By Umme Sutarwala - April 22, 2021 4 Mins Read
Though artificial intelligence is still a vague buzzword for many in the tech industry, there is no room for denial that AI and machine learning developments today are massively reliant on a gigantic amount of data. Hence, data analytics will play an integral role in shaping AI and machine learning in the coming years.
Today, artificial intelligence has the potential to find solutions to complex business issues – it allows business leaders to spend their time enhancing their operations and also allows enterprises to strengthen their workflow. Businesses and industries that implement AI in their business operations become more diverse because they will be powered with the capability to examine data across various functionalities, high-class customer relationship management, and fraud detection.
Says Thomas Harrer, CTO Server & Storage, IBM Technology EMEA, “Investing in a data platform is always a good start, to begin with because data is the requirement for AI. Without data, you cannot apply AI. You need data to train AI, also, AI will help you to get the most value out of your data because you will infuse the data in customer experience, product development, and everywhere where you need additional knowledge. As a company, data will bring you the knowledge and AI is the means to automate that. So, invest in your data and information architecture and will be able to improve your business processes by using AI and get more understanding and more value out of that.”
According Algorithmia’s 2021 report, 76% of organizations prioritize AI and ML over other IT initiatives in 2021, while 43% of businesses state that their AI and Machine Learning (ML) initiatives matter more than they ever thought to be, with one in four declaring AI and ML should have been on their top priority.
When it comes to analyzing the market and customers, there is no doubt that AI can play an enormous role. Experts say that predictive analysis can be applied to the data that is accumulated from social media, the system matrix, and the web matrix in order to build better and enhanced products. Businesses can take customer experience to the next level with the help of customer insights.
AI-based systems can also help businesses in optimizing marketing strategies and cut down marketing expenditures by offering the most effective marketing tool for organizations, and by scrapping out unlikely customers from the list of potential customers.
A lot of businesses worldwide are either planning or already using Artificial Intelligence for virtual assistance. Businesses are increasingly seeing huge potential in machine-driven support – many companies are deploying chatbots for multiple applications. Customer service is the most important vertical where AI is implemented.
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Virtual assistance is all set to become a core part of day-to-day lives in the coming decade. Companies can make the most of this to take their customer service to the next level.
Automation is increasing at a rapid pace since the last few years in the technology space. Multiple automation tools are being innovated and refined, thereby making business processes more agile. Now, advanced robots are working alongside humans in various areas across the B2B as well as the B2C environment.
Industry experts forecast a new era of automation with the tremendous increase in the usage of AI. Artificial intelligence is rapidly automating regular cognitive methods. Smart algorithms play a critical role in various sectors such as hospitality, retail, financial firms, and many others. These algorithms or machines not only are proficient in their jobs but also work 24/7 without needing any breaks.
Umme Sutarwala is a Global News Correspondent with OnDot Media. She is a media graduate with 2+ years of experience in content creation and management. Previously, she has worked with MNCs in the E-commerce and Finance domain
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