Artificial Intelligence is the future, we have all heard this line somewhere while scrolling the internet or while listening to the news. Are you wondering if AI is beneficial for your business? Whether you are running a retail store on an ecommerce platform or are working in a services industry, AI powered business analytics tools like zubi.ai have the ability to take your business to the next level.
According to the estimated data by Statista, the US GDP will increase by 15% after investment in AI by 2030 which is the equivalent of almost an additional 232 billion dollars annually. This is just one statistic and there are many more like it pointing towards investment in Artificial intelligence.
Read along and let’s find out why you should invest or should you even invest at all?
What is Artificial Intelligence?
Artificial intelligence is the simulation of human processes by the machine such as computer systems. These systems are able to work on complex problems, engage in dialogues with people and basically get humans away from boring routine work. They even perform the work more efficiently. In essence, all the tasks such as reasoning, problem-solving and ability to manipulate data and objects is the main task of an AI.
Now that you have some idea of what AI is, here are some reasons you should look out for to gauge whether it’s best for you to invest in artificial intelligence.
1. Business Decisions
Most successful businesses run on collecting feedback and using that feedback to make changes to the business accordingly. This task might take a human being a whole lot of time. The person has to make sense of the data, then present the data and put it into action. The users of AI can use it to simplify and make all of these calculations in one go. This is not only true for the ecommerce industry, service industry but also sectors like healthcare as well. AI has recently been implemented as the mechanism to detect cancer cells before a doctor could look for them. The recent developments in AI have definitely moved past just chat bots for a store.
2. Facilitates Fraud Detection
Another recent breakthrough in AI is the concept of deep learning. This method of data collection and interpretation relies on neural networks to make non linear decisions. Deep learning is not used for the basic tasks of data analysis, collection or chatbots. It is used to run more complex processes such as fraud detection or self-driving cars.
These kinds of situations require a lot of processes of data collection, analysis and contextualizing information within a span of 5-10 seconds. For example, a self-drive car wants to change lanes. It will have to gather the information from all sensors, make sense of it and then change lanes in a span of a few seconds. This is only possible through deep learning.
3. Takes Security And Data Collection To The Next Level
When it comes to security, AI is an indispensable ally. While cyber experts are increasing in number and expertise, the task at hand involves running a lot of processes over and over again to find a bug. Artificial intelligence powered machines do it a lot better and efficiently than a human being. Moreover, recently this security has been implemented in the banking sector as well. Not only is an AI better at keeping your money locked away and your system secure but also performs the routine tasks of cash deposit and other everyday transactions alongside as well.
4. Predicts Performance And Productivity Multiplication
By using the AI tools, essentially running them on the data you have collected through the AI will help you predict your business success. This not only helps you plan your next move in terms of marketing, sales and overall business but also helps you calculate where you can save money. The machine learning algorithms process thousands of data points in thousands of combinations before churning out the best possible course of action for your business.
Moreover, we all know that there are certain routine tasks that an AI performs better than a human resource. You could utilize that human resource in another creative task and get the AI to deliver the routine tasks. This has the potential to save you a lot of human hours and AI will do it in a few minutes.
These are some of the reasons that will help you gauge whether an investment in AI is the right move for your current business or startup. Regardless of what you decide, artificial intelligence is making its way through every industry very fast. Let us know what AI processes have you implemented in your business and how it has benefited you.