How to Utilize Artificial Intelligence for the Growth of Businesses

These days Artificial Intelligence is getting huge hype and attention, everywhere you can find countless articles on AI-related topics. It has been at the front of commercial innovation ever since the morn of the Digital Revolution. AI has lightened the efficiency of electronic devices with different kinds of software and digital innovations to create a digital environment that is geared toward modifying the way we do business.

According to Gartner, “By 2018, world’s more than half of the large organizations would be exploiting the use of Artificial Intelligence in terms of analytics and proprietary algorithms”. That clearly shows the demand for Artificial Intelligence is increasing day by day. On the basis of Gartner study, by 2020 there will be over 26 billion connected devices and 30% of web browsing sessions will be done without a screen. This increasing demand for this technology means more and more businesses will begin to integrate it into their mobile app development.

Insights

Now, Artificial intelligence (AI) has also entered in the office premises. According to Accenture, nearly 90% of U.S. workers are optimistic about the changes that technology will bring in the next five years. McKinsey estimated that AI techniques could potentially create between $3.5 trillion and $5.8 trillion in value annually across nine business functions in 19 industries. As AI continues to get smarter and more capable because of this employee’s productivity is poised for a sizable shift with the new tools and technology available to them.

With the right techniques, businesses can quickly work on latest trends, patterns, clusters, and eccentricity in customer behavior, supply chains, internal operations, and market dynamics. But as the methodologies of big data become more widely accepted, algorithms of AI technology become less of a competitive differentiator.

In fact, the availability of machine learning and natural language processing via the cloud is likely to accelerate the commodification of AI in the near future, essentially making it table stakes.

How Startups Fueling the AI Revolution

There are many companies spearheading the shift to Artificial Intelligence. Companies like H2O.ai are utilizing AI by creating an open-source machine learning platform that is accessible to everyone. Almost all the Fortune 500 firms use AI to take a powerful decision by combining data science with behavioral science respectively.

In the market, there are various AI integrated platforms like DataRobot, CrowdAI and others are available which is designed for broad adoption and usability across many skill levels in an organization. This level of mutation in AI has created a major change by triggering massive acceleration for both business and human innovation.  

Why Businesses Are Adopting AI To Drive Growth?

While AI is increasingly involving in consumer lives, businesses are still in the early phase of launching AI in their business model. According to the Gartner, the market potential is huge; nearly $3.9 trillion in AI-derived business value will be created by 2022.

Today most of the industries are seeing positive outcomes from the Artificial Intelligence mobile app development. With the help of AI integrated mobile applications, car manufacturing company State Farm, enable customers to detect distracted drivers using their mobile app in order to track driving patterns for safe driving habits. This habit plays an important role in customizing insurance and providing customer offers.

Benefits of Artificial Intelligence in Businesses

Artificial intelligence (AI) is now everywhere, it’s been a logical headway. In the era of big data and cloud AI has taken a significant paradigm shift that has enabled AI to become practical and accessible to both consumers and businesses. As the volume of data is increasing day by day, the cloud provides access to scalable, parallel data processing at low cost by allowing cloud vendors to create machine learning algorithms and deploy an artificial intelligence as a service model. No doubt, AI is becoming a utility function that’s the reason you can find it in every industry.

1. Financial Industry

The financial industry is a data-intensive industry; it takes time and fulls proven research before adopting any new trend as there is no scope for any blunder. In this industry, AI has made its place smoothly and become an integral part of the financial industry for offering safety, employment, inclusion, and the financial services value chain.

2. Agriculture Industry

The agriculture sector is continuously evolving with the help of AI and its automating processes is extremely beneficial for the society, lowering costs and help farmers to reap the fruits of their labor all year round.  Agrobot is an autonomous robotic harvester that is revolutionizing the agriculture world. It works with the world’s leading farmers to automate berry harvesting through the potential of AI.

3. Healthcare Industry

In healthcare, errors can be costly as well as horrid. With AI integrated medical equipment, the chance of error reduces to a sizable extent and its recognition has also become easy. From decisions making to strong security, AI is proven to be a better assistant in terms of help needed in the healthcare industry. Artificial intelligence is not developed for replacing doctors and nurses but it definitely takes away a lot of burden off their shoulders.

4. Logistics Industry

Supply chain management needs unbending focus and labor in all its operations. With the help of AI, companies are smoothly managing their supply chain by tracking the whole process at their fingertips. As a result, now complete supply chain process from production to delivery has become automated with the overall improvement in efficiency and speed.  

Conclusion

AI promises hefty transformation and an exciting advancement in the industries that can drive broad-spectrum economic prosperity.

Worldwide popular AI integrated devices and grooming in mobile app development is a proof that AI is now everywhere and become a part of our lives and we cannot deny for the fruitful results of it. We, humans, are sharp in our own right, and if automated decision-making is something we can do, we can also make the tools to control it.   

Consagous specialize in business-centric mobile app development solutions. Please contact us at +1 (512) 333-1321 or email us at projects@consagous.com or get a free quote HERE