Why 2023 is the year businesses should invest in Artificial Intelligence
Artificial Intelligence has brought about a rapid transformation in nearly every industry, especially with its increasing accessibility for business owners.
Introduction
Artificial Intelligence has brought about a rapid transformation in nearly every industry, especially with its increasing accessibility for business owners. An increasing number of businesses have adopted AI in the last couple of years, especially in 2022 as this technology took strides towards a focus on improving the customer journey flow. AI presents manifold advantages for organizations in terms of enhancing bottom-line operations and cost savings as well.
It is this accessibility and advantages that are expected to make businesses keep pursuing AI adoption in 2023 and beyond to derive new values and process improvements from existing databases, workforce, and infrastructure with minimal or no change. In fact, Salesforce and Vanson Bourne predict in a recent survey that 80% of organizations will include AI-based hyper-automation on their technology roadmap by 2025 [1].
Why some businesses fail to succeed with AI
Despite the vast scope attached to it, not many businesses are able to get the best out of AI and many are still apprehensive about its implementation. They often think twice about whether to invest in AI or not due to less clarity about its integration with existing systems, unclear objectives, and ways to evaluate vendors, among several other reasons.
Businesses need to understand that AI is no longer an option but a necessity for adoption. If businesses don’t invest in AI as soon as possible, mainly this year itself, they may risk falling behind in the competition. In addition, the gap created between early and late adopters would be huge, thus making it difficult for the latter category to catch up in terms of operational innovation and efficiency achieved, further becoming a disadvantage in terms of scaling up and revenue generation.
This makes it crucial for businesses to continue investing in AI and more importantly invest in this technology to adopt it for seamless operations. However, what are the key reasons for them to recognize this dire importance associated with Artificial Intelligence in the workspace? This blog will enumerate important insights for the same:
Delivering a seamless customer experience
Providing excellent customer service and overall good customer experience is one of the most overarching goals of businesses in today’s world. And by implementing AI in operations that handle customer service, they can automate actions taking place at multiple touchpoints. Through its language processing abilities, AI solutions can drop instant responses to customer inquiries and steer them in the right direction for inquiry resolution.
This helps reduce the response time of inquiries, deliver high-accuracy of query resolutions, and overall instant gratification for customers. Thus, through various modes of engagement for customers, AI can deliver seamless customer experience and hence is a must-have for businesses starting from 2023 when all this is now easily accessible.
Enhancing operation-centric processes
Operation-centric processes in a business are those which govern the day-to-day activities in the daily working environment. Some of these include maintaining and executing IT infrastructure and related activities, internal and external communications, monitoring and maintaining products and services, etc. Daily business operations comprise a lot of moving parts, especially in the Banking, Financial Services, and Insurance industries. In terms of customer engagement, these include distinct processes in themselves such as processing customer inquiries, resolving them through CRM and ticketing systems, and archiving them in back-end systems.
As operational architectures evolve, companies are required to upgrade the technology powering them, and there’s no better option available than artificial intelligence. In fact, Gartner predicts that by 2025, 70% of organizations will have operationalized AI architectures due to the rapid maturity of AI initiatives [2].
AI solutions can cut down the time taken to handle all these operations and improve accuracy and efficiency at each stage. This can further help businesses cut down operational costs in the long run and derive healthy return-on-investments while scaling up fast.
Enhancing content-centric processes
Content-centric processes in a business are those used for governing operations that require an influx of content on a regular basis be it in the form of sources such as customer data, product information, emails, and documents. Prime business operations that are content-centric involve processing these emails and documents, archiving them properly, replying and coordinating with key business stakeholders, and taking subsequent business decisions.
Artificial Intelligence in the form of intelligent automation has the power to improve the accuracy of these processes if implemented in the correct manner. It can dramatically reduce the associated manual dependencies with the help of instant content or text interpretation and use it to trigger specific actions. Thus, AI can help organizations make smarter business decisions aided by the high accuracy of handling content-heavy operations.
Conclusion
In summary, investing in AI can bring significant benefits to businesses in terms of efficiency, cost savings, improved decision-making, and gaining a competitive edge. End customers today want extremely personalized services, and they want their queries to be resolved as instantly as possible. And AI vendors do exist that can provide businesses with the right kind of AI technology to pander to their customer base. Today’s data-secure AI solutions can be easily trained without any additional skill requirement through no-code and low-code automation platforms.
Research supports this in the form of Gartner, which predicts that by 2025, 70% of new applications developed by enterprise businesses will use low-code or no-code technologies, representing a significant increase from 25% in 2020 [3].
This can enable businesses to capitalize and leverage on customer data and also protect it by being compliant with appropriate data privacy and IT security regulations.
Be it on the operations side or the customer-facing facet of businesses, to stay at the frontlines of competition demands businesses to implement AI now, and not let it remain as an option for the future. Because, the future of AI is today, especially as industries are bouncing back after two years of the pandemic; they will hence witness increased adoption of a technology such as AI that will enable them to automate operations as much as possible.
Sources and references
[2] https://www.dqindia.com/5-reasons-you-need-to-invest-in-artificial-intelligence/
