“Our government believes that artificial intelligence, in different forms, can help us achieve the $5 trillion benchmark over the next five years, but also help us do it effectively and efficiently,” said Piyush Goyal, an Indian politician while inaugurating the National Stock Exchange (NSE) Knowledge Hub at New Delhi in India. The hub is an AI-powered learning ecosystem for the banking, financial services and insurance (BFSI) sector.
We’re on the cusp of the Artificial Intelligence revolution across several industries. Data Science, AI, Machine Learning – Amidst these recent buzzwords which are growing popular among young professionals & business owners, it may take a little while to understand the significance & intricacies of these trending technologies. The applications are wide-ranging, the investments are complex & the human resources required to build & maintain the infrastructure are precious & limited. So how do we identify what’s best for the business?
The answer would be ‘laying a strong foundation before gearing up for evolution’ – One can initiate by simply identifying the pressing issues across a particular process or pragmatically setting growth benchmarks. Companies are harnessing the power of Machine Learning which enables the management team to gauge areas which require improvement & can be automated. Artificial Intelligence & Machine Learning technology is empowering several market leaders with valuable data driven insights about their current & potential customers along with reliable sales predictions. The best part though is, that these technologies are not elusive to small businesses or young startups – given the flexibility & omnipresence of low-coding or no-coding tools available to inquisitive business owners. Self evidently, Machine Learning will soon become a mandatory tool for increasing manufacturing and logistics efficiency, improving sales & creating a better Customer Experience which helps maintain a good Customer Lifetime Value (LTV) or Brand Loyalty.
Researchers estimate that Machine Learning has the potential to add $2.6 trillion in value to the marketing and sales industry by 2020, as well as another $2 trillion to manufacturing and logistics fields (Source : Forbes). The International Data Corporation estimates that spending on machine learning will reach $77.6 billion by 2022.
Companies like Apple, Amazon, Microsoft, Google and Facebook are all employing AI technologies like deep learning, Machine Learning and language processing to improve user experiences & keep them engaged with the brand. Needless to say, it also explains why we’re all connected with these brands which constantly try to identify our needs & address them in the best way possible.
So our current blanket statement would be – “Set the business trajectory right – Prelaunch by performing a pilot test with the best available technologies & then, well – Scale it up & be limitless!”
P.S. – Do reach us if you’d like to comprehend this article on a broader scale or need guidance with identifying areas in your company which require improvements. We crave for both – feedback & curiosity!