How AI Can Change the Business Dynamics Forever

By Sthitaprajnya Panigrahi Wednesday, 09 September 2020

With the introduction of modern technologies, the business ecosystem is evolving rapidly. One such trend is Artificial Intelligence (AI) which has the potential to revolutionize the corporate sector by granting a competitive advantage to the companies in the crowded business landscape. A promising aspect for technology-driven business establishments, AI not only ensures business proficiency with optimum accuracy but also makes the business future-ready. According to a recent study of the market, the global AI market is estimated to generate $120 Billion in revenue by 2025. Starting from virtual assistants to automatic automobiles, AI is ruling the business domain owing to its futuristic and innovative characteristics.

To know more about AI and carry out a detailed discussion about how AI can change the business dynamics, a few points are mentioned below.

1. Business Automation: Automation is a new-age tool which is dominating the current business scenario through its agile and flexible functionalities. With smart algorithms playing the role of the human workforce, business automation results in the quality end product with optimum accuracy and speed. With automation processes getting developed each and every day, AI is automating the routine cognitive business procedures to more valuable and strategic projects by efficient use of labor and capital.

2. Effective Sales and Marketing: With growing digitization and internet penetration, AI always prefers innovative and obvious ways of marketing. By keeping the track record of a customer’s digital footprints, the AI takes a head-on approach to the customers through emails, pop-ups, and social media platforms. The AI also offers more personalized and tailored solutions through effective sales process management which ensures customer engagement through feedback and queries.

3. Data Handling with Precision: Earlier the data generated, stored, and managed in business are less in comparison to the current scenario. A large percent of unstructured data generated from various online and social media platforms need to be handled and structured to generate the best possible outcome. With the help of AI, businesses unlock the various data relevant to customers and derive insights to satisfy the different business needs.

4. Security and Risk Management: AI can store and manage data of the customers and relevant business transactions without any specific outside help. The security ensured by AI is also of top-notch quality making any unwanted access or hamper of data rather impossible. Many companies have started using AI for cyber-surveillance, threat detection, analyze the network vulnerabilities, and generate an early response to cyber hacks.

5. Improvised Customer Relation: AI can interpret about the choices of the customers and predict future preferences by analyzing the previous transactions. The AI-enabled business process also ensures a more personalized customer experience through interactions with their customers. By engaging with the customers in a meaningful and impactful way the businesses can retain a wider customer base.

With the implementation of AI in their business processes, many small and new firms have managed to achieve success whereas the prominent names have perished from the market without keeping pace with the changing technological trends. Starting from virtual assistance to driving automobiles, AI has managed to evolve as per the demands and requirements of modern humans making it one of the most preferred assets for handling business proficiency.

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