We live in an age of disruption, thanks to artificial intelligence.
Businesses are getting transformed. Our working habits are getting transformed. And even our lifestyles have massively changed since the dawn of AI. Today, AI is an important necessity in our homes—and sometimes even a household presence (Hi Alexa).
If you thought you haven’t interacted with AI, consider modern conveniences like Netflix recommendations, Google’s search queries, and Facebook’s photo recognition. All these are results of AI and have become ingrained in our daily lives.
Businesses have also taken part in the AI revolution. In 2016, Gartner predicted that by 2020, at least 30% of organizations globally will use AI in at least one of their processes.
And boy, were they right?
Today, 44% of companies worldwide have reported cost savings as a result of AI implementation. But what will AI adoption bring to businesses in 2021? This article will explore the 5 ways AI-based systems are transforming businesses in 2021.
1. Better Customer Experience
Customer experience is one area that has completely been transformed by artificial intelligence.
AI-powered chatbots and virtual assistance are the crème of this technology and have improved the customer service docket in unprecedented ways. Many people are not sold to the idea of interacting with bots but this tech can come in handy in many ways.
For instance, in the airline industry, AI-powered applications are being used to answer simple queries like the status of a flight and departure time. And since AI can analyze data fast and efficiently, many businesses are using it to provide personalized customer experiences.
2. Improving Road Safety
Fleet companies are leveraging advanced driver assistance systems (ADAS) to improve driver safety, reduce accidents, and cut costs.
Today, you’ll find different types of ADAS on the market. Some monitor and alert drivers to potential safety risks while others work to prevent accidents. But one of the most effective ADAS for commercial fleets is the AI dashcam.
AI-powered dash cams analyze the roads and cab for high-risk behavior and road conditions, then alert the driver via audible voice alerts. With real-time incident detection and in-cab driver coaching, AI dash cams are playing a big role in mitigating road accidents.
The Rise of 5G and IoT has also made vehicle telematics more accurate and efficient. With 5G, fleet companies can benefit from fast speeds and higher capacity for remote execution while IoT brings advanced vehicle tracking and driver monitoring for enhanced safety.
3. Streamlining Retail Operations
Shopping online creates rich data footprints about consumer buying patterns, preferred channels/payment methods, spending habits, etc.
Feeding this data into an AI-powered application helps bring a curated shopping journey to mass audiences. With this info, an AI engine can provide a seamless customer experience by displaying products or content that the consumer wants based on their buying habits.
4. Improving Customer Relationship Management
Artificial intelligence has made its way to CRM systems, pushing the efficiency and productivity of CRMs to the core.
Today, the market has seen an increase in the number of AI-based CRM systems. Businesses are opting for AI-based customer relationship management systems because unlike conventional systems, AI-powered CRMs can multitask and handle all business functionalities.
For instance, marketers are using AI-powered CRMs to get to know their customers better and provide tailored products.
Moreover, CRMs like Zoho require a lot of human intervention to remain accurate and up to date. But when you apply AI to these systems, a normal CRM software transforms into a self-correcting, auto-updating system that stays on top of your relationship management needs.
5. Improving Cybersecurity
When it comes to cybersecurity, artificial intelligence is making enormous strides. Keep in mind that human error remains the number one cause of cybersecurity breaches.
AI can mitigate cybersecurity risks by filtering out malicious links in emails before they can be clicked by unsuspecting employees. Leading antivirus programs like BullGuard are using AI to protect their clients from Phishing scams and other online threats.
Are you using any of these AI applications for your business? If so, what are your experiences? Share with us in the comments section below.