The role of artificial intelligence (AI) in modern business has dominated many boardroom discussions, with many companies now implementing or considering the technology in some form. However, to be truly sustainable, companies need to understand that AI will be pervasive in all business functions.
The benefits of the technology are obvious – recent research shows that AI can help companies grow their annual profits 80 percent faster. In addition, companies using AI have found that errors have been reduced by an average of more than a third (37 percent), and almost three quarters (72 percent) of companies using AI understand general business performance better.
About the Author
Emma Hitzke, Senior Product Marketing Director at Emerging Tech, Oracle
The winners of the next decade will be the companies that focus on increasing business impact and AI to integrate into their processes and solutions. The losers will not be the ones who don't follow trends, but the ones who can't embed AI and emerging innovations in everything across the company. Smart conversations with your back office People have seen how AI can improve apps like Netflix and Waze, and therefore have similar expectations about the apps they use at work. AI becomes a colleague, the intelligent classmate we all knew at school to help us in everyday office life. A user-friendly AI automates repetitive tasks, increases the value of our data entry, provides intelligent insights and suggestions, and continuously improves when we deal with it.
A good example of this is the development of the chatbot. According to research, 80 percent of companies currently use a chatbot in some form. Chatbots are good at answering simple questions when people interact with them, but employees will increasingly expect more. For this reason, the focus is on digital assistants with AI support who are better able to understand the intentions and context behind requests. AI also helps digital assistants proactively answer questions and concerns, rather than just responding to inquiries.
The more employees speak to a digital assistant, the more intelligent it becomes. Each "conversation" generates important data from which the assistant can learn. Over time, this accumulated knowledge is used to anticipate preferences ̵
The C-Suite already recognizes the importance of this technology – digital assistants increase productivity by more than a third (36 pro) and, according to research, accelerate financial analysis by 38 percent. In fact, the vast majority of executives (83 percent) believe that AI will fully automate financial closing processes within half a decade.
AI will trigger business measures.
Another important driver that will spread AI in a company is the fact that companies will ensure that AI functions are natively linked to existing processes so that they can work, work, and engage more intelligently. This means that the AI can do more than recommend the next best actions. It can also trigger the best promotions regardless of device, provider, product or service.
In the future, a truly networked AI can even give way to a connection to the biometrics of an individual. It could eventually end the need for separate security documents and even offer the best buying recommendations for products or services if you walk through a mall or the airport – similar to the science fiction film Minority Report .
Time to be technology-oriented
AI is almost everywhere in today's society and will soon be everywhere in the economy. Sometimes it's pretty obvious (like a chatbot), and sometimes the AI is hidden under the covers (like network monitoring tools). It's a virtuous cycle: Modern cloud computing and algorithms make AI a fast, efficient, and inexpensive approach to problem solving. Developers can use data analytics with these cloud services and algorithms and imagine new ways to incorporate the latest AI features into their software. Businesses see the value of this progress – even if they don't know it's AI – and everyone benefits.
As corporate AI continues to spread, only agile, customer-obsessed companies will be successful. These companies will quickly benefit from new technologies: they continuously work with new solutions, discover new business opportunities made possible by these technologies, and then bring these new opportunities to market. Simply put, there is no point in simply "enabling" the use of technology in your company – it is time for companies to become technology-oriented.