Original article was published by Sirivathsan Atputharaja on Artificial Intelligence on Medium
The Capability of Artificial Intelligence
Artificial Intelligence is something that is rather very new. It may seem like it has been around for more than 20 years, but it is only been just under a decade. Yet within the decade, there has been a lot of progress made. Now Artificial Intelligence has been more incorporated into businesses than ever before. Businesses are booming due to it as well. AI is going anywhere, and this is only the beginning.
“The potential for AI to drive revenue and profit growth is enormous. Marketing, customer service, and sales were identified as the top three functions where AI can realize its full potential according to a survey of 1,093 executives by Forbes” (Diorio). This is a win-win situation. There is no loss in this matter. The company grows, revenues and profits are big. And everyone gets paid because of it. Everyone can benefit from this. With the help of Artificial Intelligence, for example, customer service can be done quicker, sales and data are more efficiently produced. “Marketers are looking for AI to fuel enormous efficiencies by targeting and optimizing the impact of huge investments in media, content, products, and digital channels” (Diorio). Artificial Intelligence has the capability to put out ads to users that have searched for something that is similar to whatever the company is selling. For example, When I looked up a pair of sneakers on google, later that was all the ads that would ever show up. I was receiving ads based more on what I looked up to. Which at times is very helpful. “AI is opening entire new frontiers in customer experience and success by applying NLP, sentiment analysis, automation, and personalization to customer relationship management. 90% of organizations are using AI to improve their customer journeys, revolutionize how they interact with customers and deliver them more compelling experiences” (Diorio). AI is helping businesses be more connected with their customers, which is key for any business to stay afloat. Customers feel more connected if they see how the interface is more personalized towards them and not just blank. Obviously, implementing AI will not be cheap, a matter of fact it will be very costly due to the yearly maintenance that is going to be required to keep them going. However, I see this as an investment. You invest in this technology now but with the revenue that you can possibly make from it is through the roof. I strongly believe that companies can make a return on their investment within 5 years.
I believe that Artificial Intelligence is the next big tech boom. It is crucial that companies get on this now before it becomes the next normal thing.