Not so long ago, technology that could learn and solve problems on its own was found only in science fiction. Today, devices with these advanced capabilities are emerging all around us, representing the latest wave of rapid progress. Artificial intelligence (AI) is redefining our way of life, enabling machines to do what people once thought only humans could do. It is also revolutionizing the way we do business.
Businesses need AI and ML so that they can:
- Make their infrastructure intelligent to drive insights and better decision
- Improve their security posture to secure every endpoint
- Enrich every customer experience to deliver more engaging, personalized products and interaction
- Transform processes and business models to drive efficiency and productivity
- Hire, retain, and empower talent to improve workforce efficiency and engagement
What is motivating the emergence of AI and ML?
AI and ML have rapidly progressed over the past few years. According to Forbes, 2017 marked a period of meteoric rise of this technology.7 ML in particular is playing a prominent role in digital transformation for several reasons, such as the falling cost of data storage. Commodity hardware, the spread of open-source technology such as Hadoop, and the growth of the cloud are making it very cheap to store data, resulting in the rise of big data. Much of this data provides excellent training material for learners and is being packaged for easy use in resources such as ImageNet and data.gov.
In the past, training an ML system was often too computationally expensive. Fortunately, improved CPUs, GPUs, and cloud computing have massively reduced the price of compute power. Mathematical advances have also made training neural networks easier and more effective.
A public-private ecosystem including universities, companies, and government has also encouraged rapid progress in the field. The combination of these trends has created a prime environment for the growth of machine learning.
Why do you need AI and ML?
Data is the lifeblood of business. It helps drive insights and better decisions; improve processes; and offer a deeper understanding of customers, partners, and business. AI and ML enables us to learn from data, identify patterns, and make smarter decisions that augment human capabilities. This capability empowers organizations with new ways to grow revenue, attract and retain customers, and become more operationally efficient. AI and ML can help automate tasks and accelerate untapped insight in previously unexplored areas.
Make your infrastructure intelligent : In this increasingly connected world, data is more important than ever, and more organizations are looking to unlock its full value using contextual awareness of apps, users, threats, and location. They need predictive and prescriptive insights to respond to market changes faster. They are seeking more adaptive processes and technologies to understand their customers and business processes better. These priorities all require an intelligent infrastructure. One of the main values of artificial intelligence is its ability to unlock in-depth insights and intelligence from your organization and your business processes. When you gather data from the people, processes, and things that reside on your network and analyze that data by looking at patterns, you can better identify emerging customer needs, uncover trends, and innovate faster than your competitors. The more data you can collect and analyze, the more opportunities will open up for you.
Improve your security posture: Security is a fundamental part of every digital business transformation strategy. The threat landscape is changing fast, as the growth in connected devices creates exponentially more targets, and attacks become more sophisticated. As the IoT continues to mature, your potential exposure to threats is growing as well. Organizations are already beginning to use AI to bolster security and offer more protection against sophisticated hackers. AI helps by automating complex processes for detecting attacks and reacting to breaches. These applications are becoming more and more sophisticated as AI is deployed for security.
Improve customer experience: In a world of always-on digital services at your fingertips, customers have much higher expectations of the organizations they do business with. While product and cost leadership strategies have been used to great effect in the past to outsmart competition, the quicker pace of innovation and outsourcing have made them easy to duplicate. Capturing the customer’s unwavering loyalty by providing a delightful experience has become the primary factor in winning and retaining business, and maintaining credible, sustained differentiation. Chatbots answer customer’s questions and directs them to the right area using AI. AI has also improved natural language interfaces and made it easy for the customer to speak to an Interactive Voice Response (IVR) system. Every customer is different, and AI helps firms understand their distinct needs and preferences, and provide a personalized experience.
Transform processes and business models: As more and more devices get connected, companies have the potential to access and collect data from every extremity of their value chains. This creates the potential for new ways of doing business and the ability to disruptively transform existing processes and business models. The result is faster time-to-market, leaner operations, and greater agility to respond to market changes. Machine vision is one of the applications of AI. Devising cameras many times more sensitive than the human eye is impressive, but it’s actually the easy part of this technology. What AI adds is the increasingly useful ability to make sense of the images. AI is also increasingly important in predictive maintenance for equipment, with sensors tracking operating conditions and performance of factory tooling, learning to predict breakdowns and malfunctions, and taking or recommending preemptive actions.
Hire, retain, and empower talent :Today’s workforce is multi-generational, with each group having unique motivations, values, and workstyles. Workers want to be more engaged, empowered, and inspired at work. They tend to be more emotionally invested and focused on creating value every day. And they’re looking for companies that provide the tools and culture to allow them to be more productive and responsive. AI can help HR to hire and retain talent, make processes more efficient, and provide better employee experience. It can predict and shape HR performance. AI can also create interactive tests and assessments to match test takers’ personal learning styles and engagement levels. It can also make information delivery to the employee extremely customizable.
Start your transformation with AI
As the era of smart technology and AI develops around us, the possibilities for businesses are here to take their work to the next level. With the right technology and planning process, companies can deploy artificial intelligence to develop an intelligent infrastructure, improve security processes, enhance the customer’s experience, and completely transform the business model that they’re based on.
Businesses can work with AI and the work process can become more fluid and more adaptive to market changes. In conclusion, instead of taking over the entire world, AI is here to reshape industries and enhance our skills and capabilities.