Artificial Intelligence has played a crucial role in shaping businesses. As most business leaders believe – it has enormous potential in reshaping businesses.
As per the global study published by the Boston Consulting Group and MIT Sloan Management Review, more than eighty per cent of the 3,000 business leaders interviewed say implementing AI gives them a competitive advantage.
Despite the huge expectation of the growth of Artificial Intelligence in the businesses today, it is still being
underutilized in many industries. This could put businesses that aren’t utilizing AI at a lower funnel in business generation than companies that have already adopted the technology and continuing to excel.
“Did You Know? Statistics show only 23 per cent of the leaders surveyed had already incorporated AI into their business models.”
Every business in the market has its own use of the latest technologies including artificial intelligence. Though technology already has been playing a vital part in numerous industries, usage of Ai is comparatively lesser, given the potential it has in yielding results. By understanding the market and its unique uses, investing in Ai solutions can yield profitable results.
Here are some techniques on how businesses can utilize Artificial Intelligence.
Cognitive Anomaly Detection and Prediction
When it comes to healthcare sector, the focus is mainly on the prevention of equipment failure. To avoid equipment failure it is important to have routine, often redundant services scheduled for companies to avoid failures, but this routine maintenance also produces a lot of waste, and it isn’t always successful.
Instead, companies now are turning more toward cognitive anomaly detection and prediction, which utilizes AI to harness terabytes of real-time data about a machine’s operations.
“DataRPM, which provides predictive maintenance solutions and products that help detect anomalies through Cognitive Anomaly Detection and Prediction (CADP), explains that data collected from machinery can indicate when performance is declining.”
This technically means that a technician can get involved before the equipment fails or shuts down and companies can address anomalies long before they lead to equipment crashes, lengthy downtimes, and lost productivity and revenue.
Managing IT security intrusions
AI can be best used in the IT sector as a lot of hacking and cyber attacks continue to ramp up in this industry. Computers interact best with each other, and the IT industry can leverage on this for a wide range of IT security
and support functions. By implementing Ai it is easier to track down and shut these attacks faster.
“As reported in Harvard Business Review, a 2017 global study by Tata Consultancy Services found that 44 per cent of companies surveyed were using AI in detecting and fending off computer security intrusions in the IT department.”
Given the fact that technology has been advanced significantly in the recent times, AI has proven to make a great impact in the IT sector. In addition to its cybersecurity applications, AI has also helped to resolve technical support issues, thus making it easier to adopt new technologies.
Engaging Better with Customers
Talk about customer engagement, Artificial Intelligence may not seem to be on par with the customers yet, but marketers and brands are beginning to use this technology to enhance how they interact with
consumers.
Using AI, helps the companies understand and create products and services that customers want, thus enabling better customer relationships.
“Amazon and Netflix use Ai to personalize recommendations based on user activity.”
Another factor in underutilization of Artificial Intelligence in businesses is that many still consider it as a future concept. Business leaders must start recognizing its importance, for understanding customer behaviour and start implementing in their businesses for better customer retention.
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