How the Private Sector Can Leverage the Advantage of AI Solutions
The pandemic age has accelerated the penetration of disruptive technologies like AI (Artificial Intelligence) and ML (Machine Learning) in the corporate sector. Irrespective of the scale and business model, entrepreneurs can leverage the benefits of artificial intelligence services in transforming processes and adding value to their companies.
On one hand, AI solutions can give a personalized experience to customers and on the other hand, they can safeguard the data by providing an additional layer of safety.
AI technology has the disruptive potential in bringing a radical change in the way businesses interact with consumers. This is a reason why AI is integrated into the daily process quickly.
From Google Maps to Netflix and Siri to Alexa, AI works wonders in all these applications while enhancing the user’s experience. AI technology aims at providing valuable insights by analyzing the data and improve overall efficiency.
Let’s understand the role and importance of AI for the private sector. But before moving forward, here is a brief definition of AI.
What is Artificial Intelligence?
Artificial Intelligence or AI is the process to simulate human intelligence processes especially by computer systems. Expert systems, Natural Language Processing (NLP), speech recognition, and machine vision are some of the well-known applications of AI for business.
The annual growth rate of AI is expected to remain over 33% between 2020 and 2027. It indicates that AI will be mainstreamed in the private sector over the period. These days, many companies have already started leveraging the benefits of AI, but still, some entrepreneurs are hesitant to make their business driven by AI technology.
In a recent survey of 4000 business leaders across the world, 42% were of opinion that offloading undesirable tasks to machines cannot make human lives easier. However, despite this approach, 75% of leaders revealed that they want to hire an AI chief to explore the scope of artificial intelligence for business.
Simply put, this futuristic technology has started showing its potential for the private sector. All we need to eliminate a web of some suspicious sentiment toward it so that entrepreneurs can embrace AI with an open mind. Let’s dig deep into the role of AI in the private sector.
How Businesses can Leverage the Advantage of AI Solutions
It is a human tendency to stay away from things that we do not comprehend, and this holds true for artificial intelligence services. A few years back, the same situation was for cloud computing and big data. It is, therefore, necessary to spread awareness about the role and significance of artificial intelligence for business.
Though businesspersons are aware of the disruptive power of AI, they have little idea about practical applications or use cases of AI. What’s more, people tend to imagine popularized images of supercomputers taking full control of humankind when it comes to integrating AI solutions in the system for bringing automation.
Let’s understand this by taking an example of lead generation. The sales department focuses on finding new leads and converting them into clients. In this process, every sales executive has to go through numerous spreadsheets and visit many social networks frequently. Also, there is a need to review databases to find potential customers.
These repetitive processes are cumbersome, time-consuming, and at times frustrating. Here, AI solutions can lend a helping hand. These solutions significantly reduce the time it takes to find relevant leads. The AI-powered solution can analyze the available data sources and create a list of people who are most relevant to the business.
Here it is fair to mention that this does not eliminate the human role in the sales process, and the team can get relevant leads continuously. This is one of the major reasons why sales departments across many companies have implemented AI in their day-to-day activities. As per the Salesforce data, nearly 1 in 4 sales teams use AI in their daily work.
Another point is, we use AI and ML terms almost interchangeably, but in reality, both of them have different scopes. These are industry buzzwords and often used as the replacement of each other. It is necessary to know what these technologies can do for modern businesses while keeping AI in the center, as ML is a branch of this revolutionary technology.
How can the Private Sector Embrace AI?
From customer satisfaction to test automation, Artificial Intelligence has started dominating various processes in modern enterprises. Test automation is the latest AI trend that is gaining ground in the quality assurance domain. It seems that various enterprises across different industry sectors have started adopting AI in their core processes.
Surprisingly, startups and SMEs remain more willing than established companies to adopt AI. It is because they have more flexibility and scope for transforming processes and bringing automation. A recent survey of one thousand SMBs has revealed that these businesses consider the potential of AI in improving productivity.
Though gradually, AI adoption is increasing, it is necessary for the private sector to ensure that all the existing operations run seamlessly, and key challenges are addressed. AI for private sector is not a panacea for all challenges. In other words, it will not remain fruitful in the long run if companies rely on AI as a problem-solving solution.
AI can give a higher revenue and increase productivity when companies address other performance-related challenges effectively. If we want long-lasting results from AI, it is necessary to adopt it as innovative and flexible technology. Just like we use Google Maps to navigate from one location to the next, the same mindset is necessary for AI technology.
Artificial intelligence for business will become an umbrella term in the near future. This is possible thanks to AI’s immense potential to improve operational processes, sales, and marketing strategies for small and large businesses alike. A focused approach and visionary mindset is necessary to make the most of this future-ready technology.
If enterprises want to reach AI at its full potential, they need to put the effort in while having a better understanding and awareness of this technology. The time is just right to integrate AI technology into the business system and stay ahead of the curve.