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Artificial Intelligence In Business – How It Can Bring Transformation?

Artificial Intelligence In Business – How It Can Bring Transformation?
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    December 19, 2023 Last Updated: December 22, 2023

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A study on Artificial Intelligence (AI) states that the market size in the global AI market is expected to reach 241.80 billion in 2023. It is further projected to show an annual growth rate (CAGR 2023-2030) of 17.30%. This will result in a market volume of 738.80 billion USD by 2030.

Needless to say, in the dynamic landscape of modern business, AI stands as a potent force reshaping traditional paradigms. From automating routine tasks to unlocking actionable insights from data, AI transcends conventional boundaries, empowering organizations to navigate complexity with unprecedented precision.

This blog delves into the pivotal role of AI in business and how it is catalyzing transformation within the global business realm.

Join us on a journey where we are going to discover how AI is not just a tool but a linchpin for a new era of innovation and competitiveness.

Market Overview Of Artificial Intelligence In Business

According to Forbes, the global AI market is anticipated to expand at an exponential rate due to rising investments in AI technologies, digital disruption, and competitive advantage in the rapidly expanding global economy. It has enormous potential to boost the world economy. By 2030, artificial intelligence is predicted to have a greater global economic impact than the combined output of China and India.

Even if we go with the stats, they speak out loud in favor of the impact of AI.

  • Approximately 25% of entrepreneurs are worried about how AI will impact website traffic.

24% of business owners are worried about how AI might affect website traffic. This shows how apprehensive some companies are about incorporating AI for business into their daily operations.

  • More than 60% of entrepreneurs think AI will enhance client interactions.

64% of business owners think AI has the potential to strengthen customer relationships, demonstrating a positive view of the technology’s potential to improve client interactions.

  • According to 65% of customers, companies using AI will still have their trust.

Although there are worries regarding the use of AI for business, 65% of customers still have faith in companies that use the technology. This implies that companies can preserve consumer trust and even capitalize on AI’s potential to enhance customer experiences if they employ AI ethically and openly.

artificial intelligence in business

  • Popular Uses of AI in Business in 2023

Needless to say, AI’s versatility can transform everyday tasks. Its most popular uses include responding to messages, answering financial questions, organizing travel, creating social media posts, and much more

Uses of AI in Business

Top 5 Benefits of AI in Business

Well when it comes to business benefits, the list is large. By going with tested AI business solutions, we can touch the multitude of benefits in the business landscape. Now let’s delve into the major advantages that AI offers to the business world.

Benefits of AI in Business

1Flexibility

Artificial intelligence benefits companies in a variety of ways. Delivering customer-focused goods and services is facilitated by the use of AI in business. For example, automakers are using robots driven by AI to create the most desirable models. Consequently, adaptable and customizable AI-based solutions that satisfy your business requirements.

2Scalability

In real-time, poor scalability always affects business performance. AI-powered business solutions assist in automating each step of your company’s operations. AI-powered devices process information more quickly and with minimal effort. As a result, AI in business boosts productivity and operational efficiency while also saving time.

3Speed

To Enhance the speed and accuracy of current business processes by a huge margin, AI in business can be a game changer. It safeguards enterprise information systems, expedites decision-making, and automates procedures.

AI, for example, assists financial and banking organizations in promptly identifying fraudulent activity.

Artificial intelligence programs use irregular pattern extraction to quickly identify frauds from user searches. AI programs can keep an eye on thousands of transactions at once. AI technology ensures the security of every transaction with the least amount of human intervention possible.

4Personalization

AI in business enhances client satisfaction. Consumers are always looking for more cutting-edge products and services. As there is greater accessibility to a wide range of digital services, consumers have higher standards for the goods and services they usually buy.

An AI-powered chatbot is used in this situation. The purpose of a smart chatbot is to assist and promptly assist your customers. It engages with clients, pays attention to their needs, and offers a customized experience.

5Decision Making

Artificial Intelligence is transforming the way businesses make decisions about their operations and services. AI in business offers insights so that they can make more informed decisions.

In just a few minutes, AI systems can glean important insights from massive data sets. If it’s done by hand, it could take several days or even months. Businesses can apply AI to their information systems to analyze customer data and gain actionable insights that will help them make the best decisions possible.

Future market trends can also be predicted by AI-powered devices. For example, AI systems can forecast what consumers want and which product is in greater demand by evaluating customer data that has been gathered. Both retail and e-commerce companies could benefit from this tactic.

As a result, this feature aids manufacturing organizations in avoiding device disruptions and equipment damage. As a result, AI in business aids in timely and ideal decision-making.

AI Development Company

Top 10 Applications of Artificial Intelligence in the Business?

There is no doubt that companies that use AI will reap significant benefits for their commitment to innovation. Since revenue is the foundation of every business, it is the most desirable effect or at least the one that directly affects the majority of them.

The management of supply chains and human resources stands to gain the most from the use of AI in businesses. Enhancements to supply chains that use AI to map out quirks and trouble spots result in significant increases in revenue. Even in the field of human resources, artificial intelligence can significantly shorten the hiring cycle by allowing algorithms powered by AI to identify candidates whose resumes most closely match job specifications.

While the process of integrating AI in businesses is still ongoing, most industries anticipate that it will gain traction in the upcoming years, with AI being a key component of 49% of IT-related businesses by 2025. Another compelling reason for companies to integrate more AI programs into their product cycles is cost savings. Among the industries with the greatest potential to cut costs by reducing development waste time are product development and service operations.

Let’s discuss in detail how artificial intelligence can prove to be a boon for the business.

1AI in Supply Chain

The pandemic and the ensuing disruptions have shown the significant impact that uncertainties have on supply chains, highlighting the necessity of well-thought-out contingency plans to assist businesses in effectively managing these uncertainties.

Even though the supply chain’s adoption rates of AI are still not very high, an increasing number of businesses have been using AI in recent years to improve real-time delivery controls, smart manufacturing, dynamic logistic systems, and inventory management.

However, an AI-wired supply chain’s primary advantage lies in its capacity to automate numerous management procedures. This promotes safer working conditions while enabling more precise capacity planning, better demand forecasting, increased productivity, decreased supply chain costs, and higher output.

Experts predict that AI-powered supply chain management, which can enable the fracture network supervisory group to handle inventory consistently and wisely, will soon revolutionize the sector.

2AI in the Cyber World

Any business can suffer greatly from cyberattacks.  According to a study by ptsecurity, actors are able to get past security measures and access local network files in approximately 93% of hacking cases.

Amidst a worldwide scarcity of proficient cybersecurity experts, establishments are encountering difficulties in keeping pace with the constantly changing threat environment and the recent upsurge in illicit activities. An increasing number of organizations are using AI to relieve pressure on security teams and build strong defenses against cybercriminals as the threat of cybercrime grows.

Teams can use the machine and deep learning to detect, identify, and address threats in real-time with AI-wired tools. They also analyze networks thoroughly to find security holes that could expose a company’s infrastructure to attack, and they automate manual and repetitive jobs that would otherwise be done by humans.

AI not only creates defenses against attacks but also quickens the detection and reaction times in the event of an attack, spotting malicious activity in time to stop it before it does significant harm. 

3AI in Manufacturing

Manufacturing has been one of the main industries affected by the enterprise’s digital transformation. Businesses currently use AI-enabled technologies to identify irregularities in the manufacturing process and notify manufacturers in advance of production errors and malfunctions. As a result, businesses have been able to cut expenses associated with operations, increase productivity, and shorten time to market.

As artificial intelligence develops, manufacturing line machines will be able to handle an increasing number of repetitive tasks without human assistance. AI and machine learning will enable businesses to expand the scope of possible manufacturing applications, from virtual design to in-the-mold equipment maintenance, enabling the use of new, enhanced, and customized products in the supply chain.

4AI in Accounting

The use of artificial intelligence in accounting improves the effectiveness of purchase orders, invoices, procurement, expense reports, and accounts payable and receivable tasks. Data is the foundation of accounting, and many accounting-related tasks, like bank reconciliations, are laborious and repetitive. So it creates an ideal environment for machine learning and artificial intelligence to care for these things.

By 2028, it is anticipated that the accounting industry will have invested 161.8 million USD in AI, with 80% of business executives saying AI gives them a competitive edge.

5AI in Mining

According to a Deloitte study, integrating artificial intelligence into a mining company enhanced data processing, resulting in 18 times faster data processing than was previously possible.

We observe a shift from a people-focused to a process-oriented operation when we look at AI applications in the mining sector. This modification can enhance the general OHS conditions for mineworkers, boost precision, reduce environmental impact, and facilitate quicker decision-making in a setting where a mistake could have grave consequences.

6AI in Banking

Artificial intelligence has been used by the banking & finance industry to improve customer experiences (CX) through online banking applications, fraud detection, customer service personalization, customer credit analysis that is more effective, and compliance.

Now according to IDC, by 2024, the banking industry will rank among the top sectors investing in AI solutions. And with good reason; by 2035, artificial solutions are predicted to bring the banking sector’s value to over $1 billion.

7AI in Travel & Transportation

A nation’s infrastructure is fundamentally based on its transportation sector. While many workers might have to withdraw themselves during the COVID-19 pandemic, AI systems can determine how many employees a travel agency needs to operate in these uneven circumstances.

For instance, a business can ask AI to tell them if they have enough employees to staff a railroad. Here, AI can assist in determining supply and demand from the perspective of the labor force.

Artificial intelligence is already being used in the transportation sector to cut down on traffic, prevent accidents, enhance passenger safety, minimize carbon emissions, and save overall costs.

8AI in Healthcare

From robot-assisted surgeries to protecting personal records from cybercrime, Artificial Intelligence is changing the healthcare sector at an unprecedented pace. The medical costs and ineffective procedures have badly hurt the healthcare sector. AI-powered workflow assistants are saving physicians 17% of their time. Moreover, by cutting down on unnecessary hospital visits, virtual assistants are saving nurses nearly 20% of their time.

AI also speeds up and lowers the cost of pharmaceutical companies’ life-saving drug research. More significantly, AI is being applied to enhance healthcare in developing countries. For example

  • PathAI develops AI-powered tools to assist pathologists in the analysis and more precise diagnosis of tissue samples.
  • Atomwise accelerates chemists’ work and enhances drug discovery through AI and deep learning.
  • Artificial Intelligence is being used by Pager to assist patients with minor ailments, aches, and pains.

9AI in Social Media

With more than 3.6 billion active profiles and an estimated 45 billion USD in revenue annually, social media is constantly fighting to better serve users’ needs and personalize their experiences. AI is capable of organizing enormous volumes of data, identifying images, forecasting cultural shifts, and introducing chatbots.

The social media industry’s future could be made or broken by technology. In a similar vein, machine learning allows social media to instantly detect anti-social behavior such as hate speech and fake news which can prove to be beneficial in the short as well as long run.

10AI In Custom Relationship Management

CRM systems are also undergoing huge changes due to artificial intelligence. For software like Zoho and Salesforce to stay up-to-date and accurate, a lot of human intervention is needed. However, when AI is applied to these platforms, a typical CRM system becomes an auto-correcting, self-updating system that manages your relationships on your behalf.

An excellent illustration of how AI can improve customer relations is seen in the financial industry. Dr. Hossein Rahnama, a visiting professor at the Massachusetts Institute of Technology and the founder and CEO of Flybits, an AI concierge business, collaborated with TD Bank to incorporate AI into standard banking procedures.

With the use of this technology, if your bank mortgage is up for renewal in 90 days or less, a personalized message inviting you to visit the branch and renew your purchase will be sent to you when you pass by it. Apart from this, it will send you a potential mortgage offer if you spend more than ten minutes looking at a property for sale.

Also Read: AI Applications & Use Cases: Revolutionizing Major Industries

Top 8 Use Cases of AI in Business

  • Netflix

By producing content according to user preferences, Netflix maximizes return on investment while reducing its real-time access to user behavior.

  • Sberbank

Sberbank develops technology-enabled platforms for real estate, healthcare, and other services in order to meet the needs of customers in adjacent industries.

  • Alibaba

Alibaba effectively connects buyers and sellers through online and physical channels.

  • Ping An

Ping An links insurers, hospitals, and patients to grow its smart health ecosystem.

  • Nvidia

Driving Constellations, a virtual driving environment from Nvidia speeds up autonomous vehicle testing by a factor of 1,000, cutting expenses and time.

  • Uber

Uber offers intelligent supply and demand-driven transportation that is more affordable, quicker, and more convenient.

  • Adidas

Adidas uses fully digitalized customer data and 3D scans to provide quick, customizable solutions to a broad range of tastes.

  • Skywise

The Skywise platform from Airbus uses detailed usage, management, and schedule data to optimize flight operations.

Also Read: Merging Blockchain and AI, Why Do You Need It in the Near Future?

Top 3 Challenges Of Integrating AI In Business

Although integrating artificial intelligence has many advantages, there are a number of implementation challenges that organizations must overcome. These difficulties include serious financial ramifications, challenging learning curves, and ethical issues.

In order to successfully integrate Artificial Intelligence in business and realize its transformative potential in digital transformation, it is imperative that these challenges be addressed on priority. Let’s discuss some of these challenges in detail.

  • Ethical Concerns in AI Implementation

Organizations must carefully address the various ethical issues that are brought up by the use of AI. Given the enormous volumes of private and sensitive data that AI systems process, data security, and privacy are among the main issues. It is crucial to make sure that such data is used ethically.

A major issue with AI models is bias; with biased data, the models will also produce biased results, which will be unfair and discriminatory.

Organizations also confront issues with accountability and transparency because AI systems’ decision-making processes are frequently opaque, making it challenging to assign blame when incorrect or damaging decisions are made. Taking care of these ethical issues is essential for fostering trust among stakeholders, employees, and customers, and it goes beyond simply following the law.

  • Navigating the Learning Curve of AI Adoption

Needless to say, a shift in perspective is essential for organizational learning and development when implementing AI. Businesses face difficulties in retraining and training their employees to use AI tools efficiently. Acquiring the requisite technical skills, comprehending the intricacies of AI technologies, and adjusting to novel workflows and procedures are all part of the challenging learning curve.

In order to facilitate the seamless implementation of AI, companies must make investments in ongoing learning and development initiatives and cultivate a culture of learning. It is imperative to surmount the learning curve to achieve optimal AI utilization and guarantee that workers can leverage AI resources to augment their efficiency and judgment.

  • The Cost Implications of AI Integration

There are substantial financial ramifications when integrating AI into business operations. It costs a lot to develop or purchase AI technologies because they involve infrastructure, talent acquisition, and research and development. The expenses associated with gathering, handling, and analyzing data are also high.

Additionally, an organization’s resources may be strained by the continuous expenses of updating, maintaining, and developing AI systems. A sustainable AI integration strategy must weigh the costs and benefits in relation to value addition and anticipated benefits. To effectively navigate the financial aspects of AI integration, organizations must develop clear ROI models and conduct thorough cost-benefit analyses.

AI Development Cost

How Can Blocktunix Help You Integrate AI In Your Business ?

The integration of AI in business operations marks a pivotal moment in the evolution of industries, and at Blocktunix, we stand at the forefront of this transformative journey. AI has not only remained a tool but has become a catalyst for innovation, efficiency, and unparalleled insights. As investors increasingly embrace AI business solutions, they unlock the potential to enhance decision-making, automate processes, and gain a competitive edge.

As a leading AI Development company provider, our commitment to pioneering AI development empowers businesses to navigate the complexities of the modern landscape. The synergy between human intelligence and artificial intelligence redefines what’s possible, driving us toward a future where businesses operate smarter, faster, and with a more profound understanding of their data than ever before.

Moreover, with Blocktunix, the integration of Artificial Intelligence in business has become a seamless and tailored experience. We understand that each business is unique, and our AI business solutions are designed to meet the specific needs and challenges of our clients. As we move forward, the collaboration between human expertise and AI capabilities promises not only increased productivity but also the potential to uncover new opportunities and foster unparalleled growth.

So join us on this journey into the AI-powered future, where innovation knows no bounds, and businesses thrive in the era of intelligent technologies. Together, let’s shape a world where AI doesn’t just transform businesses but elevates them to unprecedented heights.

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