AI is a hot topic in the business and tech world today.
But blindly chasing the hottest can be dangerous, don’t believe me? Ask the sailors who went after mermaids. Oh wait! you can’t; they rest peacefully on the ocean floor.
You have to consider how it affects your business and whether it will help you scale faster, and, most importantly, is it worth it. To access all these, you need to have a detailed understanding of what an enterprise AI is.
This blog will help you understand what enterprise AI is and how you can leverage it for business growth.
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Have you seen the stats on AI by Gartner?
They have estimated that AI will create $2.9 trillion in business value and 6.2 billion hours of worker productivity in 2021.
Suppose you haven’t yet explored this AI possibility. In that case, you might be among the very few people in the dark because most big and small enterprises have successfully embraced AI in their business.
To shed some light on the topic, let's look at what enterprise AI is first.
Enterprise AI is a subcategory of enterprise software that uses both advanced AI techniques and machine learning algorithms to help organisations improve their productivity and efficiency.
Organisations that deploy enterprise AI applications can achieve step-function improvements in business processes throughout their value chain. Cloud computing, big data and Internet of Things have opened new options for enterprise AI to be in software applications.
The difference between AI and enterprise AI is all in the scale of use. For example, it's like TNT and a nuclear bomb; both cause an explosion, but the scale of the explosion defines it completely.
Similarly, enterprise AI focuses on the large scale high-class cases that directly impact a business. Enterprises use AI in various applications to solve many issues in their business.
While using these many AI-enabled applications, selecting the right technology stack is the key.
We know AI contributes to the growth and development of an enterprise. But the need to go deeper into this is evident because many are unaware of the fact that other than reducing the cost and human labour, the business opportunities for AI are endless. Here are some of the contributions offered by enterprise artificial intelligence.
1. Ability to Adapt
When handling a business, you might have encountered instances where the need for a change is imminent.
These changes may be due to the volatility of the market or some other unaccounted reasons, but to survive in the market, you need to adapt to them rapidly.
These changes need to be flawless and smooth for an enterprise because this will be the cornerstone of competitive advantage in the market. An enterprise AI application will help you adapt to any business model harmoniously without taking a toll on your processes.
2. Data Governance
With the growth in technology, data intake has increased exponentially in the last few years. The sheer volume and dynamism of data need to be handled carefully, the data security needs to be impeccable, and every business should respect the customer's privacy.
The added benefit of having an enterprise AI is fraud detection, and alerts can be issued with behavioural analysis.
3. Generating Leads
When looking through a marketing perspective finding the right client is crucial in converting a sale. Through an enterprise AI, the chatbots or software that imitate human conversation gather valuable data on the potential customer's preferences.
4. Customer and Employee Experience
Through personalised suggestions, your customer will find it easier to navigate through your website or application, and rapid response to queries will reduce customer churn to a great extent.
In the case of employees, many robotic tasks will be transferred to a “robot” and they will have more time to help the business in a more meaningful and efficient way.
1. Data Difficulties
Data collection is a path everybody must tread carefully. When dealing with the sheer amount of unstructured personal data, you have to be careful with the privacy rules.
You are collecting data from many sources, and some data might be masked in one section but open in another. So every data collected should be filtered only to the bare minimum required to function. (Mark Zuckerberg might be laughing at this now)
2. Technological Issues
Technology has not travelled as far as the human imagination has. So if you are thinking about the robots in the Terminator movie while thinking about AI, no, we are not quite there yet.
3. Interaction Issues
There should be proper communication channels between the machine and the man. Proper, clear cut roles must be assigned to each other for perfect execution.
For example, if there's a powerful AI and you create a command that rids the planet of plastic waste causing elements. In that case, it will perceive humans as a hurdle and will try to eliminate it ( “Hasta la vista, baby” should be echoing through your minds now”).
4. Security Snags
Though AI helps detect fraudulent behaviour, there are cases where people exploit the data collected by an AI.
5. Models Misbehaving
Models tend to give biased results, or they tend to misbehave if they reach a stalemate situation. When looking through a business perspective, this impasse from AI software can highly affect the functioning of the company.
“ Alexa, play “perfect” by Ed Sheeran”
I hope you got the picture where Amazon plays the artificial intelligence game. The digital voice assistant is one of the evident enterprise AI Amazon uses for its business, but it's not limited to just that.
Haven’t you ever seen an ad on Instagram right after just thinking about it? That's Amazon AI at work; this innovative way of collecting user data and recognising user patterns to suggest products to them before they even search for them has helped improve the company's conversion rate.
The tech giant uses AI and machine learning in most of its products with face recognition, smart features and many more. They also have their own voice assistant, “SIRI”. Apple songs even have features that suggest songs to users based on their interests.
Facebook uses DeepText, a text understanding engine, to understand the content and emotional sentiments of posts to identify the person in a group of photos shared on their platform.
The most common feature that everyone knows is the friend suggestion feature, where the app suggests potential connections based on the area we live in, our friend circle and many more details.
IBM’s deep blue computer was the first to conquer a human world chess champion; this computer uses AI and ML to accomplish this feat. Even before that and still is one of the frontrunners in AI technology.
They also have the latest cognitive computing engine that competed against two professional debaters and argued with human-like statements, known as Project Debater.
Microsoft is one of the tech big boys closely associated with AI; they are using AI in all its products and services, for example, Cortana, Skype, Bing and Office 365.
Nine of ten leading businesses have investments in AI, but less than 15% deploy AI in their business processes. It may be because of limited technology, lack of awareness, or other reasons. The way AI is growing in the tech world, you can’t stay oblivious for long.
It's high time that you consider the possibility of growing with AI, and there is a lot to learn and a lot more to experience.
Indeed, Artificial Intelligence is still a growing industry, but the growth rate is astonishing. The race to scale with AI has long started, and you can still stay in the race if you can gather the right data and employ them efficiently.
Being one of the forerunners in AI-driven solutions, NeoITO has witnessed the growth of businesses through artificial intelligence and its phenomenal. If you need any help scaling with Artificial Intelligence, Book a Free Consultation with us, and we’d be happy to help.