Artificial intelligence is not an exclusive technology to high-tech companies, nor it is something that will happen in the future. But it is already a reality which is capable of transforming organizations of all sizes. Undoubtedly, this technology is radically changing the way we work and do business, given that 80% of executives think that AI solutions can improve their productivity.
The Artificial Intelligence market will have a value of almost $89847M by 2026 globally, according to a recent study by Statista.
For companies, the correct use of Artificial Intelligence can mean an increase in sales, substantially improve each of its areas, eradicate inefficiency, optimize operational processes and save costs.
Also, it is important to highlight the importance of Artificial Intelligence in all departments of companies. Because not only it would facilitate and simplify many of the tasks that are carried out today, but it would also increase their efficiency. An example is the area of Human Resources, where Artificial Intelligence would be able to improve the prediction about the behavior and effectiveness of a new employee. It would also bring great benefits to the sales area, finding new potential customers, sudden changes in purchase cycles or taking competitive actions.
Some of the Artificial Intelligence technologies have been listed down that will change the future of business.
Robotic Process Automation
Robotic Process Automation (RPA) is the use of software to create a virtual worker or Robot that works with one or several applications in the same way that a person processes a transaction or completes a process. RPA does not replace applications but works with existing systems to perform the tasks assigned to it.
Once the RPA software has been trained in a certain process, it can carry out transactions, manipulate data, launch actions in response to certain requests and communicate several systems if necessary.
This technology reduces or eliminates the need for people to perform repetitive tasks. It can respond to high volumes of demand such as technical support, various workflows and back-office processes.
Taking the example of AKQA, this platform automates the process of finding new consumers. In order to save time and resources, it is dedicated to performing the mechanical and repetitive tasks demanded by this profession. It can be carried out with greater efficiency and assertiveness.
A Digital Twin is a digital version of a process, product or service. It describes the architecture, material, behavior etc of a process, product, and service. Digital Twin helps to predict any future failure or downtime of a system.
In short, a Digital Twin is a digital model of a process, product or service through information obtained from sensors or automation. This union of the physical world with the virtual world allows the intelligent analysis of data and the monitoring of systems for:
- Avoid problems before they occur
- Preventing times inactivity
- Develop new business opportunities
- Plan the future through simulations
- Customize production to customer requirements
This type of digital technology means that companies of all sizes can meet their demands and reduce time-to-market by almost 50%. As well as improve flexibility and increase productivity by up to 20%, which determines the competitiveness of the companies.
Recently, General Electric manages a digital wind farm concept, which uses a simulation and real-time modeling system to predict problems and optimize daily energy production, which would allow it to increase a park’s energy production by 20%.
It still seems difficult and somewhat futuristic to imagine a machine that generates great content ideas, not to mention that the content is worth consuming. However, the reality is that the machines are already writing content and are quite good at doing it. Brands like USA Today, Hearst and CBS, are already using AI to generate their content.
Wibbitz is a great example of an automatic content creation using AI. It is a SaaS tool that uses AI to help editors create videos from written content in just a matter of minutes. Automated Insight’s Wordsmith can be a great example when it comes to text-based content generation. Wordsmith uses NLG (Natural Language Generation) to generate news based content.
A virtual assistant is a conversational character, generated by the computer which is capable of recognizing the voice and understand natural language. Nowadays you can ask your personal assistant to create an appointment, find a restaurant, call a taxi or send a message through WhatsApp without the need to take the phone out of your pocket.
Tech giant companies like Google, Amazon, and Microsoft are betting heavily on the progress and mastery of virtual assistants reinforced by Artificial Intelligence. More than 3,500 million devices are incorporating a virtual assistant. And by the year 2021, 7,500 million devices will use this technology. The opportunities are enormous for the company that manages to dominate the market.
Taking the business decision in uncertain conditions is hard for managers. In this case, Artificial Intelligence is a smart solution. AI is able to analyze and take the most optimized decision from lots of alternatives.
Moreover, with the help of AI, the business organization can automatically track the result of the decision taken. As well as they can use the same decision when similar conditions arise in future.
Decision making has already been incorporated into a variety of corporate applications to assist and make decisions automatically. That’s how it is making your business as profitable as possible.
Take a look at Advanced Systems Concepts, Informatica, Maana, Pegasystems and UiPath to learn more how their system helping organizations to take decisions.
Artificial Intelligence is moving in a new direction. Algorithms are not only learning to recognize who we are but also what we feel. The so-called emotion recognition technology is in its infancy. But Artificial Intelligence (AI) companies claim that this technology has the power to transform the recruitment process.
Emotion Recognition can decipher how enthusiastic, honest or dynamic an applicant can be. It can help employers rule out candidates with an undesirable condition. Companies like Unilever are already started using this technology.
It constantly increases the number of companies working in this area. Beyond Verbal analyzes audio inputs to describe a person’s character traits. Including how positive, excited, angry or nervous they are.
nViso uses analytics of emotional videos to inspire new product ideas. It identifies required updates and improves the consumer experience. And Affectiva Emotion AI is used in the gaming, automotive, robotics, education and health industries to apply facial coding and emotion analysis from facial and voice data.
For many years, marketing experts have been used demographic data to get closer to their potential buyers by knowing their interests and needs. But the current problem is that by segmenting customers into groups according to similar characteristics is making fringes or limits between one group and another. But the reality is that each person is unique and peculiar. That’s why it requires personalized attention.
The marketing automation allows companies to improve their interaction with their target customers and market. It increases their efficiency that usually translates into an exponential increase in the company’s revenues. At the same time, AI automates the segmentation of its target audiences, the integration of its clients’ data and the management of its campaigns. By automating simple repetitive tasks companies can focus on complex jobs like strategy, product improvement.
Undoubtedly, AI offers great benefits to companies. But it also has negative implications for a certain sector of workers who will see their jobs disappear in the face of the advancement of robots and automated systems.
The hope is that innovation in work systems, products and services will help to improve the lifestyle of humanity and generate more wealth.