Artificial Intelligence Is Revolutionizing The Business World

AI is up and coming to ultimately change the way we do business

17Apr

There are business analysts who believe that artificial intelligence is already influencing the way the world is now conducting its business. A Forbes magazine article on the subject claims that a survey revealed that 84% of businesses polled believe that AI will help them to be more competitive while 83% thought that AI is one of the top priorities for modern businesses. In other words, only about 20% of businesses today don’t believe that AI can bring any advantage. In Pareto’s Rule, the 80% is what matters.

Automation And AI Is Already Here

Commercial enterprises are now utilizing AI to streamline workflows and to automate simple tasks. If this scheme of things is sustained, there will be definite changes in the business world which could be akin to a real revolution. This was underlined by a study conducted by the MIT Sloan Management Review. The study indicated that the biggest change that the business world will experience is the increased adaptation of automation.

Apparently, around 23% of business respondents say that they are already utilizing AI in their automation or processes. In addition, about 23% of the respondents also revealed that they are in the stage of testing or initiating their AI processes. Only about 22% of the respondents admitted that they are not even thinking of using AI in their operations. Some of these industries belong to the handicraft sectors which really don’t have any use for automation.

There Will Be A Revolution In The Retail Industry

The revolution in the retail industry is about to accelerate. This will be greatly driven by the penetration of artificial intelligence across a broad area of the industry including retail demo service. AI has already made inroads on most tech gadgets that are emerging. These include voice assistants, facial recognition, and many others. All these new technologies are based on or are supported by AI. As such, they are considered as the most disruptive of the retail industry when they are fully deployed.

For instance, an online store needs only a very low capital compared to a physical retail store. This situation is threatening to established stores and brands. As it is, new customer channels have already developed along the lines of Pinterest, Facebook, and other social media networks.

Artificial Intelligence is at the core of the next-gen technologies that will disrupt all of the established industries in retail. Voice assistant, facial recognition, chatbots, and augmented-reality apps are systems that are increasingly being tested and deployed in a wide range of products that will offer definitive advantages to a host of functions ranging from customer service to retail sales.

There Will Be A Revolution In The Financial Services Industry

AI is even now disrupting the financial services industry. In this line of business, accuracy, flexibility, and speed are the rules of the game. If a company is able to deliver its financial services along these lines in very efficient ways, it will be able to lead the pack. In this regard, both consumers and providers of financial services are looking forward to AI’s help in facilitating the transformation of their industry.

To financial service providers, AI will help them deliver better and more efficient services which can help them sustain their business and even be one among its leaders. For consumers, AI will enable them to access financial services and products easily, at the time that they need them, in prices that they can easily afford. AI, as it is already proven, can cut costs considerably and deliver the results much faster.

In short, AI will help the business of financial services convenient, accessible, affordable, and deliverable at faster rates. The final outcome is an industry that serves its customers well at the time that they need it. With AI, bank loan applications and approvals will be easier and faster. The same thing will be true with financial planning, investments, personal banking and the whole financial service functions that this industry is engaged in.

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