Many technology advancements advanced in 2022, and they have the potential to fundamentally alter the way we live and work. An increase in the use of AI apps by businesses to improve and automate processes and workplaces has been one of the most significant advancements we have witnessed in the past year. Companies will use automation to create new efficiencies as they strive to accomplish more with fewer resources.
This is particularly true given the fact that geopolitical and economic uncertainty are on many corporate leaders’ concerns. Here are five areas to keep an eye on in the upcoming months as we anticipate 2023 bringing more maturity to the market.
Conversational AI
With voice assistants like Siri, Alexa, or Google Assistant and other sophisticated chatbots for customer service, we have come a long way in a short amount of time. By 2023, more than 800 million people in more than 190 countries will use chatbots to carry out a variety of tasks, according to statistics on global chatbot use. AI-powered chatbots and virtual assistants for customer support are more than capable of addressing common client inquiries, even when there are a lot of requests and questions.
This has not only sped up the resolution of user or customer issues, but it has also given customer service employees additional authority to manage more important and difficult duties. E-commerce, retail, healthcare, financial services, real estate, education, and travel are a few industries that have been in the forefront of implementing conversational AI technologies to communicate with clients more effectively. Virtual assistants and chatbots are increasingly a crucial component of marketing plans for companies looking to attract and keep clients.
Financial Analysis
Even in a seemingly conservative industry like financial services, modern organisations are increasingly adopting a digital-first strategy. As a result, there will be more financial transactions, higher volumes of vital data, and more opportunities for cybercrime and other fraudulent behaviour. By identifying odd changes in trends, AI may be extremely useful to organisations in tracking digital activities and identifying fraudulent transactions.
With AI’s capabilities, financial institutions can now more easily track market patterns and help financial officers with planning and forecasting to increase profits and reduce losses. By comparing financial data to market patterns, AI can examine the financial health of numerous organisations for enterprises looking for financial partnerships and investments, enabling executives to make wise decisions and save losses.
For a business investing in a start-up, for instance, AI can be useful in analysing the start-financials up’s and painting a clearer picture of its financial health so that the investors can make the best choice.
Sales and Marketing
Data is gold to marketers, and AI thrives on it. AI-powered technologies can be used by sales teams and marketers to make wise judgements. With the help of AI, brands and their marketers can more effectively target the right customers, anticipate market trends, and fine-tune pricing and promotional strategies.
Beyond addressing certain significant insights-related difficulties, AI may assist firms in modernising and automating processes like lead generation with the capacity to geo-locate and develop customised campaigns.
An AI system, for instance, can assist in tracking daily traffic on an e-commerce website in order to share insights on daily unique visitors and repeat customers, find customers, launch targeted ads based on customers’ search histories, and more. This empowers marketers to focus on more strategic tasks of building a better platform to enhance business opportunities.
Supply Chain Management
The Covid-19 pandemic and digital revolution have both significantly improved the speed of customer decision-making. Consumers may now make judgements more quickly since they have instant access to all available information. Take a look at the vibrant e-commerce market. Smart systems are needed to meet these changes in customer behaviour and to offer goods more quickly than ever.
Businesses can greatly benefit from AI’s ability to help them meet this demand. An ecosystem powered by AI in the supply chain can help manage inventories and optimise inventory levels with little or no human intervention. These AI systems can also analyse inventory patterns and forecast demand to precisely arrange production schedules.
Quality Control
Quality assurance and control are essential for organisations in all industries. In e-commerce, it’s crucial for the seller to quality check the goods being delivered and the goods being stored in the warehouses before they are added to the outgoing inventory. Similar to this, it is essential to have quality checks in supply chain and logistics to remove inferior made goods from the production line before packaging and labelling.
Such organisations can use AI-powered systems to become their eyes and ears, helping with product inspection, defect detection, and product sorting for subsequent processes. Additionally, organisations can use AI and machine learning (ML) to examine physical documents to confirm that they comply with applicable standards, saving time and labor-intensive manual labour for everyday activities.
For instance, in the case of an insurance provider, AI and ML-powered solutions can help with checking and verifying documents filled out by clients and uncover errors or inconsistencies that may cause delays and shorten the turnaround time of crucial decisions by the provider.
While AI has the potential to revolutionise business, decision-makers must distinguish between hype and reality in order to make informed decisions. Although there are several technology advancements occurring globally and across industries, not every trend is required. Business executives must create the most effective framework and use technology to their advantage. Businesses will see higher productivity, cost savings, and better decision-making if they successfully apply AI-based automation, particularly in the areas mentioned above.
