surface when it comes to the potential of AI.
Artificial intelligence is bound to revolutionize virtually every aspect of your organization. Are you ready for the revolution?