Artificial Intelligence, once a buzzword within the digital world, has become a neighborhood of our lifestyle . From Google Assistant, Siri, Alexa to Uber and Ola, several AI-enabled services are available today that make our lives easier. the continued pandemic has undoubtedly impacted business models but it didn’t wane the impact AI has on our lives and businesses. On the contrary, it’s become evident that AI , with its self-teaching and learning algorithms, will play an important role in transforming businesses in 2021.
Companies have swiftly started leveraging the potential of AI. Companies like Amazon, Microsoft, and Google have grown immensely thanks to the incorporation of AI for forecaasting, adapting to changing market conditions and generating profit. Several companies are already reaping the advantages of their early investment in AI . Many have started incorporating AI to utilise the large amount of knowledge generated every day . But how is AI bringing revolutionary changes across industries? Let’s take a glance .
AI-Powered Chips to spice up Performance
AI-powered chips will enable applications that run on AI algorithms like object detection, computer vision, face recognition , and tongue Processing (NLP) to perform much faster. These chips boost the performance of applications utilized in gaming, healthcare, banking & finance, and manufacturing industries.
Chatbots For Better Customer Support
In today’s digitally driven world, many organisations use AI-powered chatbots in business communication, primarily for customer support and sales. Chatbots effectively increase customer engagements, help collect data, and drive business revenues; they effectively bring down operational costs also . AI-powered chatbots decrease the necessity for human intervention and enable businesses to interact and interact with customers during non-working hours. This also brings down the necessity for floor space and traditional customer support equipment. consistent with a report by Juniper Research, ecommerce transactions via chatbots are predicted to get older to $112 Bn by 2023.
AI In Cyber Security
With data becoming more accessible, there has been a huge rise in cyberattacks. Companies are investing more in improving their organisation’s cybersecurity infrastructure. AI, with its advanced predictive algorithms, will play an important role in facilitating cybersecurity in organisations. By incorporating AI in cybersecurity, companies are going to be ready to reduce the reaction time to threats also because the expense of preventing breaches. AI also will help in preventing cybercrimes by enhancing the organisation’s cybersecurity measures.
Evolution of knowledge Highways For Startup Sustainability
Data is that the new currency in today’s digitally driven world. The generation of knowledge is growing by leaps and bounds with each passing day. For startups to remain ahead within the competitive business world, it’s become imperative to adopt advanced analytics and AI for creating dynamic business models. AI-based systems and solutions will help start-ups with data processing , analysis of business data, and implementing predictive analytics to work out strategic marketing supported customer insights.
Innovations in Artificial Intelligence, with its huge potential, is transforming businesses by boosting work efficiency, enhancing productivity, and elevating an organisation’s profitability, and will continue to do so in the future. AI-powered applications and services provide solutions for every industry, starting from IT, retail, banking, and healthcare to eCommerce.