Will Artificial Intelligence Creates A Profitable Business Environment?
72% of business leaders have adopted Artificial Intelligence (AI) technology and the remaining are yet to implement AI. Enterprises across the world have a strong belief that revolutionizing AI technology will assist them in creating a competitive business edge over rivals in the next years ahead.
Information technology, manufacturing, healthcare, and e-commerce giants have already poured billions of investments into AI technology. They are further expanding investments in AI implementation to improve their customers’ personalization, witness smart and efficient business operations, and deliver outstanding virtual services to patrons.
Companies are also increasingly focusing on integrating AI technologies, including Machine Learning (ML), Deep Learning, Natural Language Processing (NLP), Speech-to-Text, and Text-to-Speech, into mobile applications to deliver better and more engaged services to end-users.
For instance, AI-based Amazon Alexa and Apple Siri are two successful innovations of AI technology in real-time. These AI mobile apps are gaining an increasing popularity since they make lives simple and better.
Through interpreting voice commands of the users, Alexa and Siri-like AI-powered virtual assistants help in many ways. Such as, these apps can set alarms and reminders, schedule appointments, add items to the cart, and ensure hands-free calling or messaging.
Hence, implementation and integration of AI technology in apps pay the user attention, optimizes app performance, satisfies the end-users, and generates a bag full of revenues to the app owners.
Herein, we would like to give brief information on the significance of AI technology in business processes to excel revenues.
The Significance Of AI Tech Adoption
The acceptance of AI is continuing to increase day by day. Besides ensuring quick and smart performance, AI-driven solutions and services help enterprises generate million-dollar business. Moreover, this modern AI technology with ML, NLP, computer vision, and speech recognition technologies will propel its frontier to the next level.
Here are a few benefits of AI implementation for businesses.
- AI for Boosting Marketing & Sales Activities
The ultimate goal of any business is to generate fruitful sales every year. It is possible when a company invests in the right technology like AI.
AI-powered marketing applications like chatbots and advertising platforms can virtually interact with customers, give immediate responses to the clients’ queries, and improve lead conversion rates.
On the other hand, AI also offers tremendous growth benefits for marketers. The technology assists marketers in reaching a more targeted audience by identifying target buyer segments, running digital campaigns, analyzing customer purchasing patterns, and many more. Hence, Marketers using AI along with ML and deep learning can do miracles.
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- AI for Refining The Sales Process
AI technology helps in analyzing sales data and identifying customer behavior trends. AI-enabled systems can process massive consumer data and pick potential and qualified leads in seconds. This intelligent process using AI apps and systems saves a lot of manual time and accurately pulls out the most profitable leads.
- AI for Reducing Operational Costs
AI applications are cost-cutting tools for enterprises. Generating revenues while reducing operational expenses will boost the overall financial performance of an organization.
The companies have embraced AI-enabled cost-cutting tactics. For instance, hiring employees, data analysis, screening profiles, and many other HR management tasks consume hours. But, AI-powered software applications like applicant tracking software can screen thousands of profiles efficiently in a matter of seconds and shortlist profiles that accurately match the desired position. Hence, AI-powered applications and systems will save time and optimizes operational excellence.
- AI for Making Quick Business Decisions
Another most significant benefit of AI Technology is it delivers cognitive insights. AI systems can process enormous data sets, interpret meaning, and derive resourceful patterns.
AI and ML technologies will help enterprises derive insights into customer’s data and enterprise performance. These insights would help greatly in making faster business decisions towards achieving the company’s objectives.
These data perceptions will be beneficial to predict customer preferences and offer them better and more personalized services and products. Further, AI and ML algorithms can automate personalized targeting of digital ads by analyzing particular customer buying patterns.
This strategy of identifying customer preferences using AI will maximize sales opportunities and increase revenues.
- AI for Identifying Suspicious Activity
Banking and Financial service providers are more prone to attacks. Without the implementation of proper security tools, technologies, and protocols, chances of fraudulent transactions and information threats are high.
AI systems can identify and mitigate fraud. With the capabilities of ML techniques, AI systems can monitor every transaction request, easily detect anomalies, and identify suspicious activities.
Along with ensuring high security, AI is also increasingly used for finance activities. AI in finance is transforming the way banks interact with customers. From checking eligibility criteria and credit decisions to trading and risk management, AI software applications can optimize every process with 100% accuracy.
- AI for Process Automation
Product manufacturing and service delivery industries are looking at robotic process automation processes for advancing productivity and reducing operational costs. Hence, AI-enabled software systems will automate the entire process of repetitive tasks based on the input fed to them.
How Artificial Intelligence Will Change the Future?
Most people are in the dilemma of how AI technology be beneficial in the future?
Being an AI development company, we can say that artificial intelligence will make impossible things possible. Self-driving vehicles and conversational chatbots are the best examples of AI that made things possible that were once considered as not imaginable.
Likewise, the demand for AI applications will also be expected to increase with the use of Internet-of-Things-enabled sensor devices. AI will be the major driver for IoT technology and play a vital role in controlling and managing smart home devices.
The benefits of AI are infinite. From fitness tracking and digital virtual assistants to online shopping and dating apps, AI technology is becoming mandatory or standard in all businesses.
Healthcare, automotive, retail/e-commerce, education, finance, entertainment, and cybersecurity are a few sectors that will be impacted in the near future by AI technology.
These sectors will observe a dramatic rise in the development of artificial intelligence (AI) applications.
For instance, when we talk about the healthcare sector, AI-based video conferencing and monitoring apps assist physicians in tracking and monitoring the health conditions of their patients 24/7. These AI-based healthcare apps allow doctors to deliver services virtually and improve patient care.
When it comes to entertainment, video streaming platforms such as Netflix also use AI to better understand user preferences and recommend more personalized content to view and enjoy.
Similarly, AI-enabled customer support systems or chatbot applications will provide immediate assistance and responses to customer queries and helps in increasing brand loyalty.
Hence, the future of AI technology in the next coming decade will be promising and exciting. Driven by smart monitoring, quicker feedback, streamlined processes, and RPA, AI applications will incorporate its trend in the market in the coming years.
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Final Words
A glorious future is ahead for AI technology across diversified industrial verticals. Problem-solving capabilities, better healthcare accessibility, higher productivity, better customer engagement, automated customer interactions, and impressive experiences are a few of the benefits of AI that are attracting businesses to adopt the technology.
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About FuGenX Technologies
FuGenX is a Deloitte award-winning leading web and mobile app development company in India. We deliver scalable and interactive mobile applications for brands, enterprises, and SMEs.
We have over a decade of experience in creating futuristic, bespoke, intelligent, and user-engaging native mobile apps on android and iOS platforms.
Driven by our proven AI app development portfolio, FuGenX is also ranked as a top AI development company in Bangalore, India. We bring your AI app development ideas into this digital space and let you clutch market opportunities of the technology.