Become an Intelligent Business with Artificial Intelligence

‘Artificial Intelligence (AI)’ is clearly a buzzword in the technology space today. Coined in 1956 by John McCarthy and team, AI has gained momentum as the trending topic for technology and business pundits worldwide. How fast is AI poised to grow and what is in it for us in this age of disruption?

Analytics Insight, a leading media authority in artificial intelligence, big data, analytics, and robotics, visualizes a wonderful future awaiting us, thanks to AI. This is not just about IT—any area using computing will benefit from AI. Things are also about to get a lot more simplified! AI-powered chips will lead to high performance apps powered by AI. Businesses will benefit from reduced cybersecurity reaction times and expenses. Voice-based technology will make interactions easier and chatbots will be a major part of corporate communication. AI will also play a major role in analytics and help IT teams by improving the performance of networks.

Many sci-fi movies have entertained us with scenes of holographic meetings. Could these be a reality for businesses soon? The bravest of businesses will push their limits to make holographic meetings a reality in 2021, according to Forrester. Gamification of strategic planning, boardroom simulations, and move to intelligent edge are other possibilities in 2021. AI could take up document extraction, customer service, and post COVID-19 health tracking for returning employees. Semi-autonomous robots could also ensure social separation at workplace, states Forrester.

Has COVID-19 impacted the adoption of AI? A recent Gartner survey has estimated that nearly 66% of surveyed organizations either increased or did not change their AI spending in 2020. Businesses worldwide are expected to spend more than $110 billion in 2024, a sharp increase from $50.1 billion in 2020, according to a recent IDC Spending Guide. The adoption of AI will be spurred by necessity. Leading AI use cases are in the areas of enhancing customer experience and employee performance. This involves customer service, sales process, threat intelligence and prevention, and IT. The IDC report has found human resources, IT, and pharma to be the fastest growing areas in AI adoption.

Banking and retail industries are projected as the leading industries in AI spending. Retail will increasingly rely on AI for improving customer experience while fraud analysis, program advisory and recommendations will be the major areas in banking. Professional Services, Media, Federal/Central Government are expected record the fastest growth during the reporting period. The United States is expected to account for more than half of worldwide spending in AI during this period followed by Europe.

Gartner’s Artificial Intelligence Emerging Technologies Radar has captured the shifting of businesses from mere process automation towards intelligent business automation. Intelligent enterprise business applications will transform business applications with intelligent automation, insights, and recommendations creating a competitive edge over traditional enterprise business applications.

With the issues posed by COVID-19, business agility and resilience are even more relevant. Transformation into an ‘intelligent business’ is no longer just a choice. The chasm that separates a traditional business from an intelligent one is set to get wider. For those still undecided, now is the time to test the waters.