Artificial Intelligence is all the trend now, but we tend to forget that AI has been with us for quite a while already. Forms of AI like facial recognition, and the virtual aides we hold on our smartphones or at home, like the Google Assistant, Microsoft`s Cortana, Apple`s Siri, Amazon`s Alexa or Samsung`s Bixby are all AIs, and have been affecting the way we live, grind and chill.
Some may confuse Ai with IoT (Internet of Things), but they are not similar. IoT communicates or interacts with physical objects via internet, mostly white goods like a smart fridge but also other home appliances, in the process turning the household into a smart home. On the other hand, AI makes the devices learn and adapt from their experiences and data, it`s responsible for carrying out intelligent things and tasks autonomously the way humans do, or possibly even better. Furthermore, it doesn`t need constant guidance or monitoring.
Back in 2016 a study showed that AI was valued at $1.36 billion, and it`s expected to grow at a Compound Annual Growth Rate (CAGR) of 52% during the forecast period from 2017 to 2025.
Digital transformation is the area where AI made the most noteworthy effect, availing us of the potential to reform the way we intermingle with tech and lead our trades. Read on to see why AI is the future, and how it is changing the digital platform as we knew it.
AI-Enhanced Digital Transformation
When organisations opt to switch to digital, they access a myriad of possibilities, and leave their permanent cyberspace footprint in the form of various tools like a dynamic interactive website and/or an app, while mingling and advertising on social media, remaining relevant in line with current trends and practices. This will enable them to access their clientele more easily and effectively, since consumers are surfing, comparing and purchasing online with few taps from the palm of their hands via their smartphones or other devices.
Keeping all this in mind, and now adding AI in the mix, will surely enhance the company`s overall leverage, from production, to regular and effective monitoring, targeted sales, smart stock taking and accurate audit among other features. AI can be set to learn and assist in all of the aforementioned, eventually resulting as a key support to the company`s line of business, speeding workflow and releasing staff who can dedicate more time on other jobs. All this contributes in reducing both costs and resources since AI is now in charge of doing these everyday jobs or the BAU (business as usual) stuff.
AI prowess can be easily shown by simply applying a chatbot on the company`s website for example, which will welcome and guide visitors, attending to basic limited direct requests/questions through a structured combination, then passing them through to human employees/staff for more elaborate procedures or as needed.
If done properly, this excellent combination of digital transformation together with AI, will surely boost the company`s revenue and ultimately its reputation as an avant-garde organisation, keeping them abreast, solid and attractive in their niche market.
AI vs Automation
Again, there`s a risk that we confuse AI with automation, same as with IoT, but they are all different.
Yes, even automation doesn`t need human intervention, as an automated database will follow the planned directions to carry out the job. Automation serves to save time and resources spent to complete capacious and mundane work, positively impacting financials, while freeing employees to work on more intricate tasks.
Artificial Intelligence (AI) is different because it simulates the human thought process, by learning and evaluating vast volume of data, consequently recommending the best course of action or even listing various approaches and solutions, resulting in great value, support and a key asset to the organisation.
Now, ideally a proactive company combines both automation together with AI, to obtain the best results. Automation will make use of software, but with the inclusion of AI an organisation will hold a powerful tech tool and benefit by being more rapid, efficient, saving more time with AI insights, obtaining more flexibility and processing power. This is called AI Automation.
The Perks of Digital Transformation in tandem with AI
By now we believe that you grasped and started to appreciate that AI is not only here to stay, but it`s an avant-garde tech gear to behold, embrace and implement as it yields a myriad of advantages, of which we already mentioned a few, but let`s list and revisit these rewards.
- Cost Cutting – is a key factor in every organisation, which wants to boost profits, while reducing costs. AI will assist in just doing that, by releasing staff and saving time
- Enhanced decision-making – with its evaluations and swift responses, AI provides quick recommendations to the matter at hand
- Amplified competition – thanks to AI`s potential, a company is freed from the BAU tasks, and utilises that time won to be more competitive in the market, by advertising more and spending more quality time on leads and sales, to the contrary of their adversaries lacking AI
So, is AI perfect? Of course not, there is no such thing. In some cases, AI is still a new concept, that is being experimented, tweaked and polished to render better results. As we see in Chat-GPT or Google`s Bard, which are AI chat machines, you need to double check their responses as not all answers are accurate, but they still provide fast answers, and can be of great assistance to speed up tasks.
Moreover, one has to calculate other possible cons of AI like costs, sensitivity, privacy, security and ethics of data to be processed, while ideally holding experts in the tech field to integrate AI with existing systems seamlessly.
Organisations implementing AI need to understand what are their needs, and integrate it smartly with their current automated processes to obtain its full potential. Keep in mind that AI automation if utilised correctly will boost a company`s workflow and revenue.