Why Artificial Intelligence is a Must Have for Today's Businesses

By CIOReview | Tuesday, June 12, 2018

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In the recent past, the term artificial intelligence (AI) has been misinterpreted by various industries, businesses, and government bodies. Close to 67 percent of business leaders across the globe seem to lack trust in loading tasks onto a machine, considering those tasks as unwanted, according to a recent survey. There is a widespread demand for technology such as AI which has grown drastically in the recent years. The report says, 67 percent of the business leaders demonstrated distrust in this new technology, while 75 percent of the respondents plan to hire AI expert in the foreseeable future.

AI is enriching the daily working lives of many, and is harvesting increasing interest from the private and public sectors. This use of AI empowers businesses and governmental bodies in taking calculated risks and better decisions. AI helps to predict the next possible outcomes, cutting out the need for data to be accessed and contemplated. This provides the businesses an edge over the competition, preparing them with strategies and prediction of business gains. AI helps an organization cut down the time that would be spent on repetitive administrative tasks, and analyzes large amounts of data to recommend actions in real-time for business leaders, based on market trends.

AI’s benefits are not restricted to public or private sectors. There are widespread, long-ranging benefits from AI, with the use of machine learning. Machine learning enables AI to learn about previous decisions that were counterproductive. In the scenario of governmental bodies, AI and machine learning ensures that tight budgets are met to provide economic strategies. In the case of businesses, AI helps to utilize time and finance effectively, augmenting the efficiency. AI can also handle CRM systems and help the sales teams focus on their core tasks.

Today, it is important for the organizations to understand the AI potential and its ability to enhance the service provided to customers. With AI, companies can create new opportunities while being able to save time and cost.