Beyond Digital Transformation: AI modernizing core technology across the industries to solve…

mediumThis post was originally published by Nalin S Mahendru at Medium [AI]

Despite diversified industries, the majority of the businesses worldwide are leveraging the potential of artificial intelligence (AI) considering its benefits to solve long-standing problems. Emerging as a well-positioned technology to combat challenges, it delivers powerful, cost-saving and valuable insights to improve your organizational operations for seamless work processes.

As per the forecast by International Data Corporation (IDC), AI market revenue is all set to surpass USD 300 billion by 2024 across the globe with a compound annual growth rate (CAGR) of 17.1 per cent. In 2018, AI was topping the Gartner’s index of top 10 technologies expected to create new waves and transform business operations.

Tech giants like Microsoft, IBM, Google and more are infusing big moolah for AI acquisitions and related research and development. Considering the innovation factor in the technology, AI-related startups such as SenseTime and Face++ are also raking in billions of dollars every year. AI has emerged as a major factor of digital transformation and plays a pivotal role to let organizations offer value to their customers in a competitive and fast-changing business environment.

In the ever-digitalized era, the world of the dark web strives to intrude and breach the data privacy of businesses due to malicious intentions. Any successful intrusion causes huge damage to the reputation and revenue of any well-established business leading to a lack of trust by the customer base.

With huge data available online for monetary transactions, financial frauds are also likely to happen. Overcoming this challenge, AI models are capable enough to ingest a huge amount of transaction details and algorithms to understand patterns and detect suspicious behaviors. After analyzing behavior anomalies and endpoint users in real-time, it blocks the transaction and shares the details with the actual user.

Apart from safeguarding from financial frauds, the expansion of businesses in the competitive world is largely benefitted through AI. Getting a clear picture of the industry and understanding the ideology of masses with a different mindset is not possible without technology. However, AI taps the surveys and competitors’ reviews from huge volumes of clustered and unstructured data. It performs sentimental analysis and contextualizes huge data in a readable format. Additionally, it recommends the market trends, customers’ preferences, and feedback along with a roadmap to achieve future organizational goals.

However, inappropriate customer support of large-scale businesses results in dissatisfied clients and leads to losing customers along with reducing sales and profits. Addressing customer grievances and concerns plays a major part in retaining clients. It has always been a major challenge with human involvement in the traditional manner as they struggled to offer round-the-clock customer support. But AI has stepped in and enabled 24×7 responsive support services across numerous platforms for handling the queries. Customers also show interest in connecting with a human-like, real-time voice that can quickly address their issues.

When the world is going digital, shoppers buy products online but still raise concerns about the personalized experience. As per many surveys, customers highlighted about lack of personal attention. However, offering a personalized experience was a serious concern and required huge investment to deploy a human force. Although, Amazon became the first company to break all the stereotypes by using AI and creating personalized recommendations based on past orders which boosted the company’s revenue many times. Leveraging the technology, AI offers personalized marketing messages and shows the most relevant options to customers after analysing their data through a continual learning process.

Alike every sector, the aviation industry also reaped the benefits of AI in the last few years as earlier they struggled to keep up with the logistics and customer interaction due to massive data. This is exactly where AI helped through intelligent systems and Chatbots to connect with the customers and update them with every detail through personal notifications.

AI tools are steadily becoming an integral part of governments and all-scale organizations across the globe. They are being applied to enhance the performances, quality, and building customer-centric solutions. Deploying AI capabilities across the sectors need a scalable and resilient set of core-technology components. When implemented successfully, it can generate tremendous results to boost technology innovations, improve the quality and reliability of operations by largely reducing operating costs.

Featured image by Ari He on Unsplash

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This post was originally published by Nalin S Mahendru at Medium [AI]

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