Artificial Intelligence (AI) enables machines/systems to learn from real-world data and use it to perform tasks as humans do. But a prominent difference is that AI carries out tasks/activities with excellent precision when compared to humans. Let’s understand about AI & why does it matter in 2020 and beyond?
What Is Artificial Intelligence
Artificial Intelligence is an extensive branch of computer science which deals with:
- Building Smart Algorithms/Computing Systems/Machines
- These Algorithms/Systems/Machines are capable of mimicking Human Intelligence while performing tasks.
AI is basically an interdisciplinary science but a multi-pronged approach. However, innovations & technological advancements in the fields of deep learning & machine learning are making AI more powerful & effective. Therefore, AI is being increasingly used in almost every area of the tech industry.
Benefits of Artificial Intelligence
- Significant reduction in errors
Humans are prone to making mistakes. Work-related stress and fatigue can result in more errors that can directly impact business activities. This can have a devastating effect on business continuity, daily operations & allied activities.
Computers on the other hand do not make such mistakes if they are appropriately programmed. Add AI to the mix and you get a robust system that can not only carry out tasks effectively but do it with total accuracy. A simple example of AI reducing errors can be found in the weather forecasting system. Previously,
- 24/7 Availability
An average human being works 6-8 hours a day (excluding breaks). Human beings are naturally built in such a way that they need to time off to wind back & relax. It can be in the form of breaks, week-offs & vacation. This does help them to maintain a work-life balance.
However, businesses want to ensure maximum productivity and this can be directly achieved by integrating AI-based systems. This trailblazing technology can work 24/7 and doesn’t need any sort of breaks. If proper algorithms are put in place, then these systems can accurately carry out their tasks with 100% efficiency.
- Effectively Completes Repetitive Jobs
Giving repetitive tasks to human beings and asking them to carry out such tasks with precision is a pain point. Why? Doing the same task repeatedly becomes boring and humans want an element of newness & challenge.
So, enterprises and budding startups whose operations depend on repetitive tasks can integrate AI-based systems/machines. These groundbreaking systems won’t break a sweat and have the potential to carry out boring tasks with amazing accuracy & efficiency.
- Can carry out risky tasks with ease
This can be considered as one of the most important benefits of artificial intelligence.
Instead of letting humans carry out risky tasks, tech companies can create a powerful AI-based robot which can be leveraged to do any task that is considered life-threatening. Some real-world examples include robots that can operate in natural disasters, nuclear contamination zones, firefighting & more.
AI algorithms are also being leveraged by the banking sector to conduct risk analytics & fraudulent transaction detection.
- Quick Decision-Making
An amazing benefit of AI is its ability to make faster decisions as compared to humans. Humans can be manipulated by emotional or physical factors which can result in wrong decision making.
However, with AI these factors are eliminated as AI depends on the algorithms, programming & real-time situation data. This results in fast and effective decision making.
Artificial Intelligence Trends for 2020
- AI-based customer support
Enjoyable customer experience is the right of every consumer. But this notion is marred as customers face unsatisfactory experiences when it comes to human-based customer service.
But, with Artificial Intelligence, businesses can offer a real-time response and an enjoyable interactive experience for customers. Leading studies by digital marketing experts suggest that more than 80% of customer service reps won’t be needed in the coming years.
AI has the potential to seamlessly mimic human intelligence and remove human-based customer support.
- Seamless Predictive Analytics
Predictive analytics is getting easier by the day thanks to path-breaking technological solutions like Natural Language Processing, Artificial Intelligence & Machine Learning Processes.
Predictive analytics enables businesses to leverage real data. It is used to prepare for future behaviors, patterns and outcomes. Predictive analytics is mostly used for:
- Customer Service
- Retail Sales
- Improving Supply Chains
- Optimization of Prices
- Artificial Intelligence & Internet of Things
Blending AI and IoT bring a host of benefits. Some of them are being leveraged to:
- Enhance Operational Efficiencies
- Improve Risk Management
- Develop New & Effective Products/Services.
This is why Artificial Intelligence will matter in 2020 and beyond. ARSR holds expertise in an entire range of AI technologies that include NLP, Machine Learning, Speech Recognition & more and offers customized AI-based solutions to startups & enterprises.