While true Artificial Intelligence is some way off, businesses are taking advantage of intelligent automation, like machine learning, to improve business operations, drive innovation and improve customer experience.
AI and automation is changing the business environment across industries, delivering new opportunities through intelligent, automated processes. Some companies are ahead of the curve while others are hesitant in their adoption of tech.
AI is effectively an umbrella term to describe processes of intelligent automation, including machine learning, natural language processing, cognitive computing and deep learning. True AI is when a computer or robot can think and act like a human brain. In reality, this is still a long way off.
At the moment, companies are using autonomous processes to improve operations and transform customer service (through, for example, AI powered chatbots), while taking innovation to new heights. AI is a set of algorithms that can solve a specific set of problems – and it works best with a large amount of quality big data.
Almost every industry will be impacted and transformed by ‘AI’ and automation over the next few years. Manufacturing is one of the main industries currently seeing the benefits of implementing this technology in operations. Over the next five years, these smart factories will act as the catalyst for a new global economy.
AI and automation will allow businesses to cut costs, boost productivity by freeing up staff from mundane tasks, increase agility and flexibility and spur innovation.
Artificial Intelligence stands out from other technologies, in that it will help advance other technologies into one mainstream business environment. For example, AI will advance IoT.
As more and more data is produced from technologies like the IoT and virtual reality devices, AI and automation will be essential in not only managing that data, but also in supporting the increased strain on business networks.
If a leadership team of an organisation does decide to integrate AI and automation then there will be a number of challenges to overcome. These include, control, a lack of skills and legacy systems.
When more businesses eventually make the imminent jump to AI, they need to ensure AI readiness. First, businesses must make sure that data is AI ready. This requires a central data hub, which is capable of extracting and analysing data from multiple sources – AI solutions can then make effective use of this full picture to deliver customer engagement strategies.
Building AI into the foundation of the business is also key. To embrace the possibilities that AI offers, businesses need to rebuild and reimagine themselves on an AI powered foundation.
Today, more and more businesses are grasping the power of AI to meet the escalating expectations of consumers. Failing to evolve could see you falling behind the competition.
If you’re ready to transform your businesses processes in order to keep up with rapidly advancing industries, Get In Touch to discover how Wolf Group could support you on your journey.