Artificial intelligence is the ability of computer or computer enabled robotic system to process information and produce outcomes in a manner similar to the thought process of humans in learning, decision making and solving problems.

By extension, the goal of AI systems is to develop systems capable of tackling complex problems in ways similar to human logic and reasoning. It is the science and engineering of making intelligent machines, especially intelligent computer programmes.

Artificial intelligence system understands language and its nuances, solves complex problems, recognises images and learns from experience. Machines thus replaces human driven processes to deliver work faster and more efficiently.

How does AI boost Business Productivity?

Business productivity and Artificial intelligence go hand in hand. AI is a major source and reason for the business productivity. Project management AI has proven its capability on enhancing the team performance and project outcomes. Leveraging AI to automate and improve data sets utilised in project execution will allow organization to realise optimal investment value in the project and potentially identify savings that could be leveraged for further investments in product development leading to organizational growth.

While reduced expenditures and competitive advantages of AI promote the business productivity early risk detection is also another important impact of usage of AI in business. Increased quality of works and decreased labour of works is a revolution in business productivity. Projects planned and monitored by companies are succeeded through the super intelligence in our time. AI has also made a huge impact on job sector creating more jobs than it eliminated. Project management AI is an integral part in the future of business productivity dealing with the complexities and errors enhancing the business performance.

AI has revolutionised business productivity by taking the right decisions in a short span of time. The decisions taken by AI in business are based on a set of algorithms, reducing the errors. Though implementing AI is costly, it has been blending new improvements in the market. Apple and Amazon are few leading AI technologies that are currently prevalent in the existing IT market. Google Assistant is also slowly gaining ground in the market. There has been a huge increase in the investment done by the companies in AI and the jobs requiring AI skills have also increased. Artificial intelligence could make every company and employee smarter, faster and more productive.

Artificial intelligence has the ability to increase productivity by 40% or more. AI can boost profitability by an average of 38% through data collection, automation, decision making, and cyber security. AI has the ability to collect and organise data. The unstructured data frameworks and its complexity are also maintained and dealt by AI. Business and its productivity increases when a large amount of data and other complexities are solved due to time management. Business productivity also increases when AI gives prediction of future opportunities and suggestions on various tasks.

How to put Artificial Intelligence to Work?

Atari 800XL computer powered by a microprocessor with 3,500 transistors is replaced with phones having two billion transistors. A gigabyte was once the size of a refrigerator and now is measured in millimetres. These replacements and innovations indicate the fast growth in the industry and market. Every innovation is a revolution in the business market. Apple’s iconic iPhone enabled companies like Uber, Airbnb, YouTube, Facebook and Twitter re-defines the mobile customer experience. Cloud-based sharing service Dropbox received venture capital funding at a valuation of $10 billion, or 40 times revenues. Airbnb.com raised funding at a valuation of $10 billion, which would make it worth nearly 20 times its revenues — and worth more than Hyatt Hotels or Wyndham Worldwide. Taxi-replacement service Uber is currently raising funding and is expected to see a valuation of $30 billion, estimated to be more than 15 times revenues.

These new ventures and business have a faster growth than the traditional business models and business productivity. Uber, Airbnb and Etsy work with its core as AI. Customisation and safety are the major reasons why customers choose Uber and Airbnb. The success of these business is the efficient machine learning, matching sellers and buyers and fraud prevention. AI can reverse the cycle of low profitability through intelligent automation and innovation diffusion. Productivity benefits is the reason for the rise in AI.

Automation is the key in AI. AI system is capable of selecting suitable data and algorithms to create models that are constantly improved and refined. AI systems must be properly trained to adapt, only by which they learn what is success and failure. Apart from training, AI must be provided proper knowledge about the problem and set of rules to assure it automates the right insight. AI systems are created and implemented by experts with deep analytical skills which are the basis of AI systems. Interpretability of AI models depends on its automation and machine-driven decision. Machine Learning thus rapidly analyse the data as it comes in, identifies and works on it. Companies implementing AI must understand its strengths and limitations. AI program must be launched systematically, and proper assessments must be conducted.

THE ROLE OF AI IN CUSTOMER EXPERIENCE

AI systems improves customer decision management. AI has increased the quality of communication with customers. Organisations must focus on effective customer improvement on reduced costs. Virtual agents like automated systems that use AI, recognise and respond to customer service. AI can successfully provide intelligent and convenient customer experience. Customer experience is important in the growth of business. Automated Customer Service impacting customer experience is the root of digital transformation. Customer relationships are managed without human interaction with the usage of chatbots and virtual assistants. AI transforms customer experience by improving personalization. Customer feels happy when they get response in short time.

The rise of Chatbots and Customer Interactions

Chatbot are conversational agents which replace employers on answering calls. Customer service chatbots are automated chats programmed to answer in realistic manner. Customer service employees are to an extent replaced by chatbots in various companies enabling them to spend less money on employees. Artificial intelligence has made hiring process much easier. X.ai and ClearFit are programs that could bring a huge change in the recruitment process. From finding eligible candidates, reviewing resumes to ranking candidates, AI has made the process smoother. Cognitive automation company Coseer have used AI to automate cognitive workflow.

Enhancing Customer Experience with AI

AI is an integral part of the user experience. Online shopping sites like Amazon Flipkart recommends products based on what we had viewed and presents similar products.

While Netflix also suggest based on the user’s views, AI is the core of Siri and Facebook.

Enquiries has also become easier with AI. Business companies and banks respond to users offering relevant options and answers through AI assistance. Content production has become more efficient with AI driven platform.

While customers had limited personalization options earlier, today they have improved personalization. In addition to personalized recommendations and suggestions, AI service help develop personalised content. AI provides 24/7 support to customers. Financial institutions including banks are linking with Alexa and Google Home to allow customers to schedule transfers and pay bills. AI can make remarkable changes in marketing sector. AI formulates the customer experience strategy and analyse customer journeys. Customer journeys are improved with the help of AI because it understands how the customer has experienced a brand. An AI system gets through larger and complex data set to extract customer intelligence to develop new business products. Using AI can help business to assist customers for the simplified purchase, upsell or cross products.

ADVANCES IN THE APPLICATION OF AI

Starbucks, Whole foods and Pizza Hut has implemented chatbot. Business productivity has massively increased with the implementation of AI. Repetitive tasks are reduced and handled by AI which is an enormous gain for business replacing employees and the reduction of errors. Every field of business including transportation, security and healthcare uses AI for easy and precise procedures and production. It has also grown to giving answers to patients and giving suggestions in medical field. More efficient healthcare system has emerged with AI. Educational institutions have also not failed in implementing AI. Chatbots are also implemented in healthcare and medical institutions for appointments.

In 2011 Watson from IBM won the game show jeopardy by answering complex questions and rides against all-time best competitors. Every field of business have empowered, and productivity has risen with the help of AI. From detecting cancer from radiographic tests, choosing things from online shopping, AI has helped as home assistance and security systems. Even Google maps use AI.

From transportation to healthcare, AI has marked its assistance and has advanced in various industries. AI solutions in transport include providing efficient routes for vehicles like autonomous cargo ships that will reduce accidents. AI could also revolutionize the photography industry and relegate applications like Photoshop to an industry professional-specific tool overnight. Camera’s biggest recent advancements have come from AI, not sensors and lenses. Google photos provide a clear demonstration of how powerful a mix AI and photography through the app. Algorithm gets better overtime and recognises the patterns. The camera is an essential feature of any phone and AI has made advancements by recognising and categorising images. The ever-growing capabilities of artificial intelligence allow it to analyse large amounts of financial data in order to make predictive decisions in areas like the stock market. AI-influenced things like transportation, water and power supplies, and public safety could all be gathered under one AI-powered net that organizes each one to maximum effect.

ROLE OF BIG DATA AND AI IN THE BUSINESS WORLD

Businesses have more data, which can be structured or unstructured. AI is a major tool that has created the analysis of data easier. It helps with insight generation and process optimization. It acts precisely and understands which data is important and relevant. Efficiency is increased in the business and within the employees. Employees no longer have to work on repetitive and complex algorithms which AI can handle. AI helps in keeping the data safe and secured. Analytics and security are two reasons why AI is being opted by companies.

Manufacturing Industry Trends

Manufactures revolutionise their business using AI raising their level of productivity. Personalised manufacturing is a great step towards the business productivity which would also encourage users because their likes and dislikes are considered. Personalised costumes, rooms, appliances and other equipments are used to motivate the choices of the user. Industrial innovation has been doubled with the emergence of AI. Microsoft has commented that usage of AI has and its adoption has doubled the productivity of business on the basis of study conducted by research firm IDC.

How is AI driving Innovation?

Business must always embrace the creative innovations and changes for the betterment. The competition within the business field is high. Only the best and creative business idea that draws users are surviving. AI makes this journey easier. Companies that do not invest in new manufacturing technologies and automation often outsource production to low-cost emerging markets in order to keep costs down. AI creates more easier job opportunities to human which is the fact whereas some business groups believe that AI becomes a reason to unemployment. ICICI Lombard General Insurance Company which used Microsoft’s AI expertise says that their business and its productivity has increased. AI gave them more insights on high quality car damage evaluation services which made their procedures easier and precise. Customer relations were happy and customer demands were met quicker.AI has also transformed the employee productivity.

Information flow and its management is dealt by AI implemented systems more precisely. Social feeds, emails and their prioritization are managed by AI. Important information and its priority is understood by AI. All the major cloud collaboration platforms are investing in AI to prioritize information for knowledge workers allowing them to spend more time focusing and less time filtering. Microsoft has developed AI tools like ‘focused in-box’, ‘Delve’ which is great filter providing the relevant files and important information.

Retail project management and other retail services uses AI for their business and development. AI helps Premium Retail Services by predictive maintenance models and identifying trends. Alexa and Google Home executes works and tasks just by hearing the voice of the user. It makes tasks easier. These innovations are creative that saves time and helps in easy management. Aaron Hayes, enterprise solutions architect at PRS, wrote an Alexa skill and a Google Home action called “Premium Genius” to help employees grab analytics to make faster, more informed decisions in real-time.

The major benefits of AI in business includes protecting sensitive data. Data safety is an important element in business. AI strengthens cyber security ensuring the protection of sensitive data. AI has precise suggestions and predictions on future opportunities which provide insights to the companies. These opportunities are efficiently used by companies which makes their decision faster and with more confidence.

Will AI replace my Job?

Artificial intelligence has replaced a number of jobs but has created more job opportunities in business market making the process easier. Automated decisioning will be responsible for tasks such as approving loans, deciding whether a customer should be on-boarded or identifying corruption and financial crime. AI is undoubtedly an advantage in business market. Cloud computing has reduced the cost of processing power and have increased processing capacity which is the major development in machine learning and success of artificial intelligence. AI plays a major role in powering applications and systems that help to manage time with rejection of errors.

SHAPING THE NEXT BUSINESS GENERATION

AI has boosted business transforming the organisation into an innovative, efficient and sustainable company of the future. The ability of AI in decision making and business performance provides insights into the way company operates. However, customers and users are satisfied with the innovation of hyper personalised manufacturing and accurate forecasting.

Advanced tasks are required to perform in various business fields. Human brain may not be precise enough to execute the complexities in a limited time. Solutions using artificial intelligence therefore would increase in coming years. To keep up with the competition, newer technologies must be adopted and so, AI is a must. Embracing AI is the best option for business development. Taking advantage of the insights provided by AI doesn’t mean that machine has replaced but gives a larger idea on how machines can be more helpful. It becomes a major reason for the increased productivity. AI thus means manifold productivity increase. Combining AI and the human brain is the best workforce. There’s need for cultural changes, skilling and reskilling workforces to make AI work. AI can automate the reading and interpreting of commercial loan agreements in a matter of seconds – while making fewer mistakes than lawyers.

The Future of Artificial Intelligence

Before executing and implementing AI, business and projects must have awareness and enough knowledge on the impacts of AI. The risk, growth, opportunities and other factors related to business productivity and AI must be accurate. Based on the learning and based on the model of the business, AI must be implemented. Part from implementation, it should be well executed and embraced. Enhancing AI can transform technology and make evident changes in the business production. Artificial intelligence has made huge transformations that would surprise the customers. Mobiliya, a global enterprise mobility company uses humanoid robots as secretaries at its headquarters. Robots book appointment and track human footfall detection. These robots deal with the repetitive tasks which helps to enhance both the business and time of employees.

The future of AI in business is more than what we can imagine now. Business productivity would be increased through various ways.By 2035, business productivity with the help of AI is expected to increase by 40%.AI is expected to increase the economic growth an average of 1.7%. Financial services, manufacturing and communication industries would receive enormous benefits from opportunities provided by AI. Apart from this, AI would make evident transformations in medical, educational and constructional field also.