As we all know, Covid-19 is having serious implications for organizations across the globe, as an adaptation to the “new normal” is in the process to operate an organization remotely.
In the last few months, millions of people around the world stopped going to offices and started the culture of ‘work from home’. These employees may be out of sight of managers, but they are very much working throughout the day, even working more than usual! The upheaval has been accompanied by a reported spike in the use of artificial intelligence by using surveillance software that helps the employers track what the employees are doing and how long do they spend doing it.
With the technology increasing at a lightning speed, now there are several ways in which AI can be used to improve your working day. Streamlining processes from administration to data analysis, intelligent software can prove itself to be an assistance to the workforce. Do you agree with this?
Let’s look at statistics –
23% of businesses are estimated to bring AI into force by the end of 2020.
In the span of 5 years, the artificial intelligence market is expected to grow by 50%.
Currently looking at the market trends, a profound growth has been observed with the growing eCommerce, streaming content, and growing internet penetration has led to the utmost growth with the Consumer Relationship Management (CRM) systems. The rising investments in AI technologies by various organizations is expected to increase in market size with increasing Research and Development (R&D) growths. In Europe, cloud-based AI deployment is expected to witness significant growth with increasing consumer demand for faster access to data and easy document control.
Moreover, a 90% proportion of the working time will have a potential impact on intelligent technologies. According to the research done by Accenture, 51% of the time worked could be augmented and 38% could be automated. This intelligent technology will enhance people’s capabilities to work efficiently and value the work they do. Apart from all the benefits which are provided by this new technology, AI has already a witness to a considerable amount of growth as Tata Consultancy Services Innovation Lab is utilizing AI capabilities to identify potential molecules to target against the COVID strain. Multiple Start-ups have been formulated keeping in mind the base of computation of AI applications which simplifies the operational tasks for the users.
To further look into the Banking, Financial Services Industry (BSFI) this sector has already brought in the power to predict future events by analyzing past behaviors. AI has proved to help banks predict future outcomes and trends. This in turn also helps the banks in detecting frauds and money laundering activities. In the coming future, AI, in my opinion, could transform the consumer department level positively by implementing augmented intelligence approaches mainly CRM which would further create an increment over the performance levels.
Considering a different industry, the marketing sector. This industry has created turning to artificial intelligence technology to help automate asset management, data analytics, content management. These technologies can help analyze customers’ experience and brand management, 71% of marketers are interested in using AI for personalization. The best way AI would grow in this sector would be by identifying insightful concepts, better social engagement, and customer service. A study in 2020 states that AI would give companies a business advantage over competitors.
On the contrary to these beliefs, the growth is bound to occur but it also will bring about a certain detriment. AI is expensive, bringing this platform and systems which require complex machineries. More than that, it is known that AI could increase unemployment wherein jobs could get obsolete. Apart from the belief of if AI would be a Job Creator or a Destroyer? I believe that the employment would shift from one place to another as entirely new categories of employment would be created. Even with the inclusion of AI humans would still be needed. For instance, Amazon who has the highest engagements with intelligent automation is also employing more people than any other company for their warehouses. I do conclude that with the installation of expert systems some categories jobs would be killed but with that many more avenues of jobs would open up.
At the end of the day, it is essential for businesses to strike a good balance between keeping costs low, grow the revenue, expand market share while adapting to the latest AI technologies. To not only improve their profits, increase their outputs but to grow their businesses in their day to day activities. With the AI automation of processes continuing to rise this would contribute to all the sectors of industries which would enable us to move forward in the coming future.