How AI can increase your business profit
By leveraging the power of Artificial Intelligence, businesses can strengthen customer engagement, encourage brand loyalty, and improve customer retention
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Artificial Intelligence could be a powerful solution for the challenges faced by the new-age businesses. It assists in meeting the requirements of organizations and positively impacts their growth. Artificial Intelligence is benefitting every sector of society, such as transportation, healthcare, education, etc. The future of AI is indeed promising since businesses across industries are keen to embrace this technology and will continue to do so in the times ahead as well!
Mumbai: In this digital world, businesses rely on technology to attain success. Treading on the path of digital revolution, businesses are able to not only grow exponentially, but also offer personalized customer experiences as well as enjoy a competitive advantage over other players in the market. Amongst the plethora of technologies available, Artificial Intelligence (AI) receives a special mention.
AI is the ability where computers and designed robots perform the task that can be done by any living being; i.e., the task is demonstrated by machines. According to a recent study by NASSCOM, India accomplished a milestone by holding eight places under the list of top 10 countries by AI patent families globally.
Artificial Intelligence is constructed on five pillars: Huge and renowned empires, universities, young startups, decision-makers, and multi-stakeholder partnerships. Hence, all five roles are relatively dependent on a specific industry but vary from market to market.
Talking to Bizz Buzz, Nilesh Jahagirdar, co-founder, [x]cube LABS, says: "At the global level, AI is the most rapidly evolving technology, providing businesses and organizations all over the world with a competitive edge. AI assists industries by offering a better decision-making process, growth in revenue, and improved customer experience. It is carving the path for innovations to help businesses succeed and grow."
Indian government policies also offer growth in AI, as a result of the think tank, Niti Aayog's initiative, #AIforall. The program promotes AI as an all is an online program designed to spread awareness about the technology amongst the common man as well.
Industry reports estimate to add $975 billion, 15 per cent of the current gross value of India in 2035, according to the report by Accenture. As per the AI Journal, 72 per cent of global leaders surveyed shared having positive feelings about the role of AI across industries. These stats are indicative of the fact that AI deployment is aggressive and will continue to pick up pace in the times ahead as well.
According to Nilesh, "Every business is different and comprises distinct models. Artificial Intelligence opens up the door for growth by offering solutions and helping in garnering business revenues. AI enables business to undergo digital transformations in the truest sense! It also allows efficient customer support and offers personalized experiences to the customers. AI offers opportunities of growth and profitability enabling them to adapt and evolve so as to keep abreast with the industry trends. Adding to it, AI plays a major part in data analysis which further helps organizations to modify their operations accordingly so as to drive sales. The solution also paves the way for generating greater productivity thereby helping in driving revenues."
As technology is evolving, people are bringing subjectivity towards AI knowingly or unknowingly. By leveraging the power of Artificial Intelligence, you can strengthen customer engagement, encourage brand loyalty, and improve customer retention. However, what needs to be accepted is that this solution is not a replacement for manpower. Rather it is being used as an assistive tool helping in increasing efficiency and boosting productivity.
Artificial Intelligence could be a powerful solution for the challenges faced by the new-age businesses. It assists in meeting the requirements of organizations and positively impacts their growth. Artificial Intelligence is benefitting every sector of society, such as transportation, healthcare, education, etc. The future of AI is indeed promising since businesses across industries are keen to embrace this technology and will continue to do so in the times ahead as well!
