Artificial Intelligence (AI ) has integrated into our everyday activities and applications. AI applications are expanding from pure theory to practicality. AI is technology implementation that is capable of showing analytical, decision making and learning abilities that are comparable to humans. Bringing in automation, higher efficiency, faster process and the ability to evaluate and operate with real world business and customer data. So where may have you seen these applications? Amazon’s Alexa and Apple’s Siri are both very common examples of AI based applications that are able to accurately identify spoken commands and take respective actions. The applications of AI may be explored in almost all avenues at different levels of complexities. AI run commercial applications are slowly spreading into almost every industry and, according to Allianz Risk analysis team, are expected to contribute to an increase in corporate profit by a significant 38% by 2035. According to Grand Review Research, the Artificial Intelligence Market size is anticipated to grow significantly between 2016 – 2027. This growth Artificial Intelligence Market size is anticipated to grow significantly between 2016 – 2027. This growth is expected as companies such as Amazon, Google, Microsoft including MSMEs and new Startups invest more in AI applications for their offerings.
For any business, the analysis of data and obtaining actionable information (business intelligence) is key in its growth and success. This is where AI, fueled by digitization of processes in different sectors and the corresponding generation of data, provides great opportunities. With their inherent ability to correlate instances in different categories of data, AI tools are a great way to streamline general workings, cut costs and increase revenue. The customer today expects a quick and informative response from a business. Automated bots/chatbots on your business website are a great way to give prompt responses and enhance the customer service experience. Further, marketing and sales, both benefit from AI, through product orientation strategies. Tools such as sentiment and predictive customer behavior analysis provide insights into client preferences and better streamline the marketing approach.
Furthermore, in terms of human resource services, AI offers the capability to automate time consuming tasks such as sorting through recruitment documents, paperwork and repetitive data entry. It allows the members of the HR task force to focus on directly interacting with potential employees and business associates. For growing businesses, this is especially beneficial as it increases efficiency with a limited human task force. Document intelligence, workflow optimization, automation of workflow tasks, streamlining the processes, extracting insights from data, optimization of metrics, prediction and enhancement of everyday business tasks through automation are few more areas where AI as become an established solution, and is bringing an increase in their efficiency, profits and reachability.
As of now, majority businesses have integrated AI tools in at least one of their processes, with service and operation functions observing the largest share. However, numerous paths are still available to explore in terms of customized AI solutions for businesses. In order to stay competitive and ahead of the game, it is time to evaluate how your business can benefit with the use of such advanced tools, even at the smallest level. At TensaX Innovation Lab, as we explore and develop our own AI solutions, we firmly believe that the incorporation of customized and targeted AI for business growth is essential and easy. Ranging from the development of computer vision and natural language processing tools to data analytics on customer feedback and business processes, we have been able to offer innovative and dynamic AI based solutions that analyze and enhance efficiency. Get in touch with us and find out more on how your business may benefit from the combination of our skills and AI tools.