According to a published research paper by Accenture Institute for High Performance, artificial intelligence can double the annual economic growth rates in several developed countries by 2035. This growth is proof that the world is about to experience a phase where tremendous technology-driven change through AI and ML will help us remedy a plethora of challenges in achieving desirable growth. AI and ML can be applied in several ways to build outstanding infrastructure for next-generation education systems, agriculture, healthcare systems, power, and telecoms in the future.
This article will offer some ideas to consider on how artificial intelligence will change the future.
Market and customer insights
Machine learning and artificial intelligence will play a crucial role in analyzing your customers and target market. Predictive analytics can integrate data generated from social media, web matrix, and system matrix to design a new and improved product. Through customer insights, you can maximize customer experience as much as possible.
Artificial intelligence offers an incredible benefit for start-ups. Start-ups will explore several opportunities to operate on various thought processes and develop innovative solutions for their business growth. Predictive maintenance will enable start-ups to reduce maintenance costs via regular quality checks.
Most customers will probably be on social media, and many businesses must take place online. Organizations can utilize artificial intelligence and machine learning to understand essential measures of online social networks. Companies can use data mining strategies in the analysis of many forms of social media traffic. What makes AI and ML so incredible are that they can learn, unlike purely statistical approaches. The learning aspect makes it possible for them to evolve with any changes in the market behaviors in the future and continually improve performance as you generate additional data.
The growth of virtual assistance
Many organizations are either utilizing or planning to adopt AI for virtual assistance. There are several reasons why companies deploy chatbots. The most prominent area is customer service. Although many individuals are not convinced of the concept of customers speaking with a robot as it might malfunction at specific points, regardless, there is a massive potential in machine-based assistance with human-based customer service.
For instance, in the case of airline inquiries, an AI application can help answer fundamental questions such as the flight’s timing, alternative flights, and flight status, among other things. This will allow human personnel to concentrate on more complex issues. Marketers can effectively use chatbots to interact with their prospective customers seamlessly. Virtual assistants and chatbots will play a significant role in the way customers interact with technology. In the future of AI, virtual assistants would become a substantial component of our business lives, and many organizations are going to leverage this to move customer service to a greater level.
Efficient process automation
Automation is one thing that has been on a steady rise for the last couple of decades. Many machine learning automation tools are being developed and upgraded, facilitating the agility of business processes. Today, advanced machines are collaborating with humans in different industries.
Industry giants have predicted that with the tremendous rise of ML and AI, we are about to witness a new era of automation. AI is rapidly automating repetitive cognitive procedures. Intelligent algorithms are becoming more and more useful in different industries such as financial institutions, hospitality, and retail. These algorithms or machines will not only execute a highly proficient task but also will operate 24/7 nonstop.
Enhanced data unlocking
In the past, the volume of data an organization generated was a relatively small set, which determined how it was structured. Capturing and storing the data in a database was easy. Business owners could obtain insights from the data mined for the organizational needs.
However, the situation has changed today. There is no longer structured data, and the more significant segment of the available information is unstructured data. In fact, approximately 80% of the data received from online platforms is unstructured. Hence, the most impactful factor for any organization over the subsequent decade will be analyzing unstructured data.
Understanding consumer conversations is another aspect that has great potential to make your organization a global giant. Your organization can be among the few businesses that utilize their consumer conversations to determine their personality types with Artificial Intelligence’s help so that those consumers receive compatible services. AI and ML will help many organizations to unlock massive data in the future.
Better personalized customer experience
Artificial Intelligence and Machine Learning offer organizations the opportunity to drive a personalized experience to their consumers/customers. AI can be used to analyze extensive data far more efficiently. It can easily identify threads in the information – like previous purchase history, credit scores, purchase preferences, and other common patterns. Transactions can be examined daily to facilitate personalized services to individual customers.
The use of actionable sales intelligence will help businesses analyze a particular buyer before, during, and after purchase behavior. This enables organizations to develop a highly personalized experience and initiate customer engagement at every point of interaction. Predictive intelligence has the potential to help organizations engage their customers authentically and effectively. An AI-based application can also help to personalize the sales cycle, enabling enterprises to engage the proper customers with the right content at the appropriate time.
Machine learning and artificial intelligence across various industries have helped both small and enterprise businesses execute tested and effective methods to realize better business goals. Start-ups continuously have a competitive advantage through AI and ML, while big organizations are paving the platform to develop innovative solutions.
From working as a robot in a production plant to autonomous-driving vehicles and voice-activated resources in complex medical procedures, AI and ML have become a crucial part of reality. The future of AI and ML promise tremendous business solutions.
Want to start implementing machine learning and artificial intelligence based tools into your marketing and demand generation strategy? Contact Byonic.AI today for a demo and see how we can streamline your marketing and sales process and get results. Schedule a call today.