Businesses Applications that Most Influenced by Artificial Intelligence
Published on : Monday 06-04-2020
Artificial intelligence technology is already used exponentially in a wide range of business applications, from automation to data analytics and natural language processing (NLP). AI has become the latest tech buzzword in modern business scenarios where everyone is rushing to make AI profitable for their businesses. In recent years, the technology has increased rapidly as investments in this tech is continue to augment that is mostly coming from tech players.
Since AI is extensively integrating into various sectors, the chances of growth in the global economy have also been swelled. Even though the evolution and introduction of AI in large number domains, some businesses are still suffering in choosing the right AI application for their operation that can help derive an optimistic return on investment. Several business decision-makers are quite interested to deploy AI into their business functions to roll out unleashing its potentials.
There are an array of business functions that expect to garner the power of AI. Healthcare is one such interesting and complex area that continuously revolutionizing using Artificial Intelligence. The technology is able to deliver life-changing experiences to patients in both mental and physical ways. The sector’s AI usage is defined to categorizing the patient’s data, automating complex tasks, and paving ways for new opportunities.
In IT Operations, AI often brings an enhanced experience just like organizations’ implementations of the technology. To explain artificial intelligence for IT operations, Gartner first coined the term AIOps and over the last few years, IT operations monitoring tool vendors have started using AIOps features into their products. Today, AIOps tools have become widespread, but most IT leaders still cautious about leveraging these relatively new capabilities into their business functions. Apart from this, it is expected that AI-powered automation will become smarter and contextual, acquisition activity will refute, and will see more movement of AIOps toward the edge.
AI has also the capability to help the sales team within an organization to boost lead volume, quality, and close rate. It can perk up sales forecasting, foresee customer needs, and enhance communication. In the past, a sales representative can only be as productive as the time spent on selling. But with the advent of AI, sales processes really advance. The technology now has took place, not replaced, sales positions, automating activity logging, identifying high-priority emails, and creating new contacts for businesses.
According to a McKinsey survey, 30% of early AI adopters consider they have accomplished revenue increases, utilizing AI in efforts to garner market share or expand their products and services. Moreover, it finds that early AI adopters are 3.5 times more likely than others and said to expect growth of their profit margin by up to five points more than industry peers.
The introduction of AI technology into the Human Resource domain is actively transforming workplaces. As companies are increasingly integrating AI into HR functions like onboarding, they are gaining huge benefits that can improve the overall employee experience. As per a recent survey conducted by Oracle and Future Workplace, HR professionals believe AI can present opportunities for learning new skills and adding more free time that enables them to expand their current roles in order to be more strategic within their organization. AI can help professionals in HR functions by simplifying the process of recruitment and onboarding; automating administrative tasks; and improving internal mobility and employee retention.
Considering these benefits AI delivers, we can expect that the technology will demystify more business functions across a large number of industries and deliver enhanced value for businesses in the coming years.