Here’s How Your Competition Is Already Using Artificial Intelligence
The signs of the time were upon us. And the dawn of artificial intelligence (AI) is here now. But while many people might view AI with deep-running resentment, out of a fear of losing jobs and more to clever machines, its application in enterprise activity could prove powerful, profound and advancing.
Yet Infosys through Vance Bourne found earlier 2017 that a staggering number of Australian businesses are not keen on implementing AI in their day to day operations. That is despite Australia making significant leaps in AI research and development.
Most Aussie business leaders are, astoundingly, not preparing for an AI integrated future where machines working seamlessly with humans will become a ubiquitous scene. For example, compared to China, who scored 100% when 1600 business leaders were asked if they were planning to implement AI, the Australian business landscape scored a measly 20%.
However, Australia is spending the largest amount ($8 million in 2016) on AI research, coming only second to the U.S and ahead of the U.K, China, and Japan.
However, the best way to prepare for an advanced AI future is to learn the basics, strategize, implement the needed changes, and monitor ROI beginning now.
Here are four cases where AI is already influencing and offering improved efficiency, more responsive and quick customer service and cost-savings.
AI is powering automation
The Artificial Intelligence for Enterprises 2017 event in Melbourne on the 4th August discussed findings that about 40% of Australian jobs will be automated by 2025.
Examining how tools such as SEO, Chatbots, and social collaboration software are working right now, it is easy to tell that automation will not happen in 8 years’ time. It is already happening, and the organisations implementing it are reaching solutions faster and more efficiently than organisations that are holding their cards in speculation.
Face-tracking technology firm, Seeing Machines, for example, is already using AI cognitive cues to help detect drowsiness in truck drivers and help drown accident rates in the mining and transportation industry. They are receiving more business every day. Fiona Stanley Hospital is also leveraging AI in its pharmaceuticals operations.
AI is changing how we market
Judith Donath, who is a fellow at the Berkman Center for Internet and Society (Harvard University), put it best. She says that as more data-driven innovation and rapid machine learning comes of age now, it is becoming increasingly easier to collect and analyse human behaviour—your customers’ interests, committed causes, close ties, and cherished people.
This is, in turn, helping proactive organizations to know how to find leads, genuinely relate to, engage and approach potential customers, retain existing customers and make both happy.
AI is changing business models and core functions
Apart from reassigning jobs, AI is already helping bold and strategic organisations to conduct superior enterprise mobility and enterprise resource planning (ERP).
As more enterprises seek to boost efficiency, quick action and implement creative and actionable solutions, they are seeking ways to support remote workers—for example, by leveraging seamless online social collaboration tools to help employees work from home and even ashore.
In turn, the business model is gradually shifting towards roles rather than mega structures that cause redundancies, silos and slow decision making and action.
This is helping save costs related to having a central, physical office. It is also boosting productivity as employees move towards balancing work and life, making them more efficient and effective at tasking.
But perhaps the greatest impediment to embracing AI has been because most organizations still imagine that AI is a distant thought still in its foetal stages, which is incorrect. AI technology can help your business save multifaceted costs, boost your marketing campaigns, improve customer engagement and offer returns on ROI.