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Can intelligent technology make your business more intelligent? Well, it is already happening: Artificial Intelligence based applications are being developed to revolutionize the business sector by automating tasks and much more. But for repeated return on investment, businesses should make pristine choices about when and how to introduce advanced technology.
Artificial Intelligence has already taken over the business arena with intuitive applications that multi task everything from cutting down costs to handling tasks. AI can clearly check fraudulent transactions by analyzing data trends and also through security measures like biometric and iris recognition etc. AI will clearly be the next big thing in the coming years that will fundamentally take over jobs. It will also create entirely new professions and will change the nature of the jobs by easing things up.
We all live in a world where the customer attention span is merely a few seconds. A recent study shows that more than 40% of the customers abandon a website immediately if it takes more than 3 seconds to load. Even online retailers are finding it difficult to reduce their shopping cart abandonment due to the failure in engaging customers.
AI has successfully penetrated into industries such as healthcare, finance and marketing. In the future, Artificial Intelligence will benefit industries such as logistics, eCommerce, education and public sector governance. AI will enable people to have a look and buy products that never existed in the online market thus engaging customers to buy more.
Personalization is not a new phenomenon. It is a more enhanced way of showing recommendations to customers to influence their buying patterns. Often, eCommerce websites would suggest a few similar products when a user spends time on a particular product page. These recommendations are currently being made by using collaborative filters like best sellers, trending, summer sale etc. These data are often manually derived from different channels such as the website and mobile apps. AI automates this process and provides a glitch free customer experience across both the channels of the business. AI analyses the user with a set of algorithms that reads and influences the mind of the customer.
AI’s potential for businesses is very clear. But, what should be automated or which domain has to be automated is the million dollar question. Implementation of AI in any one of your business processes requires assessment in four levels-
Mitigate- Technology eases up monotonous work processes by allowing employees to be engaged in a task that requires more skills. The mitigate approach allows businesses to reduce pending tasks and allows workers to be shifted to more revenue generating tasks.
Seclude- The Seclude approach involves splitting up a particular job to decide on which could be automated. Machine learning can automate only a certain aspect of the job, initially. The decision on choosing the right piece of the work for automation is the only task that a business is left with.
Substitute- This process involves a lot of confidence and belief that technology can finally take over the job, completely. Substituting technology for human beings to get a job done faster and more efficiently.
Technology will do the entire work once performed by a group of individuals.
Initiate- Initiating AI in your regular operations makes employees more efficient by adding more to their skills.
The true promise of AI: Twinning technology and human skills to achieve quicker and better outcomes by doing what humans alone couldn’t do all these years. The advancements in medical and scientific research are examples of this approach.
As technology advances in power, it is mandatory for the strategic workforce to sit down under one roof and decide where AI should be implemented. Your organization must move away from the usual talent look outs and the approach should rather be on interplay of talent and technology.
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