Why Artificial Intelligence is Critical for Innovation and Growth

Know how artificial intelligence can be advantageous for businesses

AI is making its presence felt everywhere in the connected world whether via data-driven deep learning technologies, smart robots, or autonomous vehicles. Industries ranging from manufacturing, retail, to healthcare and aerospace have all witnessed some remarkable examples of how AI technology is changing the way they do business in recent times.

The impact of AI on an organization's ability to harness data and unlock new opportunities is huge. The transformative powers of AI-enabled solutions in enhancing the capabilities of business analytics and business intelligence have helped them achieve a prominent place in the Gartner Hype Cycle for Emerging Technologies.

The sudden surge in the volume and complexity of data is driving the commercial adoption of AI across many industries. Its ability to map and integrate data and garner accurate insights is helping companies make good business decisions and grow revenue.

So, how does AI transform the way organizations do business and generate value? In this blog post, let's understand the role of AI in revamping business corporations.

Why is Artificial Intelligence Important to Business? 

Artificial Intelligence or AI is a term employed for computers and machines with human intelligence traits, such as problem-solving and decision-making. AI empower business users to perform specific tasks:

Map complex, bi-directional customer data in minutes instead of months.

Analyze data to deliver accurate insights for better decision-making and faster value genera

Free IT users to take up the governance role and focus on innovation-driven tasks instead.

AI enables businesses to automate various data-driven tasks like data mapping and data integration, which speeds up insights delivery and decision-making. This ultimately improves their ease of doing business and ability to deliver delightful experiences.

Even non-technical business users can utilize AI-enabled data solutions to derive insights to comprehend customer behavior and purchase patterns. They can map and integrate complex data streams without seeking IT support. That, in turn, help business users make business predictions or sales forecasts based on data streams as well as buying patterns. Consequently, they can estimate sales volumes, product demands, and inventory management.

Meanwhile, IT users can govern and monitor operations and processes to ensure accuracy and authenticity. Also, they get free to focus on more important tasks to drive innovation and growth.

How Can AI Be Implemented in Business? 

Artificial Intelligence-powered solutions play an important role in helping businesses transform and deliver. Here are three primary applications of AI in the business landscape:

Automation: AI promotes automation as it enables business users to accurately map and integrate data without seeking technical expertise. By coupling AI with the Internet of Things (IoT), organizations are mitigating costs, enhancing productivity, and creating faster value.

Sales and Marketing: Apart from enabling users to integrate data for improved insights, Artificial Intelligence bolsters the function of Marketing & Sales across industries. AI-enabled solutions enable marketing personnel to automate tasks while they can focus on fundamental sales functions like improving sales and customer satisfaction.

Say, for example, Facebook use ML algorithms to monitor customer behavior and target them accordingly. Airbnb also leverages AI-enabled solutions to optimize and market the right prices that are contingent on locations and customer demand.

Customer Value: As business users are able to extract insights, understanding the emerging demands and requirements of customers becomes easier than ever. By doing so, they can easily serve their customers and deliver the promised value. That increases time-to-value and ultimately revenue.

Embark on an AI-Powered Journey to Drive Business Forward 

AI is transforming the world of business, without a shadow of a doubt. It allows business users to:

Manage growing volumes of big data from a wide range of sources and integrate those chunks in a data lake.

Get real-time insights from customer data that help managers make business decisions.

Handle the shortage of qualified data analysts, thus minimizing hiring costs.

Deliver delightful experiences and grow revenue.

Embrace AI-powered solutions to transform the way organizations do business and deliver value. These tools foster automation, speed up insights-delivery, minimize manual labor, and improve IT's role in enabling innovation.