WHY COMPANIES SHOULD INVEST IN AI AND ML IN 2021
Artificial Intelligence and machine learning are fast gaining significance in recent times since they have a pretty large number of utilities across businesses and industries.
In recent years, technology has shaped the world economy in an unprecedented way. What started as a revolution to bring a drastic change in our lifestyle has become the driving force behind corporations and organizations globally. None of us are left untouched by technology, and artificial intelligence combined with machine learning is an avenue that is fast being explored and utilized to upscale any business operation at lightning-fast speeds.
Artificial intelligence is helping companies to perform mundane tasks effectively and error-free in a fast-paced work environment. Unlike human resources, artificial intelligence can work tirelessly infinitely and evolve rapidly using data analytics and machine learning protocols.
As per an independent survey conducted in March 2021, 64% of the participants agreed. Their focus is more inclined towards AI and ML initiatives to boost their growth than any other IT service they’d like to try. Nearly 83% of the participants have already increased their budget for these initiatives by almost 70% in 2020, as per the survey.
While large corporations must start implementing artificial intelligence protocols to automate their business processes, in this blog, we will try to analyze the significance of AI and ML and elaborate on why companies should start investing more in those avenues in 2021.
Automated Business Processes
Artificial Intelligence technology is one of the few disruptive technologies that fast replace human intervention in most areas requiring non-creative decision making. Large corporations are willing to spend a major chunk of their budget to implement and introduce automated processes powered by AI to run the business more efficiently.
With the unprecedented demand of being ahead 24/7 while catering to the needs of their customers, companies are fairly inclined towards machine learning algorithms too to, for example, understand customer requirements and respond effectively with no or very little human intervention. The hiring trends for Data Scientists and Machine Learning Engineers speak volumes of the paradigm shift in the corporate sector globally.
Customer experience and AI are also being implemented in sensitive areas such as cyber-security to analyze behavioral patterns of users and detect anomalies. Deep learning and data analytics have fuelled this process to evolve faster.
Improving organizational performance
Deep learning and natural language processing (NLP) can help create processes and algorithms that shorten the response time to any product or service-related query from the customers. Artificial intelligent bots can help reduce the concentration of human involvement in most cases. Mundane tasks such as inventory management, answering FAQs, etc., can be handled efficiently by implementing AI routines.
Machine learning protocols can make intelligent and well-informed decisions based on data analysis free from errors and redundancies.
It is a great way to automate manual, independent activities in any organization and improve total organizational performance. The most significant impact that organizations can achieve is focusing their best human resources on more creative and complicated tasks that govern the company’s growth. This requires skilled workers and in large amounts. Numerous universities have had this in mind and provide AI and Machine Learning Certification. The ability to be certified by a recognized university in AI and ML is beneficial for you as AI is expected to create millions of jobs over the coming years.
Reducing operational costs
In the post-Covid-19 period, companies trying to get their business back on track rely on artificial intelligence to reduce operational costs. As mentioned in previous sections, as AI and ML is taking up repetitive and independent tasks, most internal processes are rapidly automated.
It is reducing the dependency on manpower drastically and helping companies save on overall operations costs. Fewer employees mean fewer expenses on the infrastructure required to accommodate them, and with more focus on building high-value teams, one can crucially evolve the products and services. It brings us to the next most important point.
Innovation in products and services
Innovation in products and services is the first thing that companies have started focusing on in recent times. The demands of the post-pandemic world have changed. It is not easy to modify the products in a short period.
Artificial intelligence routines involved in analytics have incorporated machine learning tools to understand these needs and help in providing valuable cutting-edge data to the innovators to develop the best-suited product.
Many companies have started launching new products based on the lines suggested by AI, and it has worked wonders for them!
Introducing new revenue channels
Machine learning channels have helped companies effectively analyze customer behavioral patterns and develop new revenue channels from existing product or service lines. Artificial intelligence systems get to the core of the behavioral patterns and identify the problem areas that might be there but not quite visible.
The projection models tabulate data and predict future trends based on that data. All this is done without human intervention, and the trends are constantly spot-on. For example, power generation companies can help create sustainable systems that help people consume less electricity than they require and help companies save on production costs.
One such company is AGL, which is one of the top energy providers in Australia. They have created a ‘virtual powerhouse’ based on the models designed based on data analytics run by AI and ML systems.
This product helps users return power to the grid and helps save the company and the customers a lot on expenses.
Regulation and compliance handling
The technology industry is continuing regulation. New policies are being added to the governing frameworks to ensure technology is being utilized for a reasonable cause.
Government bodies have understood the impact AI and ML systems have on technological advancements and evolving businesses. Companies, too, must understand that the statutory compliances are being met and rules followed to stay well within the boundaries of governing laws. It may sound easier to do so, but implementing policies for large businesses is not a cakewalk.
Companies tend to cross the line unknowingly with the diversity of products and services and millions of customers. AI and ML systems can help both policymakers and policy followers effectively.
Be it a large business house or small start-ups, AI and integrated machine learning tools are helping develop efficient systems to run the business. Areas like credit risk, inventory management, behavior recognition, security infrastructure, and many more are now being managed with the help of AI. These departments are critical to a regular business operation and crucial for future growth and development.
The covid-19 pandemic has created an unforeseen circumstance for companies around the world. Even health service providers have rapidly implemented AI to curb the spread of the infection. Moreover, the design and manufacturing of vaccines in such a short period have been possible only through artificial intelligence systems. The AI assistants have been able to identify the pathogen’s spread correctly and help countries make informed decisions based on error-free analytics.