Artificial Intelligence | This Tech is Changing Businesses!

Mar 18,2019 by Rahul Garg
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From school going students to business tycoons, everyone is acquainted with the term: ‘Artificial Intelligence (AI).’ Actually, this ever-growing technology has been in the market for more than a decade. And many corporations have witnessed tremendous transformations since bringing applications of artificial intelligence into use.

With every passing day, theinfluence of AI on every domain of business is increasing. In simple words,artificial intelligence is changing businesses. The future of AI is quitebright, and we have some statistics to prove the verity of this fact, so have alook:

  1. Asper research firm ‘MARKETSANDMARKETS,’ by 2025, the AI market is likely toreach $190 billion.
  2. In2021, according to market research firm IDC, global spending on cognitive andAI systems will touch the $57.6 billion mark.
  3. Asstated by IDC, 40% of digital transformation initiatives will be using applicationsof artificial intelligence in the near future.
  4. By2021, 75% of commercial enterprise apps will be based on artificialintelligence, and this is what IDC has forecasted.
  5. By2030, China will leave North America behind in terms of economic benefits owingto AI.

Get enough of AI-centric statistics? Keen to learn how artificial intelligence is changing businesses? Pay heed to the following pointers to get an idea about the prominence of AI:

1.    Guarantees seamless communication 

RememberHollywood flicks: ‘Doctor Who’ and ‘Star Trek’ in which devices wereautomatically translating languages so that humans can easily have a word withaliens without needing to study far-out dialects? Well, this seemed some sortof fantasy at that point of time. Nowadays, however, seamless communicationwith no language barriers is possible, and all thanks to artificialintelligence.

Manyprestigious companies, like Google, are using AI-powered machines that cantranslate conversations in their preferred language. And if you are runningyour business worldwide, you most probably have understood the significance ofthis. ‘Google Pixel buds’ are a vivid example of how artificial intelligenceensures flawless communication.

Artificialintelligence is nothing less than a helping hand for businesses havinginternational offices, as they can effectively talk with those employees thatare working in tandem with colleagues present in other countries. In addition,salespeople can also scout for potential leads in non-English speaking regions.As a positive consequence, this results in better sales growth.

Read Also: IsArtificial Intelligence Really a Helping Hand for the Healthcare Industry?

2.    Makes HR department more efficient    

“Do you know the factor that canhelp to achieve business objectives sooner rather than later?”

Well, the answer is strongrelationships with loyal and diligent employees. This is worthy of attentionbecause competent workers always help to take the business forward owing totheir experience and multitasking abilities. Thus, for business owners, it isinstrumental to make every possible move to pre-empt employee turnover.

Nowadays, artificial intelligenceis deemed as a tool that has the potential to make the HR department of anycompany more efficient. How? Let’s find out together:

  • Talent acquisition  
  • Talent acquisition is one of themajor benefits that AI-powered applications offer. This cannot be overlookedbecause you can secure better growth for your business by improving the qualityof hire. Nowadays, many established enterprises make use of AI-based tools toget nimble job candidates on board. For instance:      

    Interviewees who come to companieslike Vodafone, Nielsen, Unilever, etc. haveto play a Pymetrics-designed smartphonegame during the hiring process. By virtue of this activity, it gets easy tomeasure emotional traits and responsiveness of the job aspirants, whichconsequently, helps to make a good hire.

    Besides this, it also lowers the chances of making biased employment decisions, which prevents legal issues that can be caused after violating EEOC (Equal Employment Opportunity Commission) policies.

    All in all, artificialintelligence lends a hand while identifying potential employees.

  • Career management          
  • Let’s get it straight; employeesgenerally stick around with companies as long as they are learning somethingnew or gratified with management. With regard to bettering careers, there is amyriad of AI-driven applications that can help. We aren’t kidding, evidently becausechatbots are being used in many corporations for career pathing andpersonalized training. ‘Gweek’ and ‘Sidekick’ are the two major examplesthat show AI is fruitful for better learning and development.

    It may come as a surprise to you, furthermore, that artificial intelligence also aids in creating a good image of management in employees’ mind. This happens because of AI-powered chatbots, which answer queries in a jiffy and also help in employee scheduling. Apart from building a business’s brand image, this keeps the hassle of employee turnover at bay.

    Read Also: TheRace is On: Artificial Intelligence versus Hackers

    3.    Promises better designing work 

    In this day and age, it isfundamental to show creativity, no matter whether you are designing a websiteor making automotive design. But now the question that arises is, ‘How to comeup with new ideas every time?’ Well, pal, this is where the demand for applications of artificial intelligencesoars.

    We do have an amazing examplethat will explain how AI helps to bring out creativity from humans. So, let’sget the ball rolling:

    Dreamcatcher, a program createdby software development company ‘Autodesk’, uses AI techniques to assist humandesigners in achieving their creative tasks. The significance of this is quitehigh, as many reputed multinational companies like ‘Airbus,’ ‘Under Armour,’ and ‘Stanley Black & Decker’ arealready using AI-driven tools to get designing-related jobs done on time and ina perfect manner.

    What’s more, artificialintelligence makes the life of designers so easy, all they need to do isprovide pertinent inputs to AI-based software, which as a result, producehundreds or even thousands of options in terms of design.

    If industry reports are anything to go by, ‘Airbus’, an airplanemanufacturer, had brought AI-driven software to redesign an interior partitionof ‘Airbus A320.’ The company came up with 45% lighter design than the previoussetup. It is phenomenal, isn’t it?

    Finalfew words:

    Phew! It was quite informative,huh? Well, we have just talked about 3 areas to give you an idea about howartificial intelligence is making a big positive impact on businesses. Thisever-growing tech can also be fruitful in other domains like marketing,finance, etc. To be honest, there is hardly an area where AI will not beapplicable in the future.

    Do you want to leverage applications of artificial intelligencein contemplation of improving business growth? Join forces with Cyfuture!

    Thanks for considering ourwrite-up worthy to read!!   

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