Many people’s perception still lets them see AI just into the light of science fiction movies and books where machines have taken over the world or robots do things for humans. They think AI is something that will change tomorrow like it did in the Terminator.
But the reality is different and, AI isn’t something that has to occur for the bad in the future. In fact, it’s already here among us as, for all good reasons, as the part of our lives. We are using AI every day, on our smartphones, laptops, in cars, and everywhere.
Will AI progress towards being the Mainstream Technology in 2019 and years head?
For last few years, almost every industry is looking at AI and the possibilities of improving their processes through it. It’s a core conversation point for businesses which continuously innovate to stay in the competition. Businesses, regardless of their shapes and sizes, are considering AI to solve real life business problems.
Merely a decade back, largest corporations had the capacity to afford investments in AI technologies. But with technology and hardware becoming cheaper and, the smart mobility turning into the first computing screen, AI can now be afforded by SMEs too. Believe it or not, the noticeable growth in the adoption of the technology shows that startups and younger businesses will embrace the technology much before big companies do.
According to a report published by PricewaterhouseCoopers (PwC), AI will contribute $15.7 trillion to the global economy by 2030 and 70% of this potential global GDP growth will be received by China and North America.
Opportunities for AI across Industries
Businesses can apply AI to simplify and deal with a variety of challenges. With AI, a business can have intelligent solutions to increase sales, detect fraud, improve customers experience, automate processes, and perform predictive analysis.
Businesses from industries like healthcare, automotive, finance, and logistics, are implementing AI application development projects to gain the advantages of the technology.
- AI provides healthcare providers with better tools for the early diagnosis of diseases.
- AI can make the concept of autonomous car happen. We will soon see it.
- AI-based automation and fraud detection technology can make finance companies run more securely and transparently.
- AI is already helping many logistics companies to better perform inventory and delivery operations.
- AI is powering retailers to map consumer behavior. Once they have data, they can design customized plans to reach and influence individual customer or a group.
- AI powered smart meters and grids can help utilities to decrease power consumption.
AI is also pushing the technology of chatbots and virtual assistants. We have quite popular examples, like Alexa, Home, Siri, and Cortana, which are based on AI algorithms. These technologies aren’t just for consumers, but many businesses are also applying them to make their operations simpler and more productive. Soon, these technologies will play an important role in shaping up the consumer behavior. We will see that in the future, most of the transactions, whether related to money or data, will be completed with the use of AI enabled chatbots, virtual assistant and similar solutions.
Organizations are realizing the potential of AI
By implementing ML and AI based solutions, organizations can improve their efficiency and productivity. These solutions can help in automating a great amount of work and reduce risks caused by human errors. Also, they are designed with the ability of learning, getting smarter, and delivering better outcomes.
Many businesses are now recognizing benefits and competitive edge they can have from the AI application development. Their interest is growing and, they are exploring a variety of possibilities with the technology.
Some organizations are already making practical decisions with the use of AI technology. Coca Cola, for example, released Sprite Cherry, made on their AI product analysis. The company has plans to create its own virtual assistant and incorporate it into its vending machines.
Implementing AI in your organization
With a number of implementations taking place across industries, there is actually a real fear of losing out. So, even if we are at the beginning of the AI revolution, no company should ignore possibilities of taking its advantages and have future-plans to apply it at work place. A Gartner’s 2018 survey says that only 4% of survived companies have so far invested and deployed AI. But a good thing came out was that almost all had future plans to implement AI.
If you have not yet thought of owning AI solutions, don’t panic. It’s still no late. Here are few strategies:
Understand your business requirements
Take a deep look into your business and understand where there is the need of AI-based solutions. AI can provide predictive analytics for your business processes. You can automate a variety of tasks using AI and ML capabilities. You will require determining the right application for an AI application development and implementation.
Understand the associated risks
With great powers come great risks, but the only way to deal with these risks and master a technology is to use it and learn from mistakes. Start with small initiatives and learn what you have achieved through critical evaluation or failures. This is one good way to learn and use AI because no one yet knows everything about it.
Find valuable AI resources
The AI technology has spread too rapidly in the comparison of AI developers entering the market. There are limited AI developers. Also not all companies interested in implementing AI do have scalable and affordable IT infrastructure supporting the AI application development. So, first you find all the resources you would need, learn about them, and then get your solutions implemented.
Build the AI background
Last but not least. AI belongs to the advanced segment of technology and, that’s why you will need people with advanced skills and maintain the right culture. You will need considering and investing for these things too.