Can AI Help Your Business Grow? Here Is What Research Says
Date : Jul 02, 2020
Author : DR A Zayed
Categories : Business Tips
Two decades ago, people associated AI with dystopian fiction. But, as the practicality of the latest phenomenon became more and more evident, that negative characterisation slowly started to dissipate. Now, the question is, how will this modern concept transform your business? Is AI in business 2020 a threat or a possibility for success?
Here, we decided to compile all the statistical analysis of the future of AI in business, including practical ways to implement it.
The Impact of AI in Business 2020
Many industries, including production, healthcare, real estate, and retail, are facing numerous challenges. Whether it is for security, processing data, the current pandemic, or failure to meet client expectations, these challenges have left a significant impact on businesses.
AI has become the next phase of digital transformation and a necessary step to success. To fully grasp the impact of AI in business 2020, it’s essential to see how many companies are willing to invest in it.
AI in business analytics seems to provide entrepreneurs with a convenient way to stay ahead of the competition. Even though complete AI transformation could take two years, businesses can start to notice returns just 6 to 12 months after implementing it.
According to business reports published by The Times, UK-based companies that were using AI in 2019 performed 11.5% better than those who didn’t.
To put it bluntly, AI supports three significant needs:
• Obtaining valuable insight via data analysis (boosts sales & marketing)
• Automating processes (enables smarter use of resources)
• Engaging clients and staff on a real-time basis (provides quicker communication with AI chatbots, for example)
• Companies that rely on AI have the opportunity to customise their services based on the customer’s needs.
Why AI In Business 2020?
Adopting AI in a business can be used as a massive competitive advantage. By 2022, 93% of organisations are expected to adopt AI/cognitive systems. Soon after implementing it, these companies are estimated to experience a 63% improvement in customer lifetime value.
Organisations that implement AI faster can double their income, while those who fall behind will notice a 20% decline in cash flow.
According to Peter van der Putten, an assistant professor at Leiden University, the timing is impeccable. AI is a convenient option for understanding the function and structure of the ongoing pandemic and can come in handy when mining research models for improving the business. With it, more useful and accurate data becomes available.
Plus, plenty of devices that run on AI will hit the market very soon. This opens a path to countless opportunities for growth. It gives entrepreneurs enough time to learn to use technology to their advantage, which can prove beneficial for the near future.
How to Implement AI in Your Business?
Now that you are familiar with the benefits of AI tech, it’s time to figure out how to implement it in your business. We selected a couple of handy options, which could prove effective.
1. Do Your Research
The first step to implementing AI is becoming familiar with it. You need to know what it can and can’t do. Try to dig for useful information and familiarise yourself with all the concepts of this revolutionary technology. To do that, you can:
• Join a workshop
• Take online courses
• Consult experts
• Invest in lectures
• Read books (for ex: “Future of Life Institute” by Elon Musk & Stephen Hawking)
Whatever option you decide to take, it will be worth it. As long as you strive to expand your knowledge, you will be on the right track.
2. Think About What You Want to Use AI For
Once you know the basics, you can start planning. Think about all the capabilities of AI tech. Then, decide what you need it for.
According to the Medium, 60% of experienced executives believe that a well-designed AI plan is the key to better data-driven opportunities.
If you are working with products or programming, image recognition can come in handy. This is a practical option when you want AI to recognise a specific problem. It’s also an excellent solution for surveillance companies. It adds more value to the services and keeps the business ahead from the rest of the competition.
3. Know Your Limits
To implement AI, the project must first be feasible. For that, you will need to know the financial limit of your company. Your goals should be closely tied to the company’s value. Anything that exceeds that value will not prove efficient.
To analyse the limits the right way, set your priorities straight. Analyse the feasibility and potential of the project and put it into a 2×2 matrix. That way, you can see close-term visibility and figure out the financial value of the company.
4. Hire Experts and Start With the Pilot Project
If the company is ready to implement AI, it’s time for the first test run. The easiest way to get the work done is to do it step-by-step. The first project takes about 2 to 3 months to complete. For it, you will need a small team of around 4 to 5 people.
While the time limit may seem too restricting, it will be enough to get the plan in motion. When the pilot is complete, you will be ready to focus on long-term goals. Your company will be capable of coming up with a more elaborate project and make the most of the AI tech.
To avoid making any mistakes, it is better to hire experts. That way, you will get a better sense of the technology and its advantage to your business.
Here, we have highlighted the importance of AI as a growing trend in businesses. It can be a valuable asset for production, marketing, and providing better client experience. All the strategies we listed here can help you implement this technology as part of your business.
Have you considered adding AI to your company? Share your thoughts in the comments below.