Artificial intelligence is an economic accelerator. During the recent years, many
companies have adopted AI to achieve superior business outcomes by streamlining their
cost, revenue, and profitability.
Business leaders worldwide acknowledge that investment in AI technologies is directly
proportional to financial gains. Companies apply AI technologies to transform their
business operations, reinventing how they run their companies, compete in the market,
and thrive revenues.
AI technologies can transform relationships between humans and machines. For example,
your employees can improve productivity by spending more time on exceptional work,
driving over 80% of value creation.
Using AI enables you to reimagine your business models and processes. You can use
customized, intelligent machines to review end-to-end processes and apply automation
algorithms to refine and optimize your business operations.
AI enables you to unlock the trapped value of data and information. You can apply AI
technologies and machine learning algorithms to improve a large volume of data analytics.
AI experts say that consistent advances in AI algorithms lead to faster transactional data
processes, combining data in new ways to explore trends and deliver more profound
insights. Everyone can benefit from AI, including:
Scope of Artificial Intelligence Possibilities
Investigative : Data discovery and Churn Prediction
Experimentation : Experimentation Automated accounting and recommendation systems
Building Data Capabilities : Predicting supply chain processes
High-Level Productionized AI : Predictive maintenance and self-driving vehicles
Many companies adopt AI technologies to develop product recommendation systems.
These systems suggest products and information to consumers based on historical data
analysis and purchasing patterns. For instance, online shoppers often see production
recommendations every day.
So, AI can benefit eCommerce businesses, advertisements companies, etc., because a
product recommendation system empowers consumers’ purchasing decisions, allowing
them to find products that best suit their specific needs.
The recommendations depend on various elements in the large volume of data, including
the customers’ purchase history, behavior or attitude toward specific products, buying
patterns, etc. Amazon is the most famous example of product recommendation systems.
Amazon recommends a wide range of products from different categories to consumers.
The primary objective is to ensure customers view products that best fit their needs. So,
not only does this lead to data-driven decision-making, but it also generates more revenue for
Improved Customer Service
Many companies use chatbot software applications that imitate human conversations with
consumers on business websites, phones, mobile apps, etc. Chatbots are AI-based
programs, allowing businesses to automate communication with consumers.
Bear in mind that online customers want easy, simple, speedy, and personalized customer
service. The good news is that chatbots can facilitate customer service from any location.
We believe it is an advanced marketing channel that provides your customers with
Chatbots have entirely changed the marketing operations and business processes for many
companies. Not only do chatbots offer intuitive user interfaces, but they also enable online
users to get information on products. Some of the benefits of implementing chatbots
programs in your business are:
1. 24/7 and Immediate communication with online users
2. Increased chances of converting prospective customers into high-paying clients
3. High-level conversational marketing strategy for your business
4. Gain insights by recording data on customer interaction and behaviour
5. You can implement chatbots in different business applications
Leverage the Power AI for Cloud Databases
Cloud databases not only improve efficiency but also reduced costs. However, data on
cloud databases is of no use unless you extract and process it for consumer patterns and
The good news is that AI offers unique algorithms, allowing businesses to mine data from
cloud databases and gain valuable insights. AI can efficiently and quickly process trillions
of data points without errors due to fast-processing algorithms applied to cloud databases.
Manage Data in Real-Time
AI enables businesses to manage data in real-time, allowing them to make informed
decisions. Using AI can help you transform your business strategies and achieve your goals.
Remember, data is the most critical resource for your company, and AI enables you to use
For instance, AI analyzes large volumes of data and provides deep insights, allowing you to
see the bigger picture and make valuable decisions. In addition, AI can make critical
business decisions for your business, leading to increased sales and higher ROIs. Thus, AI
can help you turn unstructured data into structured data, leading to improved, actionable
Industry Growth Research
According to Gartner, about 10% of organizations used AI in 2015. The figure grew to 37%
in 2019, translating to over 270% growth in just four years. Fortune Business Insights report
that AI’s market value in 2019-2020 was $27.23 billion.
According to New Vantage, over 91% of reputable companies make consistent efforts and
investmentsin AI technologies to improve their business operations. PWC reports that 54%
of companies believe that the adoption of AI technologies increases productivity, leading
to higher ROIs.
In addition, Salesforce highlights that 62% of consumers want companies to implement AI
technologies to improve customers’ experience. According to Gartner, over 15% of
businesses, including brick-and-mortar and online companies, have customer service tools
fully powered by AI.
McKinsey reports that 44% of companies have reduced business costs by implementing AI
technologies to improve their operations, making AI and machine learning techniques cost effective.
Artificial intelligence is crucial to the future of business because it can transform the
industry through its cutting-edge and advanced capabilities. AI is widely used in
the medical industry, aviation sector, engineering, climate change research, and retail
business, including eCommerce.
Incorporating AI into your business can help you develop new ideas, implement
technology-based solutions for customers, analyze large volumes of data quickly, and gain
better insights to improve your business decision-making. AI offers real-time data analysis,
interactive dashboards, intuitive user interfaces, chatbots, automated marketing systems,
and risk-free shopping experiences to consumers.
Thanks for reading,