The advantages of using Artificial Intelligence in business processes is no secret to any businessman. Despite this knowledge, many businesses fail to adopt AI in their daily operations. The companies’ presuppositions about AI are skyscraping despite the companies’ failed efforts in implementing it in day-to-day operations.
The research-based digital platform – MITSloan Management Review (MIT SMR) undertook research with the purpose of presenting a practical base to allow the organizations to juxtapose Artificial Intelligence goals to their endeavors. They surveyed more than 3000 higher authorities, administrators, and examiners over numerous industries and conducted thorough studies of more than 30 innovation expertise.
They discovered that the cavity created between the business’ ambition and implementation is colossal in most organizations. Among these 3000 executives, 75% of them held the opinion that AI would allow their organizations to get a whole new identity and maybe assist in trying to explore new business alleys. 85% thought that AI would bring them competitive advantages. However, only one out of every five businesses is the one that has actually taken the steps of using AI in a few operations. Besides, out of every twenty organizations, there was only one that had AI deep-rooted in its processes. The businesses that had a robust AI strategy implemented in the business operations were less than 39%. They found that only the organizations having more than one lakh workers were the ones that were most likely to carry an AI strategy. However, only half of such possible organizations had one.
They observed a huge gap between the companies implementing AI and those lagging behind. One of the major differences was observed in the way that these organizations approached data. When the market leaders are putting their money in building strong data infrastructures for AI development, the laggards lack the expertise of analytics and face difficulties in accessing their data. Their research revealed certain misinterpretations regarding the organizations’ need to develop AI. The market leaders – those with a higher understanding of AI – have taken the initiative to develop better AI strategies.
Focus Of AI Strategies
These leaders that have established AI strategies in their business operations have their focus set on the following premises.
This is the age where the customers are not afraid of giving voice to their thoughts about the product or the service. They anticipate to exercise their right to communicate with the organization every chance they get. They do not see the time, the place (and the platforms), or the manner in which they communicate. They do not shy away from asking any queries or solving any doubts. It is a massive challenge for the companies to be available at all hours, at all platforms at one time. This contributes to the hindrances in providing successful customer service.
The National Health Services (NHS), UK, is an excellent example of this. They are in the middle of testing a chatbot system powered by AI for its helpline used for non-emergency cases. It gives the people an option to interact with this chatbot rather than talking to an actual person. The chatbots allow the caller to feed the symptoms of the patient into the app. The app turns to an extensive medical database and offers replies put together from the information thus obtained. Their main goal is to minimize the burden of the quantity of non-emergency calls during the harsh winters.
Despite being the center of criticisms from the patients, their chatbot shows the vision of how it can be successful in other industries. By automating the very first contact that the customer has with the business, the companies can make the customer services sleek and straightforward. This allows the organizations to utilize their human capital for issues that are more essential.
New Age Surveillance
As the trend followers focus more and more on the cybersecurity of their business, they lose focus on the actual, physical security of the premises. With the development of IP camera technology, businesses can see how AI can work its magic in this field. AI developers have successfully developed algorithms that can look at any given image and ascertain the objects that those images portray. In a much layman term, this algorithm is known as facial recognition based on surveillance.
This technology is used by the government of the United States, as mentioned in the article – The age of AI surveillance is here. The department of motor vehicles in New York arrested more than 4000 drivers using this technology to access their license pictures in 2017. Another simple example of this technology is the facial recognition in the cloud based payroll solution that allows the employees to log in using their selfie. With the development of AI, algorithms have become more avant-garde. With this revolution, businesses can identify the individuals in the security camera footage instantaneously.
Currently, AI is the most beneficial to industrial organizations. A great example of this would be the growth of human skills with AI by BP. Their main focus is to enhance the field operations. According to the senior vice president Mr. Ahmed Hashmi, BP has established an entity which they call the BP well advisor. This advisor collects the data that comes from the drilling equipment and, based on such data, advises the engineers to calibrate their parameters to maintain the best zones. This system also sends them alerts about future system failure threats or other risks that might hinder their process in the near future.
Hashmi further explains that BP is working on automating the failure analysis based on the basic causes. This system is designed to train itself over the course of time and can be quick in reaching from the description stage to prediction and eventually to the prescription stage in no time.
Abridging The Thoughts
Artificial Intelligence is now an indispensable part of numerous companies when it comes to exploring the market and entering new alleys. This statement is especially accurate when it comes to 2021, the year after the infamous pandemic when a large number of businesses closed down and had to restart the operations in the same or different niches. AI has been making remarkable changes in the field of pharmacy, human capital management, and mining (as we saw in the examples above). Artificial Intelligence has assisted them in receiving real-time data and apprehension and creating better judgment and decision-making processes.
Artificial Intelligence solutions are heightening in quantity, enhancing the lives of us human beings, and bringing about a positive change in the world. The development of Artificial Intelligence is an assurance to frequent, long impacting changes in every industry, including healthcare, security, and management. Along with the emerging trends of the Internet of Things (IoT) and Big Data, AI holds the possibility to metamorphose humankind by enhancing their decision-making skills and encouraging innovation.
Wishing to fly but being afraid to take the leap is not going to get you anywhere near your dream. The same is with AI ambitions and the efforts made towards it. You have to jump to feel the air in your hair. It is similar to having to make efforts to implement AI in your organization to taste success.
Sweta is an experienced content strategist at FactoHR, having a keen interest in communication and latest trends that are useful to entrepreneurs. Her passion for learning aids team members to represent new ideas that later help businesses to achieve their mission and vision.