In the modern digital landscape, Artificial Intelligence is taking the world by storm. Whether we realize it or not, we need to accept that AI has influenced our lives, and we can’t imagine lives without artificial intelligence. Every moment, AI is widening its reach in a new segment and impressing us with its true potential.
Since AI is full of human-like capabilities, more and more industries are welcoming this trend and have already started investing in AI technology. AI is not all about driverless cars only. Instead, it has a broader scope in all other business segments and indicates more growth and productivity in those sectors. The global artificial intelligence market is expected to experience revenue growth from around ten billion U.S. dollars in 2018 to a projected 126 billion by 2025.
Understanding Artificial Intelligence
Artificial intelligence depicts the ability of a machine to simulate human intelligence and other actions like logic reasoning. And the most trending and preferred invention of AI lately is chatbots. These machines don’t subject to emotional challenges that give birth to human errors; however, AI-enabled technology and devices provide accurate outputs with zero scopes of human errors and mistakes, make unbiased decisions, and never get tired. Since humans get tired and even make mistakes, but machines don’t.
Customers love chatbots since it doesn’t delay the services and offers an instant and relevant response to their queries. While Natural Language Processing (NLP), another subset of AI, holds the ability to process and analyze text and speech data, let’s understand how AI technology impacts the significant industries and proves its significance in all business segments.
Artificial intelligence has come up with productive customer services in the form of chatbots. Chatbots allow businesses to offer excellent customer services without investing significant capital, unlike the ordinary methods, which can be only be attained by email or via phone. AI-powered chatbots offer customer services where customer queries related to any product query, product availability, information on some new services and products, etc. So, we can say that customers don’t have to wait for hours or even days to get the revert from a customer support agent; preferably, a chatbot will answer their queries right away.
AI technology is improving the education sector in the form of AI tutors who will carry out one-on-one interaction that will enable the students to overcome the experience of stress and anxiety issues. Artificial intelligence technology even offers a lively atmosphere where students love to learn and further, making it easy for teachers to teach them. So, implementing AI in the education sector will enable them to deliver a more personalized and contextual experience.
AI has bought a paradigm shift in the healthcare segment by implementing it to numerous healthcare data types, including structured and unstructured data. From asset management, hospital care to drug development, artificial intelligence is uplifting the healthcare industry with better healthcare operations and improved patient care. The safe exchange of healthcare data will directly bring improvements in the patient experience and keep them informed at all times.
The retail industry is experiencing a significant improvement while leveraging artificial intelligence technology. The online shopping platforms gather data on the customer’s previous purchases so that the stores can easily suggest them with similar and relevant choices while they come up for their next purchase at your store. On the user end, artificial intelligence can enable the customers to make rapid and seamless transactions. So, instead of wasting time browsing through random products, customers can get through the products they have been looking for quickly with the help of AI technology.
People of all age groups are addicted to social media platforms nowadays. The first thing a person does just after waking up is checking his social media accounts. And irrespective of which platform you use, Facebook, Snapchat, Instagram, Twitter- all of them have implemented AI into it. AI technology itself influences the decisions you make over your social media accounts. Starting from the posts appearing on the news feed page to the notifications you receive, AI has a significant role in all the social media operations for the customer experience.
This is possible because AI observes and records the users’ past web searches, user preferences, behavior, pages visited by the user, and wherever the user has clicked; all this information helps offer a personalized user experience that people love to use. The application of AI in social media platforms even filters the spammy content and enables the users to browse through accurate data only.
Leveraging artificial intelligence in the finance industry is a smart decision since it builds algorithms that are effective and accurate enough for the finance industry based on accuracy, real-time reporting, and processing silos of data. AI-powered software smartly predicts the ideal portfolio or stock based on user preferences by scanning the market data. One of the best AI applications in the finance industry is algorithmic trading, which utilizes the speed and data processing benefits.
Travel & Transport
Thanks to artificial intelligence, we have encountered a rapid transformation and advancement in the transportation segment in recent times. The AI-enabled tools in the transportation industry suggest various routes- the shortest routes, ways which have less traffic congestion, and making travel arrangements- everything is done just because of artificial intelligence.
Travel agencies are fetching significant benefits from AI since they can offer competitive hotel prices, broad travel recommendations with faster response to the customers, and improved travel experience.
Artificial intelligence is a game-changer not only for industries but even for homes. Since the Internet of Things came up with smart homes, AI introduction is helping in offering more convenient and comfortable experiences to the homeowners. AI will help integrate the voice-controlled AI assistants into the smart home and allow the individuals to command over them completely.
All in all, artificial intelligence has a long to go while transforming the digital landscape and impressing the customers with its innovative features daily. It will directly change the way businesses operate while improving our lives smarter and better than ever. AI will assist enterprises with automated business operations and a more intelligent, cum accurate decision-making process. Surviving in such a smart digital landscape will help in targeting potential customers with a smarter approach.