84% of companies around the world consider that Artificial Intelligence is a key factor of competitiveness. It is estimated that the Artificial Intelligence market will reach 126 billion USD by the year 2025 on a global scale.
Undoubtedly, Artificial Intelligence (AI) will be the key to selling in 2021. More than 60% of high-performance companies have increased investment in AI in the last year to respond to the situation derived from the crisis caused by the COVID-19 pandemic. The primary sectors that have led this investment are healthcare, automotive, and financial services.
Thanks to the application of Cloud Computing and Big Data technologies, in recent years, AI has developed rapidly based on the imminent arrival of 5G networks and the entry into a hyper-connected world. It is estimated that by 2025, customer service organizations that incorporate Artificial Intelligence into their multichannel platform, will increase operational efficiency by 25%.
Artificial Intelligence allows you to analyse purchasing habits, influence strategic direction by extracting data on trends, or help identify and track inventory accurately while being efficient.
Areas such as customer management, marketing, or sales are taking advantage of these initial AI applications, such as the creation of simulation models or propensity to purchase. AI is also used as well for the personalization of the purchase process using Machine Learning technologies. Out of a sample of current AI users, 87% said they were using or considering using artificial Intelligence for sales forecasting specifically.
Artificial Intelligence helps companies that are users, have a greater organizational flexibility by adopting best practices in models, tools, technology, and use of performance data.
Artificial Intelligence can be implemented directly as a tool to improve performance levels and production safety coefficients in the company. You can even automatically recognize and catalogue employee invoices, saving labour costs and improving efficiency.
In addition to the entire application to analyse data and perform calculations, Artificial Intelligence can directly influence the process of so-called “real-time marketing”. Analytics and Artificial Intelligence will be the emerging technologies that will have the greatest impact on marketing techniques. This technology helps companies better understand customer behaviours and purchasing trends. It also acts as a tool to predict future changes in customer wants and needs, based on mature and new data points.
AI applications also make it possible to increase efficiency and social welfare while promoting the protection of the environment. For example, the application of a smart heating solution that uses reinforcement learning technology, can reduce up to 10% fuel consumption.
Artificial Intelligence will be used in all fields and sectors such as medicine, energy, transportation, education, scientific research, and logistics systems. Also, AI can address critical problems in different traditional and specialized industries. In recent years, an example of this is “smart agriculture”. Smart agriculture is operated by farmers who can have total control over their entire plantation, through AI integrations. A software interface that correctly analyses the data can warn about potential red-flags in real-time so that farmers can take necessary actions that will protect the crops. This kind of process can help make sure the products are the most profitable and ready for sale. This process can also decrease the room for human-error and reduces potential costs of having to hire additional farm hands.
The flexibility of a great organization is exhibited by reporting the impact of AI on the income statement as it facilitates the best practices of tools and technology, data usages, and models. Hence, the corporate strategy and finance departments, along with the supply chain, will be the ones that perceive the greatest impact of the adoption of AI in economic terms.
With AI, comes the massive collection and management of data points. We are fully entering the fourth industrial revolution, which is expected to generate a world in which virtual and physical manufacturing systems can cooperate with flexibility on a global level. We can extract the best knowledge value from data through Big Data technologies and AI application. The compelling reason is that traditional methods cannot process such large and especially varied volumes of data generated at high speed, in real-time, and at any time and place. This also helps eliminate the possibility of human marginal error, when conducting these kinds of analysis.
Using AI daily will become one of the main recurring trends for the evolution of future ecosystems. At this point, it is likely that Artificial Intelligence will drive industrial development and help companies achieve long-term, environmentally friendly, and profitable growth, at a global scale.