10+ AI Trends That Are Transforming Business

Artificial intelligence (AI) was once just the subject of science fiction novels, but it is becoming a widespread reality today. While some are pessimistic about AI trends on society; many others are optimistic that it will transform our lives for the better.

The potential benefits of AI range from helping doctors diagnose health issues to automated decision-making in business. But before companies can begin investing in artificial intelligence strategies; they first have to understand what this technology entails and how it could affect their industry specifically.

Gartner envisions four distinct horizons that typically encompass any emerging technology: hype cycle, plateau, productivity plateau, and maturity stage. We’re currently somewhere between the peak of inflated expectations and the beginning of innovation trigger within Gartner’s AI hype cycle.

But as the technology goes closer to the productivity plateau, where it will reach early maturity; several significant AI trends will affect businesses everywhere. Here are 10 AI Trends you must check:

10+ AI Trends In Business

10+ AI Trends That Are Transforming Business 1

Delivering personalized experiences

We can use AI to offer increasingly personalized experiences for individuals based on their preferences and behavior. For example, Netflix uses predictive analytics to recommend movies or TV shows you’ll enjoy based on your previous viewing history.

Amazon takes this process one step further by offering suggestions for future purchases you might like; before you even know what to buy next. As consumers grow more accustomed to personalization, they will expect increasingly seamless interactions with companies that deliver it effectively.

Creating new business models

Organizations will have to look beyond the products and services they offer to maintain a competitive advantage. Instead, they’ll focus on how AI can help create new business models or transform existing ones. This is already happening with companies that are implementing chatbots powered by machine learning.

When Gartner surveyed CIOs about what type of organization would be best positioned for long-term success; 16% believed it was the “no-human-in-the-loop” model enabled by AI trends where customers could interact without employees intervening.

Using data more effectively

With greater access to data comes more significant decision-making opportunity, but not all decisions should be left to humans alone. For example, machines outperform humans in pattern recognition; so we can use AI to identify potentially fraudulent transactions before humans can notice.

Also Read: Innovative Educational Technologies for 2021

Strengthening security and compliance

Gartner predicts that we’ll see a greater focus on cybersecurity as organizations look for ways; to protect themselves against increasingly sophisticated cyberattacks. With better machine learning algorithms and increased access to data; cybercriminals will no longer have the upper hand in an arms race with security professionals.

This means those who fail to implement effective cybersecurity strategies may face significant consequences.

Making technologies more accessible

The move toward digital continues as businesses seek out innovative technology companies; that can help them enhance efficiency and competitiveness in their respective fields.

As this happens, new IT jobs will emerge, such as chief digital officer (CDO). Gartner predicts that by 2020, 50% of large companies will have a CDO responsible for monitoring digital technology developments; and applying them to the business.

Companies are also looking to work with vendors offering AI platforms, especially in financial services; where there is pressure to comply with complex regulations. This has created an opportunity for managed service providers (MSPs) to offer; consultative services around data governance, security, and compliance as per RemoteDBA.com.

Also Read: How Can Robotics and AI Assistance Help with Fintech and Data Science?

10+ AI Trends That Are Transforming Businesses 2

Expanding product lines

As more businesses experiment with AI trends, they’re finding ways; to provide their customers with new types of experiences or functionality.

For example, Amazon Go stores enable consumers to walk out without waiting in line; while Alibaba’s Hema supermarket offers automated checkout through integrated kiosks with mobile payment options.

Improving processes

Another way AI is being used to transform existing business models is by applying it directly to customer interactions. For example, HSBC implemented cognitive automation software to answer straightforward questions via chatbots or automated phone systems.

Doing so enables its employees to focus on more complex issues; like loan underwriting rather than routine ones like verifying identification documents. This is especially helpful in industries where repetitive, time-consuming tasks are daily, such as travel and banking.

Also Read: 16 Best Traits Of An Ideal Chatbot

Smarter marketing campaigns

AI trends can also improve advertising by creating better profiles of consumers based on their data; when signing up for newsletters or rewards programs. The more marketers understand consumers’ preferences, behaviors, and experiences with their products or services; the more personalized and relevant their campaigns are.

Gartner predicts that by 2020, 30% of all new business-to-consumer (B2C) applications will incorporate AI to improve the customer experience through personalization. Examples include “virtual agents” providing detailed answers based on context and audience segments; designed to create a custom experience for different users.

Improving decision making

AI has the potential to improve existing business processes and drive disruption across entire industries. For example, automation isn’t just impacting low-skill jobs traditionally filled by humans, such as drivers and cashiers; it’s also being applied in high-skill positions like medical diagnosis or data entry.

In fact, according to Gartner, one of the most disruptive AI trends is the development of self-healing systems; that can continuously learn and improve themselves without human intervention.

CIOs must work with their business partners to determine which should automate processes and functions; and how this will impact their workforce and customers, and suppliers. This ensures organizations aren’t caught off guard when disruption does occur; so they can take advantage of new opportunities as they arise.

Also Read: What Are The Risks of AI For The Human World?

Implementing effective cybersecurity strategies may be more critical than ever before

With cybercriminals becoming increasingly sophisticated, businesses have never been more critical of protecting themselves against attacks. Fortunately, a slew of AI-based security solutions promises to help companies prevent or minimize breaches; including pre-emptive technologies capable of scanning for vulnerabilities before they are exploited.

Continuous improvement

Another way that AI trends can help improve cybersecurity is by monitoring networks to spot unusual activity patterns; that could indicate a hacker is trying to gain access. This allows IT teams to easily track down the source of any issues; rather than having to sift through countless logs looking for irregularities after an attack occurs.

What’s more, AI-based solutions enable employees and security experts to share threat intelligence across different platforms; so everyone is aware of the latest security risks.

Also Read: How Does AI In Education Empower Educational Equity?

Images by sujin soman from Pixabay

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