Artificial Intelligence is playing a big role in transforming business processes as if now. Artificial Intelligence is improving our daily lives by services such as self-driving cars, behavior algorithms, and voice assistants. Names such as Tesla, Amazon, Google, and Apple are evidence of how AI is skyrocketing the growth of businesses. Many public and private organizations are using AI to derive solutions to business problems that were never thought of before. The rise of data and increased speed of processing have both contributed to the meteoric development of Artificial Intelligence. In a particular year, more than 12 billion US Dollars have been raised by more than 100 AI-based startups. The development of concepts such as pattern recognition and deep learning has changed the perspective of businesses towards AI.
Some of the best use cases of the next AI are Qualcomm’s Neural Processing Unit, NVidia’s deep learning chip and Alphabet’s tensor processing unit. Large pools of data are being used to train machines that use AI to make better decisions. Insights delivered by AI are being used by large retailers to pitch their products and satisfy their clients in a better way. Virtual assistants such as Siri of Apple, Microsoft Cortana, and Amazon Echo are becoming a part and parcel of the daily lives of people. Sophia the AI-powered robot has become the first citizen of Saudi Arabia. There exist many countries where AI is given political rights and constitute stakeholders of the country. In midst of all this one of the most impactful domain of AI has been without any doubt the business processes.
Almost all industries such as space exploration, medical science, manufacturing, retail, education and IT are placing huge bets upon AI. The transformations that AI has brought upon the business processes are fairly visible in the daytime as well in the night. There is no need of providing any evidence as our daily lives are already being impacted upon by it. The following article discusses in detail how AI is and going to transform the business processes of all the domains.
What are the different ways in which AI will impact the business process?
The AI-powered drones and self-driving cars are clear evidence of how AI is impacting the ways of the world. The two significant processes that have been evolved through the use of AI are automation and personalization. Automation has led to the growth of robotics and made things easier for all the industries. AI-powered automation has added the much-needed agility in the business processes which were absent before. Personalization has improved the overall human lives and raised the standards of living. Now AI-powered personalization has made retail businesses study consumer behavior and serve them in a better manner. Personalization has made things very simple both for the customers as well as the employees.
Manufacturing the product of tomorrow
The rise of mobile application development based companies such as Uber, Zomato and Instagram have made difficult things easy. Thanks to AI-based automation and personalization. The use of AI-powered reusable rockets by NASA and Space X has taken the manufacturing-based business processes to new heights. The smart wearable has improved the daily lives of people by monitoring their daily health status. The future is looking forward to an AI-powered robot surgeon that can perform complex and presently considered impossible surgeries. AI is being used by many manufacturing industries whether it is automobiles, energy or electronics to explore that frontier which was previously left unexplored. The day is not far when AI-powered bots will be doing normal tasks for us making us all day available.
Change in Production Management
The manufacturing lines that are still somewhat run by humans will completely get replaced by AI machines in the next decade. The rise of IoT has introduced complete automation in the production industry and management. Nowadays AI is capable of making all the important decisions regarding the supply chain operations. Soon, we will witness AI managing other AI to get complete production done from the procurement of raw material to the delivery of finished goods.
Intelligent transportation and logistics
AI will play an important role in eliminating the burden of transport and logistics. The AI-powered drone is already in action nowadays and will be seen delivering all types of items to doorsteps of people in no time. The self-driving cars are already being tested and will pave the path to AI-powered transport in all medium such as water and air. Imagine a world where AI is flying our cargo trucks, planes as well as ships. Things and human lives will get very simpler and comfortable in the next few decades.
The business of space travel and inhabitation will grow very fast powering even normal humans to dwell far off places. The ambitious projects of Elon Musk-led Space X and Jeff Bezos led Blue Origin has taken transport and logistics to the next level. The boring company of Elon Musk making underground tunnels for supersonic transportation is one of the best examples of how AI is going to influence business processes.
Taking customer experience to the next level
The sudden rise of AI-powered chatbot has taken the business world by storm. Almost all the online businesses have their chatbot to provide fast as well as responsive customer service. AI-based personalization has led customer-centric companies such as Amazon, Facebook, and WALMART to serve their customers according to their expectations. The food delivery businesses are using AI to study the tastes of customers and recommend food accordingly. Now AI can fix your appointment and make important reservations saving you a lot of time and energy. AI-powered assistants are taking care of you like never before suggesting you the appropriate changes to make into your daily schedules.
Transformation the business models
The collection and analysis of huge piles of our data have led to leaner operations, agile marketplaces, and more proactive businesses. All the companies such as Google, Salesforce, and Netflix are capturing a large proportion of the market using profitable insights given by AI. Artificial Intelligence is managing the workflows even better than the humans resulting in improved return on investments and better life of employees. One of the most important roles that AI is playing in businesses is that of regulation of safety and compliance at all times.
The use of AI for improving the performance of employees is one of the best use cases. The insights provided by AI help employees at all levels to practice self-governance and make plans. The concept of intelligent infrastructure is been discussed such as AI-powered bridges, pathways, and even buildings. The way people use to do business is changing very rapidly due to the extensive use of AI. The day is not far where AI will hold key positions among any public and private organizations. The next decade will surely witness AI playing dominating roles and forming an active part among the important stakeholders. The biggest question arises is that will AI replace the majority of human jobs? The answer is yes but experts have claimed that this will lead to the creation of new and smarter jobs for the humans in the industry.
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