Are AI Innovations a Solution to Productivity?

Today’s world is fast-evolving. As innovations are taking over the business world at full tilt, keeping pace with all emerging technologies is not an easy task. Due to recent developments in big data storage and cloud computing, artificial intelligence, commonly abbreviated as AI, is making great strides in enhancing its accuracy and efficiency. Introduction of such technologies as AI and machine learning (ML) in different industries is drastically on the rise, powering our businesses and daily lives.

One More Time — What is AI and Why Do We Need it

AI technologies can add great value to businesses, revealing new insights and creating better solutions. A growing number of companies start to transform their core processes and business models by taking advantage of AI capabilities.

The Current State of AI market: Stats and Facts

McKinsey Global Institute

According to McKinsey Global Institute, the total annual external investment in AI technologies was $8 billion to $12 billion in 2016, while Machine Learning attracted approximately 60% of that investment, which can be explained by the fact that ML is a key enabler for many AI applications.

Tractica

Forrester

The world is changing at an exponential rate with the growing size of data collected across the globe. Today, data are becoming more relevant and meaningful for all industries, making AI and ML the most demanded technologies. Data, AI and ML are merging into a synergistic relationship, as only AI with ML-powered systems can transform massive amounts of data into knowledge, decisions and actions.

IDC

IDC predicts that AI-driven technologies for CRM processes will boost global business revenue from the beginning of 2017 to the end of 2021 by $1.1 trillion. Within this period, salesforce customers are expected to account for $239 billion of the total aggregated revenue and over 155,000 directs jobs.

Nearly half of AI adopters acknowledge that 50% of their CRM activities are carried out using the public cloud. This, in its turn, puts forward a challenge for the AI vendors who are to deliver AI to their customers by embedding it into their applications.

The report also identifies the main areas of CRM activities that can reap benefits from AI, namely corporate marketing, product or service marketing, marketing operations/field marketing, customer support, digital commerce and customer analytics.

Accenture

According to Accenture, AI could boost average profitability rates by 38% and lead to an economic increase of US $14 TM by 2035.

In the manufacturing industry, AI-driven solutions aimed at handling defective machines and inactive equipment are predicted to enhance the profit share by 39%.

The efficiency with AI-driven Technologies: Applications

1. AI-powered Conversational Interfaces for Customer Service

According to Mordor Intelligence report, Chatbots Market was worth USD 864.9 million in 2017 and is forecasted to reach USD 3146.4 million by 2023, growing at a CAGR of 24.1% over the period from 2018 to 2023.

2. Recruitment Automation

3. Predictive Analytics

4. AI and Cybersecurity

5. Information Categorization

Another area where AI information categorization has found its use is price categorization. By implementing AI technologies, companies can determine and optimize prices with a whole new level of precision. AI systems can take a large variety of data into account, analyze them and predict, for instance, what price the customers are going to find acceptable or their receptiveness to special offers. This AI solution allows companies to target buyers with more precision and identify the exact level of discount needed.

Final Words…

Extending human capabilities, AI technology does not only make companies’ operations more efficient and cost-effective, but provides them with an insight into human behavior, people’s preferences and goals. Companies that have already started to exploit AI benefits are boosting their productivity level and enjoying sustainability and growth.

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