“Artificial Intelligence, deep learning, machine learning — whatever you’re doing if you don’t understand it — learn it. Because otherwise, you’re going to be a dinosaur within three years.” -Mark Cuban
When was the last time you booked an Uber or tapped on a Google suggestion? How long ago did you ask Alexa to play a song or discover a new Snapchat filter? Well, the answer to these questions must be − not too long ago.
From Uber to Google and Alexa to Snapchat, Artificial Intelligence (AI) and Machine Learning (ML) are not mere technical buzzwords anymore. These technologies have already become an essential part of our daily lives and promise to transform our future as well.
A Glimpse of AI and ML-enabled Future
As AI and ML are here to stay, let us now understand how they can unlock the potential of different areas:
Remodeling Businesses and Enterprises
According to PwC, “AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined”1. This opens an excellent opportunity for enterprises to gain significant market share by leveraging AI.
For example, banks and insurance companies can leverage intelligent AI-enabled solutions like chatbots for customer onboarding-related queries, grievance handling, claims settlement, and more.
Transforming Software Development
The traditional method of software development requires hours of painstakingly complicated coding. If not eliminated altogether, the coding can be minimized by leveraging low code to rapidly develop complex and customer-centric business applications.
AI-enabled algorithms can also upgrade themselves by undergoing periodic training, which not only improves the accuracy of programs but also helps in handling complex problems.
Enabling Data Extraction and Analysis
With every passing minute, heaps of content is being added to servers globally. Today, an organization’s performance is significantly linked with its ability to extract and analyze data intelligently.
AI and ML-based technologies can derive intelligence from all forms of content and ensure intelligent decision-making by enabling accurate data extraction, structured document classification, and sentiment analysis.
Shaping End-to-End Customer Journey
With custom-made solutions, enterprises have an opportunity of enabling hassle-free online transactions. User trends can be successfully harnessed for delivering a seamless user experience through AI and data analytics.
Frictionless experience at every touchpoint, personalized communications, and contextual engagement across preferred channels can be significant differentiators for businesses in delivering customer delight.
The Way Ahead
An AI-driven future is fascinating and full of promises. Now, the onus lies on enterprises to identify the opportunities and prepare accordingly. An adequate level of awareness about the utilities and limitations of AI, as well as global consensus over regulatory laws, will go a long way in fostering a powerful partnership between businesses and AI.
As famous AI entrepreneur Oren Etzioni said, “AI is a tool. The choice about how it gets deployed is ours.”
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