5 ways Artificial Intelligence software will change the future of business

By Roberto Lopez, Artelnics.

5 ways in which AI software affects the future of businesses

A number of industries are already reaping benefits from their artificial intelligence (AI) investments.

High-profile artificial intelligence software examples and implementations of artificial intelligence in industrial and commercial environments like, for example, the celebrated AI-powered BMW factory in Germany.

The automobile factory uses a highly advanced artificial intelligence software to check auto parts and components for deviations from their standard specifications in milliseconds and perform thorough inspection tasks.

By incorporating AI into their production processes, BMW has eliminated instances of pseudo defects, accelerated their logistics process, and achieved 100% reliability for all cars that rolled out from that specific factory.

And that’s just one factor. AI is fast becoming a part of many business organizations’ future. According to The State of Artificial Intelligence in 2020 by Veritone, AI will power 75% of commercial enterprise applications by 2021.

But how does AI impact businesses in the future? Here are the top 5 ways artificial intelligence software will impact and transform businesses:

1. Data-driven predictions

Artificial intelligence software requirements can vary for different organizations. That said, AI is transforming engineering and manufacturing industries as well. This tool brings the interaction between machines and humans more effectively.

For instance, you can optimize your system to perform at its peak level when you can track its behavior and, in turn, make data-driven predictions. Using predictive models, you can improve efficiency by adjusting the control variables and simulating various scenarios like, for example, minimizing energy consumption.

Similarly, you can use this technology to monitor your equipment’s condition and predict when maintenance is needed. This can help you save costs in the long run because not only does it help avoid machine breakdowns (which means you don’t have to pay for costly repairs or purchase a new machine), but it also allows you to perform the maintenance only when it’s needed.

Reporting is just as important so you can effectively extract insights from the data you gathered. Finances Online devised this ranking for you to explore available options in reporting tools.

2. Smarter healthcare

Various industries are impacted by AI, and the healthcare industry is one important example. Technology opens many opportunities to improve the patient’s care with insights from studying genetic factors and physiological data to understanding environmental influences.

The latest artificial intelligence applications in healthcare mainly belongs to three broad groupings:

  1. Patient-oriented AI,
  2. Clinic-oriented AI, and
  3. Administrative- and operational-oriented AI.

AI will impact the future of healthcare businesses

Machine learning can greatly contribute to improving the quality of care and productivity of health care providers, expediting and minimizing the costs of developing new pharmaceutical treatments, and personalizing medical treatments uniquely to each patient.

3. Increased survivability of startups

Startup statistics show that in the United States, 50% of business startups fail after four years. Those that survived the four-year honeymoon phase, 20% will not go beyond their 10th year. But AI is going to change all that.

Startup operators will use AI-based systems for process mining, business data analysis, and predictive analytics to derive actionable marketing and customer insights.

They can discover opportunities for growth and innovation, enabling them to craft and deliver fully optimized products, services, and experiences that their target customers can resonate with.

A 2018 study by Vistage on AI implementation by SMBs revealed that only 13.6% out of 1,467 SMB leaders invested in artificial intelligence software projects.

Despite how expensive AI software price rates can be, experts are anticipating a significant spike in the near future as AI platforms for SMBs gain traction and benefits for startups become more apparent.

Fledgling startups often struggle to create and maintain a competitive presence in their chosen market because they lack the business tools, capabilities, and resources that their more established competitors enjoy.

But artificial intelligence provides startups with something to even out the playing field and improve their chances of surviving. And succeeding.

4. Chatbots in customer support

Many of today’s best artificial intelligence software solutions for business come with AI-powered chatbot capabilities. Chatbots play a big role in business communications, primarily in customer support and sales.

A report from Juniper Research projects that eCommerce transactions via chatbots will reach $112 billion by 2023. The same study also reported that chatbots help save companies in healthcare, banking, and retail industries $11 billion annually.

As chatbots increase customer engagement and drive business revenues, they also effectively bring down operational costs. With chatbots in the business picture, it decreases the need for human customer support, which also means less expenses on floor space and conventional customer support equipment.

They also enable businesses to engage and interact with customers during non-working hours. That means more opportunities for sales and marketing.

Given how modern businesses benefit from chatbots, businesses will find it hard to imagine a fruitful future without them.

5. Preference for voice-based search

In the future, people will likely perform queries using voice commands instead of typing them into a search bar. It’s faster and easier.

Plus, people can input longer and more specific phrases, which means search results will be extremely close, relevant, or significant to what they are looking for.

Businesses need to take note as voice-based search is poised to become the favorite search tool in the future according to several artificial intelligence software statistics and surveys.

A 2018 study by PwC shows that more people will likely use voice search in the future. Sixty-one percent of respondents from the 25-64 year-old demographic said so. Meanwhile, 57% from the 18-24 age group mirrored the same sentiment.

Brafton’s infographic on voice search statistics show that 50% of all online searches will be via voice by 2020.

Companies can blame Siri, Alexa, and Google Assistant all they want. But these AI voice-based search assistants have set the tone on how people will look for anything online, from their favorite song to the best burger joint in the West Coast to the cheapest hotel in the Pacific and everything else.

Conclusions

Artificial intelligence has been making headlines in recent years. But far from its fictional depiction as a man-made intelligent entity bent on enslaving the human race with armies of robots and machines, AI has been disrupting businesses with its huge potential for digital transformation in boosting efficiencies, enhancing productivity, and, ultimately, elevating any organization’s bottom line.

With so many benefits stemming from a successful implementation of artificial intelligence, it won’t be long before this disruptive technology becomes a solid, staple standard in most industries. For now, one can only imagine the future. By the looks of it, the future with AI looks really bright.

With the various options available today, figuring out where to start can be daunting. Neural Designer is a data science and machine learning platform built for businesses to build, train, and deploy neural network models.

This AI software provides solutions for different sectors including the engineering and manufacturing industry, banking and insurance, health care, and retail and consumers.

Neural Designer perfectly packs advanced analytics in an easy-to-use, intuitive graphical user interface for users to perform machine learning and data deployment without having to undergo complex programming.

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