Is Artificial Intelligence (AI) leading a revolution in the business world? Is it the greatest thing since the internet? Does AI have the capability to change everything around us? The answer is an emphatic yes.
Well, no surprises there, as AI has gained yet unseen levels of attention from business leaders, workers, researchers, media and social media platforms across the globe. What about the ground reality? Take a look at these top AI statistics in 2023:
- According to a leading business consulting services firm, Grand View Research, The global AI market size valued at 136 billion dollars in 2022 is expected to reach 1800 billion dollars by 2030, expanding at a Compound Annual Growth Rate (CAGR) of 37%.
- Another report by global business management company PWC predicts that AI is set to contribute approximately 15 trillion dollars to the global economy by 2030.
As far as India is concerned, leading market research firm IMARC reported the following:
- Indian AI market size, which reached 680 million dollars in 2022, is predicted to reach 3,900 million dollars by 2028 with a CAGR of 33% during 2023-2028.
Let us look at how AI will change the business landscape in 2023? What are the top AI business trends? What is the future of AI in business?
AI and the Business World
What is AI in the business world? It is an important question which must be addressed first because AI is a broader term.
AI, in its most basic form, is a machine’s capability to perform human-like activities such as learning, problem-solving, reasoning etc. However, when it comes to business, there are two types of AI prevalent and useful.
Machine Learning (ML)
Businesses today gain massively from Machine Learning because of its capability to process and analyse large chunks of data in a quick time. Another powerful feature of ML is its ability to learn, which means the more the data fed, the better is the efficiency and the output.
Take, for instance, a large enterprise offering customer support services across the globe. It is a daunting task for teams to assess the vast data collected but not for AI.
The Machine Learning models analyse data at lightning speed. Plus, they identify emerging patterns and possible anomalies and share reports with the concerned authorities. The businesses thus gain valuable insights and make informed decisions related to people, processes and technology.
Deep Learning
Deep learning is another facet of Machine Learning that uses neural networks and non-linear reasoning. It is being researched and worked up by various businesses. For example, self-driving cars where multiple factors such as speed and distance of the car and other objects are taken into consideration all at once, are powered by Deep Learning.
Now let’s jump into how AI is impacting businesses globally.
Top 3 Trends
AI is having a major impact on key business functions. Business management companies are also utilising latest and advanced AI tools to help large business organisations to maximise growth. Find out more below.
1. What Business Leaders Think About AI
Business leaders, decision-makers and managers at the top are the ones who envision the future of a company. Therefore, it is important to know what leaders think about AI. Without much surprise, the majority of global business leaders have invested in, and implemented AI and others are on the verge of doing the same.
According to Accenture’s survey of approximately 2000 business leaders globally, they are impressed by AI’s potential in the following:
- IT operations
- Customer service
- Research & Development
- Product Development
- Software Development
- Content Generation
Another interesting thing is that leaders are continuously looking for ways to integrate AI at different levels, such as staffing and operations to improve the bottom line. The experts also opine that CEOs are likely to increase their investment in AI-powered technology and tools and bet on it for future success.
2. Sales and Marketing
Salespeople are the foot soldiers steering companies to success. They are masters at meeting clients and customers, educating them about products and services and generating sales, which is possible through relationship building and trust.
However, salespeople often have to spend their time on manual tasks such as data entry, research, outreach emails, sales reports, sales forecasting and others – all of which can be take care of by AI tools. This in turn, helps salespeople to focus on their strengths, which is converting potential leads into buyers.
Marketing people have a huge advantage on their hands with AI tools. Primarily, it enables them to offer superior customer experience. Some of the other ways AI helps marketing are listed below.
- Relevant content strategy focused on delivering high-quality and valuable content to customers
- Use of AI chatbots to engage with customers in quick time
- Superior visual experience
- Valuable insights
- Better productivity and efficiency
3. Customer Service
Customer service is an integral part of business, big or small. The support services aim to keep customers happy, informed and engaged.
In this quest, AI-powered tools assist the customer care team and enhance the whole customer experience and the buyer journey. From answering customer queries, offering resources to learn more, and resolving customer complaints proactively, AI boosts customer service operations. Most of the customer care professionals are willing to take assistance from AI tools to streamline functions and improve efficiency.
AI is also transforming Customer Relationship Management (CRM) software, making it more powerful and helpful.
Future of AI in Business
It’s just getting started. More advanced forms of AI will be rolled out soon. Experts believe that majority of leaders will utilise AI in one form or another in the future, aimed at scaling businesses and staying relevant. Although the full impact of AI is yet to be seen, it is high time for businesses to jump onto the AI bandwagon and move ahead.
Founded in the year 1979, Narayan Bhargava Group provides an ecosystem of business lifecycle management solutions across industries responsive to on-demand business needs of our clients. Our People, Process, Technology and Infrastructure pillars serve unique bespoke solutions for fluid business environments and rapid cost-efficient expansions across India. Essentially, we are Partners in Growth. The multiple brands under its ambit include Calibehr, NSB & Co., MyBranch, Gromaxx & more.
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