Artificial Intelligence - The Present & Future and the Role & Scope of AI in Business

bydak365

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2 years ago

IntroductionWhat is Artificial Intelligence?

Artificial Intelligence (AI) is the simulation of human intelligence processes by machines, more specifically, computer systems. This includes basically three stages i.e. learning (the acquisition of information and rules for using the information), reasoning (using the rules to reach conclusions), and self-correction.

AI plays a pivotal role in any business organization. In order to streamline the business processes, enhance efficiency and maximize productivity, every modern business needs the latest software tools, especially, the AI-driven Hi-Tech tools available in the market. In the COVID pandemic situation, the need for a system to work from home online across the globe has assumed much importance in business.

Artificial Intelligence – in the present

Today, the internet has become a part and parcel of human life. We see the vast potential of Artificial Intelligence in each and every aspect of human life, be it in the field of education, engineering, healthcare sciences, aerospace, automobile, transport, financial services, communication, sports, and robotics. The impact of AI is seen on various other industries which include workplace, social networks, gaming, agriculture, online shopping, mobile, hospitality, entertainment, real estate, retail spaces, smart homes, insurance, banking and personal finance, events, cybersecurity, defense, politics, and Government.

The future of Artificial Intelligence is more challenging as AI targets automated transportation, to begin with. The other future challenges include Cyborg technology that is used to overcome humane cognitive and physical limitations by producing robotic limbs capable of communicating with the brain. To counter the threats posed by global warming and climatic changes, AI could use huge data and identify trends and use that information to find solutions to the world’s biggest problems like climatic change.

Robots and drones could be put in use to handle hazardous jobs like defusing bombs, eliminating the need for people to work risking their lives in extreme conditions. Robotics also holds the potentials to explore new frontiers, such as unexplored ocean and space. Machine learning uses the past to make forecasts about the future. It would be able to predict things as intimate as who will start dating and who will get divorced. We have seen that Japan has made the first big steps towards robotic pets and humanoids that can understand and feel emotions.

Role of Artificial Intelligence in Business

Artificial Intelligence can identify the vulnerability risks posed by possible cyber threats and attacks which may result in the loss of valuable data of the Company. In order to secure the data, the Company can develop proper and fool-proof strategies and data recovery plans to ensure to keep their data safe and secure against such unforeseen cyber attacks.

Did you ever think that your bank would be in your pocket one day? It is a reality that we are now moving around with our bank in our Smartphones in our pocket. We, as customers, always wish to have a hassle-free super-simple environment for purchasing products and services both offline and online and make payments through mobile apps instantly. Artificial Intelligence can safeguard monetary transactions through the latest AI-based technologies such as digital and cashless payment.

Did you ever realize the boredom and monotony to wait in a queue over the phone or a chat platform to talk to a real human customer care personnel to find a fix for your problem? Their inordinate delay in responding to the call is not just a disgusting experience for the customer but it might be a possible cause for him to shift loyalty to another provider. Apparently, this affects the company. AI chatbots have now come in aid for the Company as they can collect customer data through interactive conversations and help build a healthy loyalty-oriented and long-lasting relationship with the customers. It plays a crucial role in running a profitable business by the Company.

Who does not know the value of a brand? For example, Coca-cola is a popular brand name. It assumes great goodwill value which is intangible. Customers' feeling and their feedback about the product are vital for recognizing it as a brand. An AI-enabled system can handle customers’ feelings and sentiments about the brand. This helps the company to always maintain a healthy business environment and a satisfied consumer base.

Virtual Private Network (VPN) is not unfamiliar to us as far as the safety and security of networks systems are concerned. But the AL-enabled VPN systems have improved a lot over the months. It can now track user activities and their Internet Protocol addresses.

It has been a common phenomenon that we are often becoming victims of malware attacks. AI and machine learning technologies can help identify and stop malware and even block the new ones that are injected into the internet more often than ever.

Advertisement is another very important aspect of any business, but advertising costs are highly expensive. Companies can reach their targeted audience through customized AI-enabled advertising systems that provide full automated campaigns at lesser and affordable costs.

Artificial Intelligence has a vast market across the globe. While some countries have now gone far ahead in adopting the technology, the others are either slightly lagging behind or just woken up to follow them. If you go through the statistics below, you will very easily understand the vast scopes available for a prospective global market of AI technologies. The global AI market will grow by USD 120.00 billion by 2025 (Source: Statista) and Global GDP will grow by USD 15.7 trillion by 2030. According to the AI Market Report of Grandview Research (USA), the Revenue forecast is at USD 997.77 billion in 2028, a Growth rate estimated at a CAGR of 40.2% from 2021 to 2028. Regional scope- North America, Europe, Asia Pacific, South America, and MEA; Country scope- U.S., Canada, Mexico, Germany, U.K., China, Japan, India, and Brazil. Given below is a chart showing Global AI revenue forecast by 2025, penetration of AI Skills by Country, and Organizations deploying AI, by functional areas.

Wrap-up

Each and every organization faces diverse problems which can be resolved with AI-based technologies with utmost ease and efficiency. The businesses will have to identify the problem areas first and then take proper strategies and plans to address those issues one by one. The Company can then explore possibilities to develop an appropriate and customized AI-enabled system for lasting solutions to the given problems. This would build up customer’s trust and dependence while the Company operations become AI-driven and automated ensuring accelerated growth. The power of Artificial Intelligence is all-pervasive in the current century and each and every Company is now in the race to adopt AI technologies to empower them. In order to survive the peer competition, Companies must modify or replace some of their traditional plans according to their need and customers' demand to keep pace with the advancement of AI technologies.