The digital world is witnessing remarkable changes in how startups and enterprises operate. For example, practically every industry has transitioned from a paper-based economy to comprehensive process automation. With just a few clicks, customers can make the most of E-commerce shopping and receive their orders at their doorsteps conveniently instead of visiting brick-and-mortar stores. Technology has increased the ease of doing business and expanded the market opportunities and possibilities for SMBs as well as enterprises.
As we know, companies such as Microsoft, IBM, Netflix, Amazon, Apple that have been quick to capitalize on digital transformation are leading the market. The adoption of automation, cloud computing, Artificial Intelligence (AI), and Machine Learning (ML) solutions have enabled them to stay ahead of the competition.
Leveraging the Power of AI
Some businesses are not utilizing the benefits of Artificial Intelligence (AI) to their fullest. Globally, experts are coming up with ideas based on data-driven strategies and predictive models. Once you understand how AI can help your company, you can transform each process to ensure ROI like the industry giants we mentioned above. In this case, it is all about utilizing the power of predictive analysis, business analytics, and business intelligence (BI). Reviewing data from mobile devices and customers’ online search results also play an integral role in improving future business strategies for successful outcomes.
Let’s take the example of retail business players like Amazon and Alibaba. Their current business model is based from end-to-end shopping to delivery.. Customers order products online and receive them at their required address. With AI, these giants are thinking about reversing their model to delivery then shopping. This means customers will be given suggestions to the products they may need or would be interested in, eliminating the need for extensive research at their end. Though, it would only be possible when the AI and systems of these companies can accurately predict the products your customers are expected to purchase before you buy anything.
It is nearly impossible to not leverage the power of AI in today’s world. According to a report, AI will be increasing businesses’ productivity by a massive 40% in the year 2035.. AI in business 2020 will also be about revamping the business models as more data pools would increase the accuracy of predictive analytics
Let’s dive into the impact of AI on the business models. While we use AI to improve customer service, management, and ROI, more companies are looking towards it to transform business. The technology gives you access to information that you never had before. You can tap into new opportunities, niches, and market segments by leveraging continuous data streams through various connected devices. Once you extract the necessary information for targeting new customers and business segments, you can easily revamp your business model. Also, with real-time analytics and predictive analysis, you can change your business strategies and view results instantly.
Into the Future
Now, let’s discuss the future of AI. With the Internet of Things (IoT) and AI’s increasing power, the amount of data that businesses will have access to is expected to increase in the coming years. Organizations can make more accurate predictions and bring necessary changes in business models and procedures. Beyond working smart, increasing efficiency and productivity, AI algorithms proactively work 24/7 to eliminate the aspect of human error. In the coming years, there will be even more sophisticated methods to profile customers, personalize customer experiences, improve risk management, prevent frauds, and more.
AI continues to redefine the way modern companies approach digital transformation and smart projects. We can expect to benefit from further process automation and efficiency and capitalize on new opportunities for growth.
If you want to know how to use AI in your business, look no further. We at FiveRivers Technologies have been at the forefront of innovative AI technologies since 2003, making us the perfect partner to work with. Reach out to us today, and we will offer a personalized recommendation for your business.