With the conclusion of 2018, we saw many advances in the Artificial Intelligence (A.I.) field, especially in the private sector. Additionally, there have been a plethora of business A.I. solutions to enter the public market as well. If your enterprise is still uncertain about whether your organization should adopt A.I. this year, here are some use cases you should consider.
I’m sure you’re familiar with the concept of chatbots by now. As we enter 2019, it’s important to note how far chatbots have come since their introduction in 1996 with Eliza. With significant advances in Natural Language Processing (NLP) and Natural Language Understanding (NLU), chatbots have improved at an incredible rate. No longer limited to binary “yes or no” requests and responses, today’s chatbots are now capable of having full conversations. Some even communicate so well that they are confused for real people. With Juniper Research predicting that chatbots will save companies as much as $8 billion per year by 2020, it’s no wonder so many companies have begun integrating chatbots as a core feature of their customer experience.
With many companies integrating cloud communications solutions into their tool suite, more communication data is being produced than ever before. The challenge presented by this is that there is too much data to be analyzed by humans alone. In 2019, we will see more organizations, like 8×8, integrate A.I. into their virtual call center solutions. These solutions will automate the data mining and analysis of the data produced, allowing organizations to spend more time innovating and improving processes, rather than processing data.
Intelligent Virtual Assistants
AI assistants are the next evolution of chatbots. They evolved from communicating in a binary question-answer format to actually understanding the intent of inquiries. Google Assistant and Alexa are perfect examples of this; while they can function like a chatbot at times, they can do so much more. Now they can perform active tasks like managing your to-do list, reminding you of meetings and taking notes. Unlike their predecessors, smart virtual assistants can seamlessly communicate through a variety of mediums including voice, text, or email, without losing the context of the conversation. Virtual assistants are also capable of having dynamic conversations with customers, while chatbots are limited to a very structured approach. Intelligent assistants, when done right, are an excellent way to both expand and improve a company’s customer service experience.
One bottleneck for executives and program directors is often the requirement to source reports on relevant Key Performance Indicators (KPIs) from various team leads and departments. This can take a lot of time depending on the nature and size of your organization. In 2019, we will see more tools that use the cloud to automate reporting and update reports on KPIs in real time, so execs never have to scramble last minute to gather report updates before a meeting.
In 2018, we heard a lot about Amazon; how they treated their workers and their plan to open a new campus in NYC. One major reason Amazon is so successful is their use of A.I. to automate their manufacturing process. This automation makes it possible for them to offer services such as ‘2 day shipping’. Any enterprise that isn’t implementing A.I. into their manufacturing workflow is missing out on one of the most efficient and scalable ways to improve their production processes.
Automated Threat Detection & Prevention
When it comes to cybersecurity, you have to be adaptable because threats are becoming more sophisticated. Hackers and their viruses are rapidly advancing in their ability to break into our systems. While the time to implement a new cybersecurity strategy can be lengthy for businesses, hackers are able to adapt their method of attack on the fly. With that said, implementing an agile security strategy is a must. Start by integrating AI into your cybersecurity toolkit. In addition to AI-powered threat responses being faster and more accurate than traditional cyber security systems, AI algorithms continually learn from each attack while simultaneously improving their abilities to detect such threats.
As new technologies are integrated into the customer experience, more data will be produced. This data allows businesses to maximize growth in revenue. In 2019, more organizations will begin to adopt A.I. for forecasting. We will see applications, like A.I., use big data to predict when a customer or client is at risk of leaving. While it may be possible to do this using a human on a case by case basis, we will see A.I. solutions, which are capable of doing this at scale for hundreds of thousands of customers. This would effectively minimize revenue loss each year, allowing businesses to manage customer churn in a way never seen before.
These same A.I. solutions are also capable of predicting which clients will close on a deal, or what customers would convert on a webpage. Predictions like these could be easily ascertained using A.I. solutions that use large collections of data produced by tools like Google Analytics and Google Search Console. Access to these predictions could significantly boost your Search Engine Marketing efforts (SEM).
One byproduct of A.I. is the ability to make predictions on revenue such as growth rate, profit, and losses. Coupled with historical revenue and sales data, A.I. solutions make highly accurate and precise predictions. This level of precision and accuracy would be unprecedented and give decision-makers the ability to make more informed data-driven decisions.
Even in 2019, the business applications for A.I. are all still in their infancy. As more companies adopt A.I. solutions into their workflow, we see a large shift in the efficiency and production capabilities of many businesses. We will also see disruptions in industries that are slow to integrate A.I. into their workflow. At this point, the question every enterprise that wants to stay competitive in 2019 should be asking is no longer if they should adopt A.I., but how they should adopt A.I.