Technology is fast evolving, and the current buzzwords are artificial intelligence and machine learning. Over the last decade, AI has made groundbreaking strides into the world of enterprise.
Businesses are always on the lookout for ways to improve their profitability, and AI for enterprises is the perfect solution. Automation and AI for enterprise are tools that can revolutionize the business scenario.
Enterprise AI is a type of enterprise software that uses the concepts and techniques of artificial intelligence to provide digital solutions to business problems.
The scope of AI has been expanding and encompasses things like the organization of data, predictive analysis, process automation, and so on.
Examples of enterprise artificial intelligence are natural language processing, recommendation search engines, AI algorithms, chatbots, and so on. The beauty of enterprise AI solutions is that it is highly adaptable, hence, it finds application in any industry and business vertical.
COVID-19 and Disruption in Enterprise AI Platform Use
Just when businesses were all set to test new frontiers with the adoption of enterprise AI, COVID-19 stepped in and brought all this to a sudden halt.
COVID-19 has disrupted business operations like never before. With the economic activities being affected in the worst possible way globally, businesses are now gearing up to grow their operations post the pandemic.
From a focus on expansion, businesses shifted their attention to business survival and sustenance in the early and mid-parts of 2020. Like any other business project, AI and MI were also affected.
However, with the expectation of a better business scenario in the coming 2021, artificial intelligence, advanced data analytics, and deep learning are expected to contribute significantly to an AI driven enterprise.
Sectors Where Artificial Intelligence Enterprise Solutions Find Application in 2020
1. Sales and Marketing:
AI in the enterprise helps in lead generation and management, sales follow-up, price optimization, and customer database management. Enterprise AI helps coordinate the sales and marketing activities with other departmental activities bringing synergy.
2. Financial Services:
A humongous amount of data needs analysis in the financial industry. Artificial intelligence for enterprise applications helps in extracting and organizing data, validation of data, customer risk profiling, and predictive analysis to identify trends. Artificial intelligence and machine learning are helping in cost reduction and diversion of funds to profitable avenues for better ROI.
3. Banking Services:
Banks use AI for database analysis and extraction, authentication of users in real-time, payment reminders, detection of fraud, report generation, segregation, and personalization of service offers. Though not an early adopter, the banking sector has embraced AI to improve the quality of its services, customer service, and personalization of banking services.
4. Insurance Services:
AI helps the insurance services in risk evaluation, claims management by making the data available in real-time, matching policy offers with customer preferences, compliance of regulations and reporting, and fraud detection. Real-time access to up-to-date customer data and in-depth analysis are the factors driving the use of AI in insurance, improving efficiency and profitability.
5. Customer Service:
Answering customer queries, customer relation management, prioritizing customer service requests, automation of common questions, and personalization of solutions are some areas where AI is contributing heavily. One of the first sectors where AI proved beneficial was customer service. AI for enterprise has managed to deliver sustainable benefits in customer servicing.
6. Retail Services:
Retail service is a sector where there are various customer touchpoints. Enterprise AI plays a role in the control of inventory, streamlining supply chain management, managing loyalty programs, procurement optimization, and coordination between marketplaces. The focus of an AI enterprise is to make customer experience satisfactory and profitable.
7. Telecom Services:
Another sector that immensely benefits from AI is the telecom and media sector. AI helps improve the network performance, control of security breaches, maintenance prediction, customer data organization and management, and predictive analysis. The telecom sector is highly competitive and companies often struggle to maintain the customer base and quality services at an optimum cost. AI is the way forward to address these problems.
8. Healthcare Services:
We can see how AI has played a role in the current pandemic itself. From contact tracing to predicting the spread of the virus, AI has played a significant role. Patient database management, patient appointment scheduling, and reminders, record maintenance and real-time retrieval, routing patient case history for insurance are some areas where AI is playing a role. The ability to crunch vast amounts of data and draw inference helps fast-track research in health that is vital for any clinical breakthrough.
Conclusion:
Though the current pandemic has brought about business uncertainty, the outlook for AI remains promising. By 2025, the AI market across the globe is expected to reach $118.6 billion.
According to a Global AI Survey from McKinsey & Co (November 2019), 63% of the surveyed executives reported that AI helped increase revenues. 44% of the executives found a reduction in costs due to AI adoption.
This survey shows that business leaders are enthusiastic and aware of the impact AI can make on their businesses. Organizations are currently using enterprise AI for functions like data preparation and extraction, predictive analysis, and automation of processes.
The key benefits of adopting AI like cost reduction, higher profits, better customer experience, improvement of quality of services and products, personalization, a better understanding of data, and freeing employees from routine low-level tasks make a case in its favor.
The role of AI for enterprise is only going to expand in the coming years. AI for enterprise applications is going to see innovations and adoption by even more business sectors. Enterprise AI companies are working to develop solutions that are workable and practical, making the inclusion of enterprise AI technology easy.
As we are slowly inching towards the end of 2020, businesses are expected to see exciting opportunities to use artificial intelligence in 2021.
I hope this article has got you excited about the scope of enterprise AI. Are you using AI for your business? Please do comment and tell us what aspect of enterprise AI you find most beneficial.
