It’s the year 2023, and there is one technology that rules the IT industry: Artificial Intelligence (AI). Very soon, AI and its associated technologies, like Machine Learning (ML), will envelop all other industries too. In fact, the process has already begun and is rapidly gaining momentum.
Businesses worldwide are shifting to innovative and modern technologies like AI to enhance their competitiveness and efficiency. The end goal, obviously, is to increase business growth. Some of the vital business areas where AI and machine learning solutions can help your company are predictive analytics, automation, cybersecurity, pattern recognition, and finding new business models.
Let’s dig deeper into the top 5 AI/ML solutions.
1. Intelligent Automation
The success of a business is determined by the degree of its innovation and the smartness of its processes vis-a-vis its competitors. Here, intelligent automation comes into its own by driving business process efficiency to greater heights.
Numerous reviews and research studies reveal that most executives believe AI and machine learning solutions are becoming mainstream technology. Business executives leverage AI to improve business process efficiency, create elaborate business models, and help craft new products. But why, after all, is AI gaining so much traction? What factors are pushing its proliferation?
Undoubtedly, digitization, covid19, and the ever-shifting customer demands play a role in this shift. Most businesses now operate online, in addition to working offline. Thus, agility is essential for business survival in an era of constant change. And AI for automation ensures just that by turning insights into actions. It enables agility in actions by bringing together human knowledge and data-driven insights using robust AI and machine learning solutions.
2. Retail Value Chain
Our economies and businesses are still reeling from the effects of a pandemic. Companies, particularly retailers, increasingly turn to AI-powered solutions to ensure a competitive edge. One study has found that food and drug retailers can gain a value of $250-$650 billion in their value chains by implementing AI solutions.
Today, AI-powered chatbots and NLP techniques provide enhanced customer service while predictive analytics give business owners actionable insights into demand trends and customer sentiments. All this helps increase the retail value chain.
3. Big Data Management
Vast amounts of data overwhelm companies just as it overwhelms people. Raw data is useless; it needs to be organized to be helpful. Humans, sorry to admit, simply don’t have the capacity to manage tons of data. But artificial intelligence and machine learning can.
Companies use AI-enabled solutions to extract patterns and derive analysis from large volumes of unorganized, raw data. This data is then used to execute targeted marketing campaigns, tap into new markets, and much more! There is just so much that AI/ML solutions can do with data.
AI and machine learning solutions are playing a pivotal role in enhancing cybersecurity. AI-backed antivirus software protects your business from unknown cyber threats and potential security breaches.
Take the example of product lifecycle management (PLM) solutions. This software helps you manage all the stages of your product’s life cycle from a single platform. Consequently, a PLM solution is a repository of sensitive product information, designs, costs, etc. Can a manufacturing company afford to lose it?
Of course not! The importance of cybersecurity has risen and will rise further in the coming years. Artificial intelligence and advanced machine learning algorithms have the power to detect such threats and respond accordingly. They aid in threat identification and in instituting resilient cybersecurity measures.
5. New Business Models
New business model development is another field where AI is rapidly gaining traction. Just twenty years ago, speech-to-text recognition software did not exist. Now there are multiple leading speech-to-text tools like metaverse enterprise solutions available today. Speech recognition is impossible without artificial intelligence.
Take the healthcare industry as another example. New startups are emerging worldwide, bringing patients, doctors, and pharmaceutical companies together seamlessly via AI and machine learning solutions. Such software equips doctors with better and more accurate disease insights to enable them to make better healthcare decisions. Similarly, AI-powered applications focusing on disease mitigation are also thriving.
Summing it up
To put it differently, AI is actually disrupting multiple sectors of the global economy. From fintech startups to transportation companies, every industry is using AI and machine learning solutions in one way or another. The use of AI and machine learning solutions is only going to grow by leaps and bounds in the coming years. Are you ready to make the most of it?