We are living and working in the era of technology innovations and inventions that represent enormous potential for the future of business and challenge us at the same time. Nowadays, artificial intelligence is known as the fastest-growing technology in the world and is being used to drive business growth.
Future Industry Insight survey states that the artificial intelligence market size is expected to reach 169 million U.S. dollars in 2025 globally growing at a CAGR of 55.6% from 2018 to 2025. Future Industry Insight survey states that the artificial intelligence market size is expected to reach 16.7 billion U.S. dollars by 2026 globally growing at a CAGR of 57.2% from 2018 to 2026.
Healthcare, e-commerce, logistics, finance, retail, marketing, and sales have already started to use AI technology to drive their business growth. Let’s get a quick refresher on AI and what ways it works below:
What is AI and in what ways does it work?
We use the term artificial intelligence (AI) when describing a wide range of technologies, such as machine learning, computer vision, deep learning, digital assistants, natural language processing (NLP), chatbots, etc.
In the enlarged sense, it is a collective term applied to hardware-programmed systems that can acquire, process, analyze, understand the environment, learn from experience, and take action in response to what they are sensing. AI-powered systems work in the following ways:
- Do not act autonomously, just automate the manual tasks.
- Continuously learn from their interactions with humans, and the environment when augmenting humans in decision-making.
- Only assist humans in making decisions or taking actions, but cannot act autonomously and learn from their interactions.
- Adapt to different situations and can act autonomously without humans assisting them.
How businesses can leverage AI to drive their business growth
Expectations for AI technology are sky-high. But how does AI fuel businesses, and how can businesses derive a benefit from using it? The best way to understand it is to figure out the use of AI technology in business.
Below we have provided some uses of AI technology that can foster your business growth. Let’s delve into details!
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Quickly adapt to changes
Consumers’ expectations, technology innovations, potential new products, and services are dynamically changing and evolving. Businesses and brands should react to these changes promptly and actively.
AI-based systems allow automating complex and time-consuming tasks and processes, identifying trends to create business value, providing forward-looking intelligence, and speeding up the products’ time to market.
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Accelerate the decision-making process
One of the crucial components of business growth is making accurate and timely decisions. AI-powered systems can assist you in making critical decisions based on utilizing accurate insights, flawless statistics, and other facts to find out new solutions and more effective approaches to resolving business problems of any complexity.
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Turn data into insights
AI-based systems make it possible to sort great data amounts to establish links and bring new insights that can help in improving customer services. AI-powered systems enable to give the right information powered with helpful hints to the right group of people at the right time. They simplify the way of sorting data and derive benefits from it to reach key decisions and help to grow your business.
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Fix attention to customers
Users are interested in getting an excellent user experience from start to finish, complete with a user-friendly platform and sophisticated services. AI-powered systems help businesses and brands to enhance UX, gain brand loyalty, and foster business growth.
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Underpin cybersecurity
Cyber attacks are increasingly growing in volume and complexity. To stay ahead of threats, AI-powered systems should be put in place to help businesses in detecting potential attacks and protect against them.
Bottom line
AI-powered digital solutions are considered to be cutting-edge and robust. They reinvent the way companies do business, interact with their consumers and serve them.