The incredible advantages of Artificial Intelligence have plunged into our lives today. Right from AI-driven personal assistants such as Apple Siri and Amazon Alexa, to fundamental technologies such as behavioural algorithms, searches, recommendations, and autonomously-powered self-driving vehicles, there are several applications of artificial intelligence in use today.
But, how will AI impact the future? This question has been doing the rounds in the industry for quite some time now. The blog speaks about the future of Artificial Intelligence. Here are some intriguing future applications of AI.
The worldwide market revenue for Artificial Intelligence is forecast to increase from around five billion U.S. dollars in 2015 to a little over 125 billion in 2025.
Advanced AI techniques are changing the way businesses work now. Artificial Intelligence helps businesses to make better decisions by predicting user behavior based on customer patterns. This data is used to drive meaningful insights to make important strategic business moves to gain profits.
By 2020, AI Technologies will be in almost every new software product, says Gartner.
Big companies such as Apple, Facebook, and Tesla have already begun to invest in Artificial Intelligence, but many of us still have no idea of how AI will impact the future. So, let’s read here to know about the future applications of AI.
Future Applications of AI!
To fully leverage the value contained in data, companies need to bring Artificial intelligence (AI) into their workflows. Data hold insights that can enable better decisions. AI processes this data to extract those insights which can help in taking necessary actions.
There exists a vast scope of innovation in AI and machine learning (ML), which we can hope to see in the next five years. Here are some future applications of AI that we can expect to be growing in the near future.
Personalized Customer Experience is what really matters for customers today. According to a survey, 86% of customers are ready to pay more for a better customer experience.
Organizations need to focus on delivering personalized experiences for customers to stand out from the competition.
So, what exactly is hyper-personalization? Hyper-personalization is “The use of data to provide more personalized and targeted products, services, and content”, says business2community.
Hyper-personalization helps organizations drive personalized customer experiences in real-time using data gathered through different channels. Most of the modern-day customers use digital devices, such as mobile phones, laptops, or any other wearable tech devices.
These devices help businesses in collecting information about shopping patterns and the online behavior of the customers. Later, this data is analyzed using AI algorithms to drive personalized customer experiences across the buyer journey.
Since every customer, your business is dealing with is an individual and has specific needs and expectations for products and services they choose to buy. Hyper-personalization ensures personalized communication and more meaningful interactions with customers thus leading to customer loyalty.
Take, for instance, Starbucks, the brand focuses on providing a personalized customer experience. They do so to target each customer individually. Doing this establishes an emotional connection with the brand which helps Starbucks create more loyal customers than its competitors. This is why Starbucks is one of the leading brands in the world today.
AI-Driven Data Cleansing!
Most large-scale companies have tremendous amounts of data, which can all be utilized to comprehend the way their consumers behave. However, analyzing and interpreting such a humongous amount of information without making an error is next to impossible.
With the use of AI techniques, businesses can now expect more accurate predictions. AI algorithms can easily analyze data and drive meaningful information for better decision making. We can expect the implementation of effective AI functionalities in the coming future to remove errors and inconsistencies in data.
Recently, Tecton.ai has announced a $20 million investment from Andreessen Horowitz and Sequoia. Tecton is a platform that can change raw data into AI models for better analysis.
“The success of an AI-based technology revolution or even the build of a very simple algorithm ultimately lies in the health of the data,” said Kim Kaluba, Senior Manager for Data Management Solutions at SAS.
Artificial Intelligence makes it conceivable to analyze the information, make estimates, to learn and make changes as per the precision of the estimates.
Small organizations can soon expect AI functionality in things like spreadsheets, where they’ll be able to parse information out of addresses or clean up inconsistencies. On the other hand, larger organizations will benefit from AI that makes their data more consumable for analytics and prepares it for migration from one application to another.
Auto-tagging is one of the most significant future applications of AI. Smartphones these days can easily recognize and tag objects in photos, making the personal photo library much more searchable. The future of Artificial Intelligence will enable business applications to auto-tag information to make it much more accessible.
AI auto-tagging is a feature that is utilized by Digital Asset Management (DAM) platforms to help users save their time by eliminating manual work. It helps organizations to become more efficient by the process of finding information easier and faster. The technology works by analyzing objects within an image and generating a set of tags returned from a machine learning system.
For instance, today, business owners can find their top customers in CRM by running a report and sorting by revenue. In the next few years, with the use of AI techniques, business owners will be able to search “top customers,” and the CRM will get to know what they are actually looking for.
By now, I am sure, you’ve got a clear idea of the future applications of AI being used in the real world today. AI applications are slowly transforming the entire world. Seeing the incredibly growing hype around, it wouldn’t be wrong to say that AI is here to stay and rule the business world. Seeing the current applications of AI, there is no doubt that as technology continues to evolve, the future of Artificial Intelligence will soon revolutionize the whole business space completely.
The AI recommendation system that Netflix uses, for example, saves the company about $1 billion each year. Additionally, 75% of what users watch on Netflix come from those recommendations, says Netflix.
Ruchita is a tech enthusiast with a flair for creating content. She is passionate about helping businesses achieve their goals. Ruchita is currently associated with Resourcifi Inc.