From smooth business operations to enhanced customer experience, AI is revolutionizing everything.
The adoption of artificial intelligence in recent years has seen amplified momentum. From enhancing human capabilities to automating repetitive tasks and streamlining customer services to improving business efficiency, AI is already making its way into everyday business processes. According to PwC research, AI is likely to add US$15.7 trillion to global economic growth by 2030. While the technology’s acceptance in mainstream society is becoming a new phenomenon, it has been around decades ago.
The recent advances in AI significantly have augmented human cognition and decisions, taking every aspect of people’s lives and business by storm. The rapid deployment of AI across industries is majorly driven by the growing investment in technology. In a recent IDC report, spending on AI systems is expected to reach US$97.9 billion in 2023, over two and one-half times the US$37.5 billion in 2019, growing at CAGR of 28.9 percent throughout the forecast period of 2018-2023.
Business Opportunities Influenced by AI
AI typically delivers an incredible opportunity for automation and digital transformation. It has the potential to upgrade businesses’ workforce, rather than eliminating them if implemented effectively. It can have a considerable impact on an organizational workflow as it confiscates repetitive, tedious tasks, offering more autonomy to apply creativity and human decision on other valuable tasks.
Persistent AI innovations has given the rise to a horde of smart devices that are able to detect and react to sights, sounds, and other patterns, and do not require a constant connection to the cloud. From autonomous robots to vision cameras and medical devices, these smart devices are well set to unlock greater efficiency at an organizational level.
As the current AI capability augments human decisions on everything, researchers and developers globally are attempting autonomous AI that will not require any human intervention, even in making highly complex decisions. However, many are also concerned about this and raise questions if things will go wrong how will be accountable?
Meanwhile, organizations that have already started the business transformation using AI now are looking for ways to reap repeatable value. In its survey, Deloitte Insights sees increasing levels of AI implementation and financial investment. The survey found that respondents are realizing competitive advantage and expecting AI-powered transformation to happen for their organization and industry alike. The survey report also noted that AI-driven businesses must work harder to maintain an edge over their peers.
Artificial intelligence has also the potential to improve user experience. It can offer insights by decrypting spoken or written communications and inferring actions based on patterns of past behavior. Enterprises can derive the biggest ROI over their resources using this tech. Additionally, in order to drive automation and optimize business processes, leveraging AI can provide substantial benefits.
Comprehensively, business leaders need to pilot high-return AI initiatives that can them help stay competitive in AI supremacy. They also must build AI capability at an organization level, bring technology implementation strategy to business strategy, and lay the foundation of appropriate AI governance.