Investing in AI: The Right Way To Thrive in The Digital Age

Artificial intelligence (AI) has emerged as the most sought-after capability for enterprises looking to establish a strong digital presence and accelerate their growth.A survey by Accenture revealed that "84% of C-level executives believe they won't achieve their business strategy without scaling AI."

AI, machine learning, deep learning, computer vision, and other AI-based solutions optimise your existing resources and assist you in leveraging data to enable intelligent decision-making. Using these technologies, you can create targeted solutions that will assist in meeting customer expectations, improving operational efficiency, bringing agility while reducing costs and effort, and remaining future-ready.

Here is how AI-based solutions can level up your enterprise's digital game:

Make Customers Feel Special with Personalization

Your customers demand personalization. They feel special when they are treated differently, after all, no two customers are the same.

With AI, you can deliver personalized experiencesby prioritizing your customers' unique needs while designing user interfaces, services, and even recommendations. For instance, you can program your AI systems to use your customers' personal information and demographics and run ads based on them, such asoffering affordable, small-size loans to salaried individuals with low incomes.

Build a Virtual Workforce for Agile and Round-the-clock Services

Customers today expect a seamless user journey at their preferred location and time. However, it is neither efficient nor cost-effective to service your customers only through your manpower.

By investing in AI, you can deploy virtual assistants and chatbots that can service customers round-the-clock by resolving their queries. Also, you can verify documents or images using computer vision and accelerate processes like customer onboarding. You can automate such low-risk, high-volume processes by leveraging a suite of AI-based solutions, acting like a virtual workforce. It is estimated that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

Leverage Predictions for Business Growth and Resilience

It's common for business leaders to predict which products will perform well, where the market is heading, and more, primarily based on their experience, gut, and available information.

But what if such predictions could be made more accurate by backing them with layers of experience and data? This can be made possible through AI and deep learning. With deep learning, you can design predictive systems that generate insights based on data and continuously improve and adapt as new information arrives. Such systems can help you stay resilient in tough times by decoding emerging trends and adjusting to the changing dynamics,like preventing understocking or overstocking situations.

Achieve Great Accuracy and Precision

Humans learn through experience, and so do machines.

AI and machine learning-based systems get smarter and better once data is fed into them. These technologies can help you achieve tremendous accuracy and precision by building, training, and monitoring the models continuously. Especially enterprises dealing with huge volumes of content can significantly benefit by using AI for processing content efficiently. You can ensure highly accurate data extraction, automatic document classification, and sentiment analysis through self-learning AI systems. Financial institutions can improve the accuracy of processes like credit scoring and efficiently process loan applications with the help of AI.

Detect Risks and Prevent Instances of Fraud

Greater security and risk prevention is one of AI's most popular and critical use cases. As cybersecurity concerns are rising with technological advancement, enterprises need intelligent solutions to tackle them.

With AI-powered security tools, you can address concerns like identity theft, prevent fraudulent transactions, and block external perpetrators. Financial institutions can leverage these tools to analyze customer profiles, previous transactions, and financial history to decide the terms of loans.

To Conclude

Enterprises are increasingly investing in AI-based solutions. According to a State of Artificial Intelligence in India report, the Indian artificial intelligence market was valued at $7.8 billion as of July – August 2021 and is expected to reach $23 billion by 2026.

With the host of benefits that AI stands to offer, it has become key to accelerating your digital journey and staying future-ready.

• Failure to Scale Artificial Intelligence Could Put 75% of Organizations Out of Business, Accenture Study Shows  Accenture
• Bank Cost Savings via Chatbots to Reach $7.3 Billion by 2023 (juniperresearch.com)
• Report: State Of Artificial Intelligence In India 2021 (analyticsindiamag.com)

Authored By: RajanNagina, Head of AI Practice, Newgen Software