From behavior algorithms to voice assistants and self-driving cars, the Artificial Intelligence revolution is already upon us and is driving drastic change in the business landscape. As a result, most business processes are getting automated with less manual work involved. This article looks into how AI is creating this change from the lens of Israel Figa.
Revolutionizing Business Models
Businesses today now have the opportunity to gather more data as the devices that we use are getting connected. This enables organizations to figure out pioneering ways of conducting business. Consequently, there is a quicker marketplace, operations are more lean, and business overall becomes more proactive in nature in the market.
Google, Netflix and Salesforce all make use of Artificial Intelligence to some degree. With the right blend of planning and data, AI can manage workflows in a far more efficient manner than humans do, and help people work faster and better. This will lead to a much better ROI (return on Investment).
The change Artificial Intelligence is bringing is not just limited to how the industries work. AI also has the capability to effect safety procedures and other crucial aspects of a business organization’s organizational activities. Businesses worldwide must immediately jump on the bandwagon and build on the Artificial Intelligence momentum to approach more revolutionary business models and structures.
One important thing that is regularly rising in the realm of technology for the last 10-20 years is automation. Several automation tools are being developed and innovated, which makes the business processes more agile in nature. Home appliances were the first ever automation tools and then later industrial robots came into existence. Currently, humans are working alongside advanced robots in several places.
Several reputed industry experts are predicting that with the unprecedented rise of Artificial Intelligence, a new age of automation is surfacing. AI is swiftly automating standard cognitive processes. Machine learning and smart algorithms are playing a pivotal role in several industries such as hospitality, retail, financial organizations and so forth. These algorithms or machines not only do a very skillful task but they are also capable of working round the clock without taking a break.
Creating the Products of the Future
According to Israel Figa, by harnessing the huge potential of Artificial Intelligence, businesses can create more innovative assistance and automation processes in production procedures and product development
In fact, many of the products and industries have already revolutionized the way we live in the 10 years or so. Programming trends and smartphones created products like Uber and Instagram. As we look towards the future, it is very much clear that something truly spectacular lies ahead in the domain of Artificial Intelligence and the whole unified AI/device user experience.
There are several factors which make future products that are AI-focused possible:
Today, engineers are capable of making superior machine learning models. Hence, every year, algorithms of machine learning become more advanced than before.
IoT (Internet of Things) and mobile technology multiply the current data which programmers use to train algorithms and Artificial Intelligence.
CPUs ( Central Processing Units) are far more powerful than they were 10 years ago
Redefining the Process of Trading
Financial service providers today have access to rich data sources galore. The hedge funds that are data-centric depend a lot on Artificial Intelligence to develop trading models which are more advanced. The systems began to think like the marketplace and identified new and innovative trends on the go.
Utilizing Artificial Intelligence (by replacing human beings) in the trading landscape reduces human errors which can have a devastating impact in the trading process.
With every new Artificial Intelligence innovation, after assessing market prices, microeconomic and macroeconomic data, Artificial Intelligence engines create their own forecasts and can select the best possible approach in a particular situation.
Boosting Customer Experience
We live in a digital world where every sort of information is readily available right at our fingertips. This is precisely why today customers’ expectations are much higher. According to several recently conducted researches, AI has had one of the biggest impacts in the customer experience domain. In the Commerce landscape, more than 45 percent of consumers said that they would purchase online and 38 percent said that they would share the experience with their acquaintances. More than 80 percent of the consumers who took part in the research studies said that they will shop from a retailer which makes use of chatbots or any other Artificial Intelligence program.
Israel Figa says that these are some of the ways in which organizations leverage Artificial Intelligence to drive change and boost customer experience:
Chatbots: You can program chatbots to tackle every concern or predicament that your customer has and give solutions. Smart chatbots can provide swift support to customers. Furthermore, their error in judgment is significantly reduced owing to the absence of any emotions
Round the clock availability: Compared to humans, Artificial Intelligence is far more efficient and economical than humans. This technology does not take leaves of absence, does not get sick and does not sleep either! It is present 24/7 to respond to customers’ problems and questions.
Virtual Assistance: Using Artificial Intelligence to respond to basic questions also comes under the Virtual Assistance category. For instance, an online shopping platform, Spring, is one of the first eCommerce organizations that make use of Facebook Artificial Intelligence Chatbot to answer queries and guide potential customers to their wanted product.
There is no denying that Artificial Intelligence is an investment in the customer experience and journey. With creative application and programming, Artificial Intelligence will boost engagement and enhance your customers’ overall experience.
As per Israel Figa, the possibilities for businesses to drive change and take their work to the next level are endless as the age of AI develops around us. With the right planning process and technology, organizations can deploy AI to create an intelligent infrastructure, boost the customer’s experience, and fully revolutionize the business model on which they are based.