The arrival of the internet, emerging technologies especially artificial intelligence has changed the way of doing business and are gradually assisting the business worldwide. Now the question that arises is what technologies will be indispensable and prioritized.
Digital transformation with artificial intelligence must be applied to create a value-added product. This identifies information and helps the involved professionals in different stages of a process, like design, execution, and delivery. In the designing phase, AI makes an accurate forecast of the next steps and improves research and development. Constant maintenance is a significant spot where AI and Machine Learning can help during the execution phase. In the last and important delivery phase, the customer experience is delighted, with the whole thing being digital, AI, data analytics, and Machine Learning to observe, propose and predict actions to reinforce the product, brand, and market share.
In a recent study, McKinsey estimated that AI technology can generate around $5.8T annually across various business functions in around 19 industries, creating up to $2.6T of additional value in Marketing and Sales along with up to $2T in Manufacturing and Supply Chain Management. It will also add around $200B in value to Pricing & Promotion along with $100B to Customer Service Management. McKinsey expects an 11.6% impact on Travel industry revenues and about 10.2% on High Tech industries. AI and deep neural networks enhanced their performance ahead of the existing analytic techniques.
There are quite a lot of reasons for businesses to bet quickly on AI technologies. AI guarantees the agility to innovate and deliver services rapidly. AI also assists to offer products and services concerning the specific needs of the customer universally and confidently. And the most important one is AI‘s potential to multiply the business value by automated processes and enhanced efficiency of processes. By strengthening the operational capacities using Artificial Intelligence, businesses can enhance their resilience to global crisis scenarios such as the pandemic by delivering products and services with improved profitability and create predictive capabilities for the business.
What electricity has intended for humanity in the past is what Artificial Intelligence means to the digital revolution. Its disruptive power is so great. We are moving towards a stage where all the digital products will be ever more intelligent to make recommendations, options, and assist customers to choose. To handle such changes and deal with this transformation in the organizational structure will be the biggest challenge. Investing and develop skills among the whole labor force to get used to the new models and trends is significant to bring positive results.