Why There’s A Surge In AI Adoption Coming

Artificial Intelligence (AI) is no longer a technology innovation only seen in the boardroom presentations when R&D budgets are discussed among the leadership. In the last decade, AI has become a part and parcel of our daily lives. AI solutions are ever learning more about how humans want experiences to be created and helping businesses match those expectations through innovative services. From empowering self-service to enabling faster responses to queries, AI is reshaping the enterprise by making it more agile and customer-centric. IDC expects the AI market, including hardware and software elements, to reach  USD 327.5 billion globally.

The COVID 19 pandemic became a catalyst for the rapid proliferation of the digital economy as businesses and consumers had very little time to adjust to the new normal of living. Digital tools became a saving grace for nearly every sector ranging from entertainment to education, healthcare, finance, retail, and much more.

This is a positive signal for AI adoption and the trend is likely to witness growing traction in the coming years. IBM recently reported that nearly 43% of IT professionals worldwide agree that their organization has accelerated AI adoption since the COVID 19 pandemic struck. Today, nearly every business is transforming into a technology company with hopes of redefining their customer experience and thus stay competitive. AI is now at the forefront of this transformation thanks to its continuous adoption in all major domains.

Let us examine a few key reasons why there is a surge in AI adoption heading our way soon:

More Data Availability

With more consumers becoming digital natives, businesses now have truckloads of data that will be generated across their operations. AI and machine learning systems require an extensive supply of data to train their neural algorithms to infer and produce more accurate results. As more customer points and interactions transition into digital avatars, it becomes easier to put in place data collection and analysis systems that can help train AI systems with more quality data inputs. In essence, it just became super-easy to give AI solutions the fuel they require to function.

Quest for Automation

Experts believe that hyper-automation will become a survival instinct for businesses rather than an experimental innovation. In fact, by 2022, Gartner predicts that there will be a USD 596.6 billion being spent on technologies that enable hyper-automation for businesses worldwide. For automation efforts to be successful, it is important for businesses to eliminate biased decision-making, accelerate processes, and break down silos. This ultimately requires their enterprise applications to have a certain degree of autonomy in their operations. AI will be the key pillar in driving this autonomy and empower businesses to accelerate automation in their core operational processes without risks.

Cloud Enablement

AI and machine learning often require complex analytical programming and deep neural network interfaces that consume high volumes of computing power and data storage capacities. This has been a barrier for several businesses with limited budgets. However, today AI has transitioned into an ultra-accessible on-demand SaaS-based independent collection of functions hosted on the cloud. In fact, by 2023, Cloud-based AI services are expected to witness nearly 5 times more growth than now. Many more businesses will become empowered to leverage AI skillsets and technology at lower costs with consumption-based pricing models. With the cost barrier removed, more businesses will also be willing to innovate their existing technology landscape by incrementally introducing AI and machine learning capabilities and gradually offer its benefits to end consumers.

Rising Customer Confidence

Did you know that nearly 47% of consumers would buy an item after just interacting with a Chatbot? A chatbot is a major application of conversational AI and today it is helping businesses in all sectors and in almost every major country to connect and sell services directly to consumers. It’s not just chatbots, but consumers are increasingly becoming confident about trusting autonomous systems to handle their interactions and do not explicitly demand human agent’s attention always. Smart voice assistants like Siri, Google Now, Alexa, etc. are now a common sight in many homes as consumers rely on them to do a range of activities like turning on the lights to playing their favourite music or TV show and even getting weather predictions and live scores.  As customers get more used to such autonomous transactions it leads to less friction towards using AI services. Businesses can strategically offer new AI capabilities bundled into innovative services for improving customer experience.

There seems little doubt that AI will be a key pillar of growth for enterprise technology in almost every sector. As more businesses are investing to build trustworthy and highly functional AI systems having better contextual analytical processing capabilities, we will soon witness the dawn of a new era of customer experience. This AI-led age will be driven by highly intelligent and autonomous business systems. Get in touch with us to know more on how to build the right AI evolution roadmap for your business and reap the early-bird benefits. Bit do it fast. The surge is on the way.