- Introducing Artificial Intelligence and related technologies
- 8 Reasons why AI adoption is essential for your business
- Challenges while adopting Artificial Intelligence in your business
- How to adopt Artificial Intelligence in your business?
- Future of Artificial Intelligence in business
- How can Appinventiv help you with AI/ML software development?
- FAQs on AI adoption in business
Artificial Intelligence has changed the way businesses operate. AI has seen growth on an unprecedented scale while the technology advances with data analytics, computing powers, statistical algorithms, and artificial networks. Since the exponential progress of Artificial Intelligence, commercial businesses can no longer ignore its underlying potential.
AI can deliver a substantial amount of qualitative change to any given enterprise and create new opportunities for company growth. With this, the recent survey of 2022 says that 19% of the businesses believe in establishing an AI-based data-driven culture in the enterprise.
And over 56% of the survey respondents believed in driving innovation with AI and data analytics.
The financial sector, education sector, pharmaceuticals, industry leaders, automotive, and relatively all tech enterprises are using AI to a great extent.
Because we believe it’s high time for startups, SMEs, and businesses to embrace AI, here is a no-fail guide to adopting artificial intelligence effectively. It takes research and a pragmatic approach to explain AI and related modern technologies and explore how any business can implement them virtually.
This AI guide covers the basics of Artificial Intelligence, explains why AI is a necessity for today’s commercial business platforms and provides rich real-time examples to inspire your business to adopt AI solutions. You will also discover several ways to integrate AI into your business.
You can explore this guide in any of the following cases;
- If you are planning to create an AI-powered project.
- If you are entirely new to Artificial Intelligence
- If you are considering AI deployment in your organization but don’t know how to begin
- You understand AI but are not sure If the technology can help a business like yours
- You already know about AI but would like to discover some practical examples.
Introducing Artificial Intelligence and related technologies
If we look at AI and ML from a business perspective, they are not as complex as they appear. However, we cannot dive deep without understanding the core notions and ideas they carry. So before we hop on to the significant section, let’s get our terminologies clear.
What is Artificial Intelligence?
Artificial Intelligence, aka AI, specializes in the creation of intelligent machines that can think, react, and respond to problems in a human manner.
To fuel these machines with intelligence, we need abundant information on the surrounding data for input and experience.
The term was first proposed in 1956 when the data scientists were exploring how to use computers to solve daily problems. But it was the early 2000s when AI really became a hit in the technology and software development industry. Today, Artificial Intelligence is an integral part of our everyday lives.
AI vs. Machine learning vs. Deep learning
The three technologies are closely related and can often be confused. Let’s make the distinction crystal clear.
AI is a field of computer science where simulation of human intelligence processes such as reasoning, learning, and self-correction is done by machines.
Machine learning is one of the various applications of artificial intelligence based on the concept that systems can learn from the given data on their own. With specific repetitive tasks, the systems can evolve with minimum manual efforts.
Deep learning explicitly belongs to the group of machine learning methods. It is an approach to building and training neural networks to learn and generate outputs that require no supervision.
According to a few research studies, the volume of data generated worldwide will reach 175 zettabytes which is an astounding value for businesses. Without AI, it’s nearly impossible for companies to capitalize on these vast data stores.
Artificial Intelligence, along with machine learning and deep learning, helps businesses process large data stores to identify subtle patterns and correlations.
That’s not the only reason why over 60% of the departments in any enterprise prioritize AI/ML over any other technology. There are infinite reasons that explain why the role of Artificial Intelligence in business is huge.
8 Reasons why AI adoption is essential for your business
A variety of AI tools and software can make your business process much simpler and more effective. For instance, software that is used for product recommendations in eCommerce, software for automated content marketing, chatbots, software that predicts sales, etc.
Apart from this, Artificial Intelligence ensures cybersecurity defense for your business, powers customer service, reduces energy costs, performs data analysis, and helps an organization become more customer-centric.
That was just an overview of unlimited AI applications and use cases. Below are the top ten reasons to adopt AI for your business;
1. Chatbots for enhanced customer experience
A chatbot is an AI software that imitates human conversation with customers over mobile apps, websites, smartphones, etc. In simple words, it is an AI-powered digital assistant that businesses use to resolve customer queries.
Now that users want quick, easy, and personalized solutions, chatbots are the most efficient way to communicate with customers.
Chatbots are directly contributing to digital business growth and are among the most promising trends in customer engagement and user experience. This is probably why the global chatbot market is expected to reach 1.25 billion USD by 2025.
2. AI sentiment analysis for gauging human emotions
Sentiment analysis is a popular automated process in data science and analytics that businesses use to monitor and analyze customers’ opinions and emotions through various texts.
The applications of AI in sports, healthcare and ecommerce for analyzing sentiments and emotions has proven the biggest benefit to businesses.
The texts can be in any format taking place on a website, social media, product or service comments, etc.
All thanks to AI in sentiment analysis, you can analyze vast amounts of data and understand how customers feel about their services or products. Furthermore, you can merge all types of social data to determine customer preferences, intent, and needs.
3. AI Sales forecasting for revenue growth
Sales forecasting is a vital process of estimating and predicting future sales for long-term business growth. Through sales forecasts, one can detect future potential problems and still have time to avoid them. Not only this, accurate sales forecasts can help your business calculate the probability of future customer purchases and predict long and short-term performance.
Sales forecasting can be done by implementing AI-based CRM software in the business where the system can analyze CRM data, purchase history, etc. The software can detect how each data element, such as mail, customer calls, etc., is related to sales performance.
4. Price Optimization
Product or service price is the primary factor that makes customers buy. We may live in the era of “value,” but “price” is still the king. There are certain factors that influence the price, such as brand reputation, product history, product demand, season, quality, operating costs, etc.
Artificial Intelligence is specialized in successfully taking all the above factors into account when determining the optimal price of the product. In simple terms, AI can help you make the best price decisions for every product.
One real-time example of AI in price optimization is Uber. The ride fare, route, and the nearest driver decisions are all made by the AI.
Similarly, Walmart and Amazon rely on AI technology for cognitive pricing optimization.
5. Enhancing in-store experience
Despite the massive demand for online shopping, physical stores still are the lions of sales. Artificial Intelligence has the power to completely transform the traditional in-store experience and provide the next level of personalized experience.
One real-time example of AI in business is how Appinventiv eased the in-store customer onboarding for the world’s largest furnishing chain IKEA. An ERP solution crafted by the development team helped IKEA gather the information and preferences of the customers. Simultaneously, the solution also promoted the marketing efforts of the company.
Instant access to products and services, faster checkout, and personalized recommendations, all contribute to smarter buying decisions.
6. AI smart cybersecurity
Thousands of credit card companies and financial institutions rely on Artificial Intelligence and Machine learning for fraud detection. Cybersecurity is one factor why significant industries such as retail, banking, automotive, telecom, etc. do not compromise with AI.
On a daily basis, your business might exponentially face account takeovers, identity theft, malicious ransomware, etc.
AI cybersecurity software and tools can save your business in many ways: vulnerability management, behavioral analytics, network security, phishing detection, prevention control, etc.
7. AI Strong competitive intelligence
How AI carries an impact on your business across various domains is incredible. It is easier to conduct research, analysis, and competitive intelligence through AI tools. In technical terms, Competitive intelligence is a process of collecting and analyzing information about your potential and current competition, industry, and business environment.
While making such efforts, you can seamlessly track what your competitors are doing and what strategy made them successful.
8. Revenue boost with product recommendations
AI is popularly used in product recommendation systems. AI systems widely suggest information and products to users based on unique data analysis methods. If you are an online shopper, you might already be aware of product recommendations.
Through AI systems, you can facilitate purchase decisions by helping customers find products that meet their needs. Once they find the right product, you are good to go with sales and revenue.
Apart from these, AI keeps your business in front of millions of customers through content marketing. AI uses algorithms to analyze existing data and put out the best strategies to market content through blogs, social media posts, podcasts, eBooks, case studies, etc.
AI in business can technically manage your entire marketing, from scheduling social sharing to keyword planning and optimizing blog posts. This is how the benefits of Artificial Intelligence in any business bring real value.
Now that we are familiar with AI applications in business, you might want to know how to adopt AI the right way. But before we get there, it’s essential to understand why it is hard to build an intelligence-driven enterprise?
Challenges while adopting Artificial Intelligence in your business
Over 70% of executives from top-tier organizations cite that data collection is essential. Data is generated and collected at the speed of light, transforming the internal and external operations of the business. The benefits and uses of Artificial Intelligence in business can only be successfully implemented if the leaders recognize the pitfalls of becoming an intelligent data-driven business.
Below are a few of the most common challenges that hinder AI adoption in business;
- Low adoption of BI (Business Intelligence) tools
- Limited access to data
- Over-reliance on data scientists/specialists
- Prevalent technical bias
- Lack of Modern technical knowledge
How to adopt Artificial Intelligence in your business?
Learning how to implement AI in your business is more than just finding an intelligent system or encouraging your team to utilize modern technologies.
Before you commit to a specific AI tool or software, you must ensure that everything truly improves your overall work process and productivity. In addition, also make sure that the AI systems meet the needs of your business.
You can go for business mobile app development, software development, or full-cycle system development, depending on your business requirements. Nonetheless, do not forget to avail the development services from a reliable AI software development company that ensures a smooth development run.
Now, here are six easy steps to adopt AI the right way:
Understand what AI can and cannot do
The primary step is not directly to add AI to your workflow. It is important to research and understand the applications, benefits, and future of AI in business. On top of that, figure out how AI technology can help with your niche.
For example, AI in the healthcare niche is used to
- Keep better track records of patients
- Refine diagnosis
- Communicate with patient
- Provide instant care etc.
Similarly, AI in retail, manufacturing, finance, and any other industry can bring a pile of benefits.
Understand your end goals
It’s critical to know the end goal of adding Artificial Intelligence to business.
Does adding a new AI software system make it easier to reach your ideal customer?
Can AI technology systems help you promote your products and services faster?
Is there a particular metric in your business that AI can improve?
In order to get these answers, you might need to brainstorm with different departments such as sales, finance, marketing, production, etc. You can further make a list of special features and capabilities of AI that best fit your business goals.
Evaluate Internal capabilities for tech adoption
To make your business AI-ready, evaluate if your workforce is ready for technology adoption. Not just the workforce, your internal capabilities, including the budget, should be firm with AI implementation.
See if you have skilled in-house employees who are familiar with the AI software and tools.
If budget and resources are a constraint, you can always outsource an experienced AI software development company that side you as a technical partner.
Build or integrate the system
You don’t always have to build an AI technology system from scratch. If this is the route you are taking, be patient enough for the product/system to develop successfully. Again, outsourcing a development team will help you reach your goal faster.
Product development is something you don’t want to rush. Too many prominent organizations and brands have learned the hard way that jumping into AI without taking adequate time can lead to problems such as data failure, breaches, system failure, etc.
In other ways, it is always effective to integrate a pre-made AI system where algorithms can be understood easily.
Test the AI system for a period of time
Once your AI system or software gets operational, make sure you give enough time to test the system. Depending on your niche and industry, the time may vary from weeks to months. While testing, observe if:
- Your clients are satisfied with the service they are receiving post-AI implementation.
- Your employees work more efficiently now that they have the technology upgrade.
When you look at concrete factors such as productivity, sales improvements, order times, etc., you can easily decide if the AI implementation is working for your organization.
Once you collect a reasonable amount of data to understand if the technology is working for you, refinement changes can be done.
Small changes such as how customers are interacting with your business or overhauling what employees can do with a specific feature. You can modify or add a lot of variables depending on what works best for your business.
Future of Artificial Intelligence in business
As AI continues to improve day by day, the idea of adopting AI in business makes more sense. AI for business leaders can help with future-oriented services that aim to grow and stay ahead of the competition. This AI guide familiarizes you with the role of AI in business, the benefits the technology brings, and things you can do with the post-implementation of AI.
All you need is an experienced technical partner to guide you through every step of the development and adoption process.
How can Appinventiv help you with AI/ML software development?
At Appinventiv, the AI developers design intelligent solutions to help your business solve problems, automate tasks and serve customers better. Our suite of AI solutions includes data capture and processing, analytics, multi-platform integration, machine learning solutions, etc.
Let us help you unlock business opportunities with intelligent AI-driven solutions.
FAQs on AI adoption in business
Q. What are the top four necessities for companies to adopt AI?
A.The top four necessities for businesses adopting AI are:
- Building the AI infrastructure and firm internal capabilities.
- Considering a solid management change plan.
- Understanding the objectives and strategies for the adoption of AI
- Ability to collaborate and work with the technical requirements.
Q. How does Artificial Intelligence affect business?
A. By deploying the right AI technology, your business can serve customers better. You can further save time, money, and resources by automating and optimizing tasks and processes. You can also increase operational efficiency and productivity and make faster business decisions.
Q. What are the few criteria for choosing a reliable AI software development company?
A.There are certain common standards when choosing an AI software development company. Some of them are mentioned below:
- Agile software development
- Development process etc.
A software development service at Appinventiv brings speed, precision, and efficiency to product development. Contact the AI experts to get personalized solutions.