How Artificial Intelligence Will Transform Businesses in 2021
The world is undergoing an unprecedented shift since the outbreak of the Coronavirus. Simple day-to-day activities like going out for shopping, ceremonial gatherings, and the way we interact with people have undergone a sudden massive change. Our attitudes and behaviours as customers, as employees, and as businesses are changing as well. The pandemic has forced companies to revaluate and reinvent their business strategies. To address the changing needs of their customers, small and big businesses are finding ways to sustain in these uncertain times.
While businesses are reinventing and restructuring their business strategies, Artificial Intelligence (AI) is coming forward as a quick fix. Artificial Intelligence is based on the principle that human intelligence can be defined so that a machine can easily mimic it and execute tasks, from the most simple to those that are even more complex. The goals of artificial intelligence include learning, reasoning, and perception. The ideal characteristic of artificial intelligence is its ability to rationalize and take actions that have the best chance of achieving a specific goal.
Businesses globally faced uncertainty and instability in 2020. However, 2021 will be a year of breakthroughs. The emerging technologies will be an essential part of our everyday life like never before, as businesses will deploy technology in place of human resources to avoid safety risks caused by the Coronavirus.
The technological advancement in the form of AI yields various advantages to growing businesses. AI-powered microprocessor chips will enhance the performance of complex apps used in the healthcare, manufacturing, and banking sectors. To minimize human intervention, companies will deploy AI-powered chatbots. These chatbots will enable business communication for customer engagement. While Amazon Alexa by Amazon and Siri by Apple are already capturing the market, other companies will enter into the race by launching smart, voice-based home products.
Businesses have started realizing the importance of data. There will be multiple projects focusing on data highways in 2021. AI-based systems will enable businesses with data mining, analysis of business data, and predictive analytics implementation. However, with the availability of enormous data, there will be a great rise in cyberattacks. Companies have to invest in improving their cybersecurity infrastructure. Again, Artificial Intelligence comes as a solution. AI will facilitate cybersecurity in companies. It will help in reducing the response time of companies and expenses.
AI is capturing the space everywhere today. While talking about AI, industry analyst and educator Josh Bersin said, “It’s now popping into almost every piece of software.” It is indeed a fact. However, the growing presence of AI in businesses and industries would primarily affect the human resources. As per the research by Bersin by Deloitte, nearly 40% of companies are using some form of AI in HR alone. This proportion may rise even further in different sectors in the coming year.
AI is outgrowing its presence in different industries today-such as healthcare, education, transportation, advertising, legal and finance, and many others. Now it started occupying space inside our workplaces as well. There are debates around the growth of AI in businesses and industries. However, in the coming year, when businesses need to equip with safer customer services, it becomes inevitable for businesses to consider and choose AI-enabled technologies to ensure minimum human interactions. Moreover, it is crucial to understand that we need to be ready for the future that enables balanced collaboration between Humans and Machines. AI is the need of the time, and we need to be mindful of its applications.