A generation ago, computers were little more than supercharged typewriters. In the 2020s and beyond, though, they are set to transform how we do business.
Let’s travel in time back to 1969. In that momentous year, we landed humans on the moon. And we did it with computers no more powerful than a calculator. By 2015, there were computers on the market a trillion times more powerful than that.
Now, let’s gaze into the future. According to The Independent, computers will match the processing power of the human brain by 2030. Along the way, artificial intelligence, a powerful force for change unlike anything we’ve ever seen, will emerge.
It is happening right now as we speak. In today’s article, we’ll discuss how AI is currently disrupting business processes all around the world, and what you should do about it.
What Artificial Intelligence Is, And Why You Should Care
While some of you are no doubt familiar with AI, others might not be. So, what exactly is artificial intelligence, and why should you be aware of it? Artificial intelligence (or AI) refers to software that can reason/learn on its own.
This ability allows AI to tackle complex work with minimal human intervention. In some contexts, they can run without a human directly supervising it. This outcome is tremendously exciting for many businesses, as it could solve problems that have long perplexed humans.
As promising as that sounds, however, it has grave consequences for those left behind. Businesses that fail to adopt AI may find themselves outperformed on a massive scale by their competition. If you don’t want to find yourself in this predicament, you must get up to speed on AI, ASAP. An experienced IT consultant can help, as they can help you apply AI to your company’s processes.
Machine Learning Could Reduce Waste, Increase Efficiency
Machine learning is one aspect of AI that could have a significant impact on organizational results. In a nutshell, machine learning is a process where an AI makes a prediction based on available data. Over time, the AI will adjust its approach to continuously improve results.
Take Dell, for example. They partnered with Persado, a marketing firm that specializes in machine learning and AI. The task – rework Dell’s e-mail newsletters to improve conversion statistics. The results were astounding – their click-through rate (CTR) jumped by 50%, and “add-to-carts” soared 77%.
What happened? Persado’s machine learning program suggested the use of more powerful words/phrases in Dell’s e-mail copy. Now, Dell has applied machine learning to all marketing activities.
The Customer Experience Will Improve Significantly
In the end, it’s all about the customer. Without someone to purchase services/products, any business would soon be DOA. While artificial intelligence is promising to improve the customer experience, it is natural to be skeptical. After all, the last time there was a large-scale automation push, it got us automated phone menus. Despite cost savings, many of us long for the days of human operators.
Live chat apps are bringing that level of contact back. However, the “person” on the other end often isn’t human – usually, it’s an AI. According to industry research, about 85% of all customer service will be done by bots.
How are these chatbots adding value to customer service? They are programmed to ask the user-specific questions. Based on the answers given, the chatbot can suggest products or a course of action.
The London traffic ticket bot is a famous example of a chatbot revolutionizing customer service. In 2016, a simple yet effective chatbot called DoNotPay helped Londoners overturn 160,000 of 250,000 issued tickets.
Labor Costs May Decrease
As AI gains a foothold in workplaces, it will streamline workflows. Ultimately, some businesses will not have as much need for human labor. No doubt, some of you have already figured this out. With 85% of customer service interactions soon to be handled by chatbots, many businesses may no longer require human CSRs.
But it’s not just lower-level positions that AI will replace – those higher up in the food chain may also be made redundant. Deep learning, the more asymmetric-thinking cousin of machine learning, may soon make market research analysts and sales staff unnecessary.
These positions have average salaries of $69,424 and $58,780 per annum, respectively. Eliminating these costs from payroll could free up considerable amounts of capital for those that embrace AI.
Apply AI To Your Processes Or Get Left Behind
We cannot overstate how enormous the economic impact of AI will be. According to PWC, artificial intelligence will contribute approximately 15.7 trillion USD to the global economy by 2030. By embracing AI, you’ll be able to claim your share without being left behind.