Artificial Intelligence or AI this is the term that you hear on several occasions today. It is the era where technology has started adding enormous amount of value to mankind. AI has delivered results to multiple organization across industry segment, helping them to improve customer experience, enhance top line and leading in to enlarged market valuation.. So, what do you understand by artificial intelligence?
Well, artificial intelligence is one of the most useful innovations done by the mankind for the mankind. It is also sometimes referred to as machine intelligence. Basically, AI refers to a technology that operates just like a human. It is like replicating human brain to some extent. The technology is designed and developed in such a way that the system collects the data, processes it, and stores it for future reference. This stored data is used by the system to improve the user experience. So, while interacting with an artificial intelligence system, the user gets a feeling of interacting with a human. The name itself says artificial intelligence, which means that a machine imitates the cognitive functions of a human mind, including problem solving, learning, responding to queries, etc.
So, now the question arises, how is artificial intelligence capable of powering the upcoming digital transformation as a whole?
According to a study by PWC, which is one of the leading multinational professional service network in London, has predicted that by the year 2030, artificial intelligence will add approximately $15.7 trillion to global GDP annually. Be it any sector, automotive, manufacturing, insurance, AI has been impactful and a prime driver of digital transformation.
Also, according to a latest survey done by BrightEdge, around 26% respondents think that artificial intelligence is going to be the next big trend this year.
Futurism Technologies, one of the fast-growing companies, has served many of its clients with their digital transformation services. The company is also known for its extensive knowledge and experience working with the AI technologies. According to the experts from the company, here are some top areas of digital transformation that are expected to get impacted by AI:
1. Customer Engagement: Customer care and digital marketing are the two prime areas, which are expected to be influenced by artificial intelligence. Customer care consists of virtual assistants, such as Chatbot, voice assistants, and conversational platforms and so on. Most experts predict that within a few years most human beings will be replaced by virtual assistants. On the other hand, when it comes to digital marketing, artificial intelligence tools can help in improving the real-time personalization, customer segmentation, and customer journey insights.
2. Predictive Analysis: What if we tell you that your historical search data can be used (or rather is used) by most marketers? Yes this is happening, thanks to the artificial intelligence technology. So what is predictive analysis? It is an algorithm, which calculates the possibility of something that will happen, based on the historical data. However, speed, scale, and application are the three important factors driving the marketing value. Predictive analysis lacks here. This is where AI makes a difference. When artificial intelligence is used for predictive analysis, it helps enhance all the three aspects (scale, speed, and application). With AI-enabled predictive analysis, a huge volume of real-time information can be analyzed, which are further used for taking certain decisions or actions. Similarly, the human work worth several years can be easily accomplished at a great speed, then AI is used for predictive analysis. This not only makes it faster, but also smarter and actionable.
3. Connected and Smart Devices: The world is getting connected, and that too, smartly. Connected devices is a broad term, and may refer to smart devices, wearable computers, mobile Internet device, Web of Things (WoT), etc. These devices act as bridges between various sections of information and the reader. According to study published by GSMA in partnership with Machina Research, and support from Vodafone, Deutsche Bank, KT, AT&T, and Telenor Connexion, the total number of connected devices is expected to reach 24 billion mark by the year 2020. The rise of connected devices and smart devices has been one of the major successes of artificial intelligence. According to a news published on CNBC, the cloud team at Google is planning to build AI chips for the web-connected devices. Although these chips will be built for various purposes, initially, they will find their use in the industrial manufacturing. And, its not just Google, which is focusing more on the Internet of Things (IoT), but also Microsoft, which announced an IoT chip design, earlier this year.
To answer the question, Yes, artificial intelligence is reliable technology and is here to stay for long and develop more. What proves its reliability is the research by Statista, which says:
1. Around 75% think that artificial intelligence will promote the start of new businesses, and will suggest new ways to the competitors to gain access to their markets.
2. Approximately 84% of enterprises think that to gain greater competitive advantages, it is good to invest in artificial intelligence technology.
3. According to 63% people, AI would be required to handle the pressure of reducing costs.
Being inspired by the above figures, today, the new-age digital transformation companies are trying to exploit this trend to improve their customer satisfaction. Futurism Technologies helps its clients to exploit the AI-technology in the following ways:
1. AI-powered Chatbot: Futurism Technologies Chatbot – AMI is an AI-powered Chatbot, which provides the following advantages:
a. An impeccable accuracy in troubleshooting and knowledge management
b. Incorporation with powerful social media sites including Facebook and Skype
c. Automation platform, which helps resolve about 30 40% of tickets
d. Automated ticket creation and status update
2. Churn Predictor: The churn predictor by Futurism Technologies has helped businesses to:
a. Increase the profit by up to 60%
b. Boost customer retention by 25 35%
c. Turn about 60 70% of existing customer into a returning customer
d. Drop the product cancellation by around 50 70%
Do you wish to gain more information or a deeper insights of artificial intelligence technology and its relationship with digital transformation, then you can consult experts from Futurism Technologies.
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