Artificial Intelligence | This Tech is Changing Businesses!

Mar 18,2019 by Rahul Garg

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, the influence of AI on every domain of business is increasing. In simple words, artificial intelligence is changing businesses. The future of AI is quite bright, and we have some statistics to prove the verity of this fact, so have a look:

  1. As per research firm ‘MARKETSANDMARKETS,’ by 2025, the AI market is likely to reach $190 billion.
  2. In 2021, according to market research firm IDC, global spending on cognitive and AI systems will touch the $57.6 billion mark.
  3. As stated by IDC, 40% of digital transformation initiatives will be using applications of artificial intelligence in the near future.
  4. By 2021, 75% of commercial enterprise apps will be based on artificial intelligence, and this is what IDC has forecasted.
  5. By 2030, China will leave North America behind in terms of economic benefits owing to 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 

Remember Hollywood flicks: ‘Doctor Who’ and ‘Star Trek’ in which devices were automatically translating languages so that humans can easily have a word with aliens without needing to study far-out dialects? Well, this seemed some sort of fantasy at that point of time. Nowadays, however, seamless communication with no language barriers is possible, and all thanks to artificial intelligence.

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Many prestigious companies, like Google, are using AI-powered machines that can translate conversations in their preferred language. And if you are running your business worldwide, you most probably have understood the significance of this. ‘Google Pixel buds’ are a vivid example of how artificial intelligence ensures flawless communication.

Artificial intelligence is nothing less than a helping hand for businesses having international offices, as they can effectively talk with those employees that are 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: Is Artificial Intelligence Really a Helping Hand for the Healthcare Industry?

2.    Makes HR department more efficient    

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

Well, the answer is strong relationships with loyal and diligent employees. This is worthy of attention because competent workers always help to take the business forward owing to their experience and multitasking abilities. Thus, for business owners, it is instrumental to make every possible move to pre-empt employee turnover.

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

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

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    Interviewees who come to companies like Vodafone, Nielsen, Unilever, etc. have to play a Pymetrics-designed smartphone game during the hiring process. By virtue of this activity, it gets easy to measure emotional traits and responsiveness of the job aspirants, which consequently, 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, artificial intelligence lends a hand while identifying potential employees.

  • Career management          
  • Let’s get it straight; employees generally stick around with companies as long as they are learning something new or gratified with management. With regard to bettering careers, there is a myriad of AI-driven applications that can help. We aren’t kidding, evidently because chatbots are being used in many corporations for career pathing and personalized training. ‘Gweek’ and ‘Sidekick’ are the two major examples that 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: The Race is On: Artificial Intelligence versus Hackers

    3.    Promises better designing work 

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

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

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

    What’s more, artificial intelligence makes the life of designers so easy, all they need to do is provide pertinent inputs to AI-based software, which as a result, produce hundreds or even thousands of options in terms of design.

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

    Final few words:

    Phew! It was quite informative, huh? Well, we have just talked about 3 areas to give you an idea about how artificial intelligence is making a big positive impact on businesses. This ever-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 be applicable in the future.

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

    Thanks for considering our write-up worthy to read!!   

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