The global artificial intelligence services market is growing at a rapid pace. It is expected to grow from $8.24 billion in 2021 to $12.39 billion in 2022 at a staggering compound annual growth rate (CAGR) of 50.4%. While much of the growth is driven by companies resuming operations at full strength after the pandemic, it is still a pretty impressive growth rate. The industry is also witnessing increased private investment and attracted USD 93.5 billion in 2021. Estimates suggest that if the industry continues to maintain its growth, it could reach $58.93 billion by 2026 at a CAGR of 47.7%. The two primary trends driving the adoption of artificial intelligence in enterprise workflows involve the technology’s capability to ‘self-learn’ and automate processes rapidly. We are witnessing an increasing deployment of algorithms that are capable of learning directly from the data – even without a predefined set of instructions. This means that the AI systems can be leveraged not only to perform predefined tasks, but are actually capable of driving deep into enormous amounts of data to discover patterns not easily discernible to humans. This capacity essentially scales the algorithm’s ability to process enormous amounts of data far beyond the scope of human capabilities. To know more about deploying artificial intelligence systems in your local business, please contact IT Support Vermont.
If we are to sum up the capabilities of Artificial Intelligence (AI) very broadly, this will include its ability to learn in terms of extracting meaningful data patterns and insights, its ability to predict by computing plausible scenarios as dictated by the gathered information that can result in significantly faster and better business decision-making and its ability to correct its own course by learning from mistakes and getting more efficient every day. The above abilities culminate in three distinct functions of Artificial Intelligence that include Machine Learning (ML), Natural Language Processing (NLP) and Deep Learning (Neural Networks). Already the use cases of AI are expanding beyond counting covering everything from object recognition to early threat detection based on a variety of techniques including rules-based machine learning, visual classification and more. In this article we will try to cover some of the more prominent use cases of artificial intelligence that we have already witnessed.
Use Cases of AI in the Business
Better Customer Relations with NLP and automation
With increasing levels of digital connectivity and industrial innovation, customer expectations are rising faster than ever. Artificial intelligence and automation can offer many new streams for innovation with customer services to improve customer relations in ways not envisaged before. These technologies offer new levels of personalization and customization in crafting customer experiences. Customers no longer have to wait for long back-and-forths via email to get their issues resolved. All of the services they need are available through on-demand support with Instant Messaging Platforms and Chatbots. In fact, strategic leveraging of both these technologies can end up saving businesses hundreds of thousands of dollars that they regularly spend in enabling live agents to meet routine requests that can be more efficiently handled by bots. Enabling a personalized touch can also help in customer reengagement leading to better business results and revenue. Businesses can be available for customers round-the-clock now by leveraging a mix of Machine Learning and AI for both online and offline use cases. Natural Language Processing (NLP) techniques are being used by algorithms to apply contextual and reasoning algorithms and interpret words, data etc. to run surveys and generate highly relevant insights from datasets. These insights can be incredibly useful to data scientists because it helps them track the most relevant attributes and pinpoint growing data needs.
Save on Time
As already outlined in the chatbot example above, many businesses are currently hampered by tasks that may be impactful, but are also highly resource-intensive. This is where the implementation of artificial intelligence in project management tools can help in the true prioritization of activities with deep impact analysis. Artificial intelligence can help in adding features that detect critical tasks or goals that teams may have failed to pay adequate attention to and automatically raise reminders for them. This kind of AI can also be leveraged to decide on timelines and review them automatically. AI-powered project management tools can also help in the privatization of tasks according to their business impact and not sequence. These tools can also help to allocate resources accordingly without overburdening the system or letting resources remain idle. Managed IT Services Vermont can help local businesses implement the relevant AI solutions here.
Intelligent recruitment with the help of artificial intelligence
Human resource management is probably never going to be the same again. Artificial intelligence and machine learning have helped to drastically alter the entire workflow of resource management and recruitment. Candidates and employees no longer need to wait weeks and months to hear back from companies as manual sorting of an ever-increasing pile of job applications and productivity analysis workloads becomes a thing of the past. Hiring the right talent has always been a cumbersome and resource-intensive process for organizations that involve going through tedious rounds of shortlisting candidates. Leveraging artificial intelligence enables companies to perform relevant keyboard searches to streamline the process. This enables quick automatic sorting of the filled application forms along with pre-filled questionnaires, if any. This way the scope of error and bias can be significantly reduced and the process becomes more optimized with data-driven decision-making at every stage of the process. Artificial intelligence can also help in better employee retention and mentoring. If you want to deploy AI-powered human resource management at your organization, please get in touch with IT Consulting Vermont.
Steve Loyer is the president and CEO of Tech Group, LLC. Computer consulting Vermont company. With over 25 years of sales and service experience in network and network security solutions, Steve has earned technical and sales certificates from Microsoft, Cisco, Hewlett Packard, Citrix, Sonicwall, Symantec, McAfee, Barracuda and American Power Conversion. Steve graduated from Vermont Technical College with a degree in Electrical and Electronics Engineering Technology.