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The Impact of Artificial Intelligence on Business

While many people still associate Artificial Intelligence with science fiction, robots, and dystopia, the characterisation and potential of this technology are slowly becoming commonplace, be it our homes, offices, and even society.

Numerous organisations engage in Artificial Intelligence (AI) to decrease operational expenses, increment productivity, develop income, and improve client experience. With the quick advance of Artificial Intelligence, firms from developing business sectors have begun embracing AI applications to improve their efficiency and discover approaches to grow their business.

What is Artificial Intelligence?

AI alludes to the reenactment of human intelligence in devices modified to reason like humans and mimic their activities. Artificial Intelligence is applied to any machine that exhibits qualities associated with a human brain, for example, learning and analytical thinking.

The ideal characteristic of AI is its ability to think and take appropriate actions that have the most prominent opportunity regarding achieving a particular objective. The purpose of Artificial Intelligence constitutes learning, reasoning, and perception through pictures, videos, and text.

How does AI Impact your Business?

A business is characterized as an association or ambitious element occupied with commercial, mechanical, or proficient exercises. It comprises activities in which individuals come together to produce and sell goods to earn profits and acquire wealth.

With the inexorably huge measure of information accessible today, and the continually advancing inclinations and intricacy of clients, organizations presently don’t depend on conventional business techniques to drive development. These extreme changes have opened up another domain of conceivable outcomes, with AI, to drive business development through noteworthy experiences created from client information. 

Artificial Intelligence in business simply includes the utilization of an intelligent computer with human-like abilities to support income, improve client experience, increment profitability and proficiency, and drive business development and change.

Let’s learn in-depth the critical role of AI in business.

Automating Recruitment

An important subdivision of AI is Machine Learning. It helps in analysing a vast amount of data, predicting outcomes, and identifying patterns.

AI impacts business rather positively with the feature of automation provided by Machine Learning. It benefits the HR departments with employee recruitment by screening resumes, scheduling interviews, and trailing applications. Moreover, chatbots play a vital role in the screening process by analysing responses and facial expressions to determine if the person is best suited for the company.

Personalising Marketing and Sales

Implementing AI in business helps personalise marketing and sales of your product, as AI can help qualify leads much faster than humans, facilitating sales reps to close deals. 

It also helps determine what kind of customers will buy your product and analyse prospects for your business. Additionally, AI can make customised emails or messages for each recruit, focus on substance and strategically pitch and upsell ideas for every customer with the help of a chatbot.

Applications of AI in Marketing

Simplifying Customer Support

Chatbots are taking over client service, much like they do in sales. They answer questions rapidly, are accessible all day, and possibly direct clients to a representative when necessary. AI also helps break down client call information, arrange connections depending on specific or adverse results, and render a script with the most compelling phrases to use during support calls.

Improve Security

Artificial Intelligence has numerous current and future applications for security other than shielding against programmers, like protection assurance and crime prevention. As security and individual information dangers are becoming common, your business will acquire trust if you include AI into your network safety.

Reducing Operational Costs

The expectation of AI is to give noteworthy experiences in gigantic measures of unstructured information. This unquestionably impacts the expense of doing business. AI can save time, eliminate ordinary tasks from your to-do list and make your staff more proficient and beneficial. Thus, carrying out AI automation in your business will save time for another task in hand, decrease human error (which costs money), and improve customer experience.

Demand for AI Job Professionals

Engineering in AI is stimulating young minds, and the demand for an AI professional is surpassing other jobs. It presents limitless opportunities for professionals who desire to work on the cutting edge of AI research and development. Pursuing AI as a career is a credible choice for a lucrative profession that will be in demand for decades.

Growth of AI Jobs in the Future

According to the McKinsey report – The State of AI in 2020, AI has been implemented in 50% of organizations – the largest share of respondents report income increments for stock and parts optimization, valuing and advancement, client support analytics, and sales and demand forecasting.

A recent survey from Analytics Insight projects close to 20 million available jobs in artificial intelligence will be available by 2023. These include Software Developer/Engineer, Data Scientist, Network Engineer/Architect, Data Engineer, Data Mining Analyst, Database Architect, etc. In addition, AI has additionally made positions where man and machine can cooperate through a joint effort.

Artificial Intelligence is reshaping the future, virtually, for industries and individuals. Artificial Intelligence serves as the chief operator of rising technologies like Big Data, Robotics, and IoT, and it will continue to function as a technological innovator in the future.

Growth of AI Jobs in the Future

Impact of the Covid-19 Pandemic on AI

The pandemic created an impetus to drive an amazing pace of computerised change, which empowered business progression and flexibility. Before COVID-19, AI was typically seen as a significant space to pursue. An article by InformationWeek suggests that in the last year, it has proven to be a fundamental resource for organizations to reach customers, maintain operations, and for individuals to function within their everyday lives.

AI has also contributed to flattening the contagion curve. It has had a powerful impact on developing treatments, delivering health care, diagnosing and triage patients, and promoting public health. 
Artificial Intelligence is set to change the world and with the benefit that you will engage in life-long learning, it’s your calling to pursue it as a profession. If you’re technologically inclined and are willing to learn more, Virginia Tech India offers the Certificate Program in Business Analytics & Artificial Intelligence, a great opportunity to get certified by Virginia Tech, U.S.A! This is your calling to claim your role in the AI world.

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