Latest Artificial Intelligence Trends – Artificial Intelligence (AI) has taken the world by storm and the excitement that it has created will not die anytime soon. In fact, it is about to get more exciting than ever. It is evident that AI and its technology can prove to be very useful to humans, especially when it comes to managing large amounts of data and improving the way things were done in the past.
Many will benefit from the advancement of this technology and soon, nothing will be impossible. AI will be incorporated into our daily lives even before we realize it, working hand in hand with humans and making major decisions from the insights that can be easily derived.
Let’s take a look at the up and coming trends of AI and how they can be beneficial for your business.
Top AI Trends
1. AI-powered Chatbots
How many of you have encountered a chatbot or even had a chat with one?
Chatbots are a common sight on many websites. In fact, 58% of B2B companies use chatbots on their websites while 42% of B2C websites use one. Why are chatbots so widely used then?
First and foremost, chatbots are able to communicate with users in the most “humanly” and natural way possible. To some extent, it can get quite difficult to distinguish between chatting with an actual human or a bot. Secondly, in this current world, everything needs to be speedy. Users want immediate responses when they have queries and it is important for organizations to ensure efficient customer service in answering their queries in a prompt manner. However, this might not be possible around the clock since work hours are unlikely to be 24/7.
This is where chatbots come into the picture. They have the ability to answer any questions and respond to users at any time of the day. Even after regular office hours, users can still attain the response or service they require through chatbots. Chatbots are slowly becoming a necessity for every website.
Let’s say you are an online retailer. Having a chatbot on your website will keep your customers engaged and answer all their queries promptly. This serves as an additional form of customer support to answer simple questions based on the customer’s responses.
With AI and Natural Language Processing, the interaction between humans and AI is becoming a natural and smooth one. As chatbots continue to process and analyze large amounts of natural language data, the feedback and responses are increasingly becoming more human-like, and this will become a part of our daily lives.
2. Predictive Analytics
Predictive Analytics can help to forecast the future based on analyzing historical data and studying the trends. Likewise, humans can make predictions too. but predictions that are made based on intuition and feelings will not be as accurate. Human bias and perception may always skew the results.
However, with the amount and availability of data in this day and age, AI and Machine Learning (ML) can easily analyze this data to derive important and useful insights. The predictions made will be far more accurate as it is built upon the analysis of legitimate data and is backed by substantial evidence. With Predictive Analytics, predicting future events will become easier and the necessary preparations or precautions can be put in place.
For instance, Predictive Analytics is used in Human Resource Management to reduce the cost associated with hiring the wrong candidate. Based on the data of past employees, AI and its algorithms can analyze the behavior of employees to predict intentions of quitting. With alarms raised, managers can take appropriate steps to retain high-performing employees.
Likewise in the heavy machinery industry, Predictive Analytics can be used for predictive maintenance. Instead of carrying out maintenance works only when machines break down, Predictive Analytics is able to diagnose and predict the potential breakdown of a machine accurately so that necessary maintenance works can be done before the machine actually breaks down. This saves a considerable amount of operational downtime and unknown repair costs.
3. Personalized Experience
When it comes to selling a product or service, personalization is the key to winning the game. Many people out there are doing the same thing, selling the same products, or offering the same services. Consumers these days have plenty of choices to choose from. Hence, creating a personalized experience for your customers is the way into their hearts and to convert them into long-term loyal customers.
With Machine Learning, studying human behavior has never been easier. Data can be fed into the systems and the algorithms can analyze the data to derive important insights. Personas can then be accurately created to determine how similar consumers behave or think. From there, it is possible to target these consumers accordingly. Without AI, it is difficult and time-consuming to make such a correlation.
If you have an ecommerce business, it is important to understand what your customers like or want. Using their purchase habits and browsing history, AI and ML can be used to determine their taste and preferences, allowing you to provide personalized recommendations to them. With the ability to collate data efficiently and quickly, creating personalized experiences is a great way to win your customers over.
Even for Netflix, the online streaming platform, they too analyze their user’s viewing preferences and behavior to recommend relevant shows. This technology will soon spread across all online sales platforms and create better-personalized experiences for users like both you and me.
4. Enhancing Cybersecurity
A Clark School study at the University of Maryland quantified the near-constant rate of hacker attacks of computers with Internet access to be every 39 seconds on average. Moreover, with the proliferation of Internet of Things (IoTs), the number of connected devices is expected to reach 31 billion by 2020 and 75 billion by 2025. Cyberthreats are becoming more common and larger at scale.
The consequences of a cyber breach can be devastating, including the loss of important information and even the breach of national security. That is why AI can be used to enhance cybersecurity and prevent hacking and phishing.
While AI has ironically made cyber attacks harder to be detected due to certain advanced algorithms, AI-driven cybersecurity mechanisms help to safeguard against these cyber attacks by using viruses and malware recognition systems. These systems are able to detect the slightest distortion and raise alarms before the system is compromised. Conventional cybersecurity systems may not be able to detect the attacks quickly, but AI can build a strong cybersecurity network for the future.
5. A hybrid workforce
It is 2020 and working alongside robots should not be a surprise. In fact, robots are already used in certain manufacturing factories. AI is a useful tool that is being used by humans, but not many work hand in hand with it. Soon, humans and AI will work closely together for better and more efficient completion of tasks.
Robots can be trained to function like a human, perform tasks just like us, except with higher accuracy and frequency. This helps to eliminate repetitive and time-consuming manual tasks, allowing humans to focus on high-value tasks that require cognitive intelligence. The amount of time and energy saved can be put to better use that will help to increase productivity, creating an overall more efficient workplace.
6. AI-driven decision making
In companies, the traditional hierarchy system means that decision making is always made by the highest authority. Inputs and opinions are contributed by subordinates before making the decision. However, even if the top-level manager makes the decision, it may not be the best option. There may be better alternatives.
Purely making a decision based on human discussion alone is not enough. Certain aspects or details may be missed out by the human eye. With the large amount of information available, it will be very time consuming to manually analyze it and subsequently draw insights. Instead, AI and its algorithms can be used to efficiently analyze these data and create simulations to determine which decision has the best outcome.
If there is a more accurate way for decision making, why not use it? After all, decisions are made for the betterment of the company. With the ability to collate data in real-time, analyze trends and predict future events, an AI-driven decision-making process can help you and your business make better decisions.
7. More and more devices will use AI
Worldwide spending on Artificial Intelligence Systems will reach $98 Billion in 2023.
Source: New IDC Spending Guide
As AI and its technologies become more accessible, it will be incorporated into more tools and devices. Everyday items such as vehicles and even kitchenware can be fitted with AI to serve users better. Currently, there already exist AI software in mobile phones and computers that allows certain applications to make predictions for users.
The proliferation of AI and its technologies has greatly infiltrated our lives, and it is very soon before each and every one of us utilizes AI in some form or another. With existing data clouds and the IoTs, more and more devices will be interconnected and AI will allow it to function on its own. Although it is not widely common now, the ability for self-learning and self-improving will help to serve humans better.
8. AI used in retail to provide faster service and generate greater brand loyalty
We all know about robots and their ability to serve customers. But what if there is a way to create a futuristic shopping experience for your retail customers? Something that will give your customers an unforgettable experience.
AI has the ability to create a new kind of shopping experience and clothes retailer Mango has successfully used AI to do so. By using digital mirrors in their fitting rooms, customers can scan the code on their clothes and directly contact the store assistants for any help required in real-time. They can also see a curated selection of complementary outfits and accessories to help complete their whole look, offering them more options and experiences than a traditional fitting room.
This deepens the engagement that customers have with the brand and enhances the overall in-store experience. Leveraging on AI to deliver such experiences to customers creates a competitive advantage for your store, generating greater brand loyalty and sales for the business.
It is time for a digital transformation
As we all know, the new age of AI is coming and there is no avoiding it. Refusal to embrace it will only make you lose out on the countless opportunities and benefits that AI brings. Be it increasing sales revenue or improving operational processes, AI is able to streamline procedures and provide insights that humans will find difficult to discover on their own.
At groundup.ai, we believe that AI is inevitable. Using AI and Machine Learning, we can efficiently analyze data to create revolutionary changes to your business and use innovative solutions to drive business value.
We have shared with you 8 trends that are fast taking different industries by storm. Are you now ready to embrace the use of AI? Request a call from us today to see how our AI solutions can help your business for the better.