Technology

Why AI ML Solution Should Be Top of Mind In 2022

In this era of digitalization, most enterprises are experimenting with Machine Learning (ML) solutions and playing with prototypes of Artificial Intelligence (AI) algorithms. The use cases of AI ML solutions are exponentially increasing every day. But there are still businesses like government agencies, commercial and non-profit agencies, which have still not explored the true potential of AI and ML in their business strategy.

Artificial Intelligence and Machine Learning bring data science, automation, and analytics together. They accelerate successful digital transformations of organizations along with fueling business outcomes. It leads to many advantages like boosting top-line growth and improving customer services. McKinsey says that Artificial Intelligence can deliver an additional economic output of nearly $13 trillion by the year 2020, which will boost the global GDP by nearly 1.2% a year.

In the present time, every company is facing challenges to remain competitive in the market, reducing operational costs and enhancing revenue. AI is the most robust tool that enterprises can use to make better-informed business decisions. They can also attract new customers, drive new lines of revenue, and optimize the costs of business operations.

While planning your organization’s goals for 2022 and years beyond, you must consider AI ML solutions. They hold great potential for your business success in the future and offer the following benefits:

Reduce Operational Costs

As businesses are striving to maintain their position in the post-pandemic world, one of the crucial focus areas is to reduce operational costs. With the enhanced adoption of AI ML solutions, you can automate manual tasks. It will save time on repetitive tasks and let the team focus on high-value jobs. Some of the cases when these technologies help in reducing costs are contact-center automation, claims processing, and optimization of pricing or inventory.

Enhance Customer Experience

Many people are focusing on environmental conversation efforts, and for this, they are switching o electric cars. Automobile manufacturers have taken note of this trend. Autonomous cars also possess electric car expectations. Traditional car manufacturing companies are heavily investing in the research and development of autonomous vehicle technology. It involves a number of AI ML solutions and technologies such as expert autonomous systems, vision recognition, machine learning, etc.

Increase Enterprise Performance

As Artificial Intelligence is increasing organizational performance, the main question here is how is the technology improving interdepartmental processes and manual processes. Well, there are plenty of use cases of AI technologies that can be used to produce dynamic, reliable, relevant, and intelligent information that can help with decision-making.

These technologies include deep learning, natural language processing (NLP), and Machine Learning. For instance, companies are using NLP base chatbots in customer service. These chatbots answer most of the customer questions. But, if there’s a complex query, they seamlessly pass it to a human representative.

Launch Innovative Products

Being competitive in the marketplace is the main objective for every commercial organization in the post-pandemic world. One way companies are using AI and ML solutions is by using them to create new product lines, new lines of revenue and to capture market share. The fitness brand Under Armour uses ML to automatically identify precise user segments for making highly personalized fitness recommendations. It gives the brand a competitive edge in the marketplace in terms of innovative product offerings.

Introduce New Lines of Revenue

While most companies profit from the cost-saving benefits of Machine Learning applications, there are some examples of AI ML solutions that bring in new revenue lines. You can take the example of Australia’s leading energy company, AGL. For the past three years, the company has been using ML in different innovative ways to analyze and manage its nearly 3.7 million customers’ energy usage. It has used the technology to enable a new product line, “Virtual Power Plant,” allowing customers to give back energy to the grid. The product has helped AGL in generating additional revenue.

Conclusion

Artificial Intelligence and Machine Learning offer amazing opportunities to businesses. Both in terms of revenue growth and cost savings, depending on the use case. Companies that implemented Machine Learning algorithms in the last three to five years are now witnessing return on investment. If you haven’t considered AI ML solutions for your business strategy yet, 2022 is the best time. It will help you generate new lines of revenue and remain competitive in the marketplace while meeting customer expectations.

For implementing AI ML solutions in your business strategy, you can take help from different vendors, such as Xavor Corporation. We offer a digital experience to organizations through advanced AI, empowering you to be the best in business. Our advanced technologies digitize and automate your everyday operations and help you generate more revenue.

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Adam is a Tech savvy software engineer and Certified digital Marketer. Who love to write about latest technologies and trends in tech world surrounding artificial intelligence, software development, digital products, app development, cryptocurrency and much more.

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