AI-powered tech is already very popular in the market and everyone, starting from the automakers to the tech giants are now using AI to boost their businesses. Technologies based on AI are now quickly becoming an essential part of the daily lives of people. AI is no longer in the future as it has already appeared in the present time with great purpose and force.
As per market data, artificial intelligence is going to add around $15.7 trillion to the global economy by 2030. The analysis predicts that AI will be making the functioning of the companies far more resourceful and competent. AI will help to bring new products in a number of sectors like automotive, healthcare, financial services, manufacturing, communication, retail, energy, etc. You can find a few important advantages related to AI that can justify the investment in the favor of AI beyond doubt.
Artificial intelligence is extremely capable of processing a vast amount of data and interprets the data in real-time. With this approach, it becomes easy for businesses to act faster and make crucial decisions that can position the company strongly in the competitive market. The data can also be provided to end customers like the transportation industry where the drivers can adjust the routes depending on the traffic density.
Business process automation
AI can be very effective to manage the automation of service delivery or product automation. As an example, it can manage the robotic lines in a factory and can control as well as maintain the necessary environmental conditions required for product storage. It can monitor the warehouse balance, register and service the customer requests, process payments and many more.
AI elements can be integrated to accelerate and optimize several jobs carried out by employees like data interpretation using the ERP system. Artificial Intelligence can also be very effective to use in the business intelligence departments.
AI has great potential in autonomous vehicles
The journey of autonomous vehicles from science fiction to reality is very fast and it is all happening due to the powerful AI chips. Today the self-driving cars are using AI technology and technology companies are fiercely competing in the market to grab the tremendous market potential of autonomous vehicles. Renowned automobile manufacturers are also not lagging behind in the race and are coming up with innovative measures of AI for the self-driving vehicle industry.
AI is also boosting the cloud-computing market
Some of the biggest technology companies depend on AI heavily for providing excellent cloud-computing service. Amazon is having around 32% share of the cloud-computing market that remains the biggest share and it uses the AI systems for a host of cloud products. It is estimated that the cloud-computing market will be worth around $278 billion by 2021 and the company that has taken a lead in investment, will hold a clear advantage.
Opportunities in the Internet of things
Artificial Intelligence brings a lot of opportunities in the Internet of Things and there can be strong benefits you receive from investment in AI for IoT. The Internet of Thing devices that are based on platforms having AI elements find a lot of uses and there can be breakthrough innovations in this field shortly. Thus, there can be a lot of benefits from investment in this trend as it holds a lot of opportunities for development.
AI provides better customer experience: Now, extremely effective AI-based chatbots are employed that can work round the clock and provide user request support at any time. Customer loyalty can be easily enhanced with better interaction quality and shorter response time.
The other advantage of AI can be the marketing personalization and algorithms are available that can identify the interaction between the active and potential buyer’s behaviour. It becomes easier to utilize this data and to make precise offers that are meant for a particular type of people.
AI helps in cost reduction and profit enhancement
AI offers several highly valuable opportunities for businesses to improve the cost-effectiveness of businesses. These are monitoring the process 24/7, minimize the risk related to the human factor, forecast the machine repair and part replacement, minimize production downtime and reduce operating costs.