Artificial Intelligence is one of the most popular topics due to its capabilities for companies as well as its ever-changing skills. Staying informed about the latest industry trends as well as the future trends can be quite tricky. For your convenience, we have compiled a list of software topics which, starting next year, are expected to be “the next big things”.
Prescriptive Analytics is a great example of where Machine Learning comes in to help businesses with their daily affairs. Prescriptive Analytics is defined as advising solutions to businesses for future decision making based on the huge amounts of data collected from them. Although humans are not capable of interpreting large amounts of information in a very quick manner and with great accuracy, machines are programmed and taught how to conduct this process. A booming example where this is applied is digital marketing, where AI will help the firm to converse with their clients not only with proper attractive messages but at convenient times. The ideas of AI with Digital Marketing will allow full optimization of content marketers using and sending their content to both clients as well as potential customers surfing the web much more targeted than it was possible so far.
Additionally, one feature that many businesses large or small are adding to their websites are Chatbots. This feature is an artificially intelligent being which your website visitors can talk to. It interacts with website visitors and answers their questions and concerns similar to how a human customer representative would. Chatbots are very useful not only for collecting data on the visitor but also allowing the guest to feel “taken care of” by the company website which will lead to a higher possibility of the person to purchase a product and return to the website. Chatbots are already a couple of years on the market and used by many companies but it is believed that their importance will grow more and more over the next years.
Artificial Intelligence has taken a major step with AI Voice due to the breakthrough algorithms and technology improving speech recognition, cloud computing, and response times. The use of AI robots in customer service will continue to increase and according to Oracle, 8 out of 10 businesses have already or are planning on implementing AI as a customer service solution. Due to the exponential growth in smartphone usage, the current generation of people prefer to connect to a business without actually speaking with someone. From ordering breakfast to banking, this reveals that companies are using robots to engage with their customers and drive interaction.
Fun fact regarding artificial intelligent beings: According to New Voice Media, US businesses are losing $75 billion per year through poor customer service. Digital assistants such as chatbots and automated customer service technology are not locked down to time zones, public holidays, or the employee work clock.
On a more back-office end of things, Robotics Process Automation helps companies to be more efficient in their daily business. AI helps in monitoring the daily processes of white-collar workers and detects common routines (e.g. reading scans and putting the values into an accounting system). Those routines and their exceptions are semi-automatically learned by the software and can then be performed automatically to speed up to process, reduce error rates and allow employees to focus on rare exceptions and value-added work. This technology is often paired with computer vision, which also relies and benefited from AI technology. With computer vision, it is possible to detect text, but also objects, people, etc. from images or videos and transform them into structured, machine readable information. Thinking of every company’s billing process management, this is one of the key use cases.
Let’s Wrap Up:
Artificial Intelligence is a strong muscle for companies to use. In the coming year of 2020, various new strengths will be provided in AI which will increase efficiency and success within a company and also benefit the customers with satisfaction and convince.
Although it is challenging to stay up to date about what the future has in store regarding AI, hopefully this article made it a little easier for you.
If you are a small business or entrepreneur, you should definitely include the power of AI in your company. The world of AI minimalizes errors and significantly increases effectiveness within your business. We have many agencies specialized in AI in our Portfolio. Are you thinking of building a system like this yourself?
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