Artificial intelligence is already capable of some pretty wondrous things. From powering driverless vehicles and automated manufacturing systems to delivering web search results via human-like voice assistants, it grows more prominent every day.
While it is almost impossible to predict what AI will look like 10 or even five years from now, we can certainly speculate about the coming year. What can we expect to see in 2020 with AI and business applications?
1. The rise of AI-as-a-Service
As businesses look to capitalize on the vast benefits that AI has to offer, adoption will rise considerably. Not everyone will have direct access to the necessary technology and processing power, however. That’s where AI as a service comes into play. The tech world has yet to decide on a standard acronym for it, though some have gone with AIaaS.
IBM’s Watson, Azure AI, and Google Cloud AI are just a few examples of how the technology applies in service-like settings. The servers carry the bulk of the processing power, allowing clients to tap into a remote solution. Quantum computing will further boost the remote service model’s rise to power.
Because a third party handles everything, businesses gain access to a low-cost AI solution with almost no risk and no buy-in.
2. Algorithmic employee experience improvements
Only a handful of markets aren’t suffering from a talent shortage. To make matters worse, as much as 85 percent of employees are either uninterested or actively disengaged at work.
Machine learning and other types of AI can help change that. Tools like Vibe or Keen allow managers to see how their employees are feeling, good or bad. Communication analysis tools — powered by AI — can help home in on morale problems and even suggest ways to improve the situation.
3. AI will power robust marketing campaigns
In the field of marketing, businesses and media managers are always looking for new ways to push the envelope. It’s not just about getting eyes on marketing materials and content. It’s about sharing a message that resonates with their interests and lifestyles.
With the help of AI, marketers can spice up their social media and email campaigns just enough to captivate audiences. Analysts expect AI to make considerable waves in the social media market, growing to 28.3 percent by 2023.
Imagine AI-developed ads and commercials designed from the ground up to target a specific audience or demographic. Big data and analytics solutions provide the necessary information to build such campaigns, while the AI solutions drive them forward.
AI can also power sales forecasting, customer insights, digital advertising, and even customer service. One of the more prominent uses of AI right now is as a customer support solution, answering queries and helping solve customer experience issues. Over the coming year, that will evolve to include many more facets of marketing.
4. Predictive modeling will grow even more sophisticated
One of the most lucrative uses of AI is the option to predict future events through data analysis.
With enough information flowing in, people can use machine learning algorithms to accurately predict or even pinpoint future changes coming down the pipeline. This approach allows businesses to adequately prepare for market and demand changes, supply shortages, growing competition and much more.
As more and more data amasses, and subsequently flows through AI-powered solutions, they will become smarter and more reliable, leading to frighteningly accurate prediction models. Complexity and sophistication will balloon, too, making AI the go-to for businesses that want to stay competitive and remain afloat.
5. AI-powered risk assessment opportunities
In general, risk assessment is a broad field. Cybersecurity, third-party and vendor risks and investment risk are all part of the broader spectrum. All of them, however, share one thing in common: To be of any use, they must apply as continual and sustained processes. Mitigation is possible, but risk elimination is not.
AI solutions can take over for human eyes, not just providing 24/7 active monitoring, but also a system that learns and improves over time. Machine learning and deep neural network solutions offer some of the best and most versatile support.
6. Greater personalization
Whether you’re talking about the customer or employee-oriented personalization, manual processes complicate things too much to make it work. By injecting AI and automation solutions, it streamlines the entire system.
Netflix, for instance, uses machine learning to deliver targeted media and content suggestions to its users. Sesame Workshop developed an AI-powered vocabulary learning app. Initially, it observes a child’s reading and vocabulary level and then delivers content and experiences to match their needs. It adjusts as they grow to stay in pace with their development.
Ultimately, personalization allows businesses to give customers exactly what they want when they want without soliciting them all the time. The AI solutions monitor their usage, habits and other performance data to discern what kinds of experiences, products, recommendations, and even marketing content matches their lifestyle.
AI: Moving the world of business forward
AI is moving the entire world of business forward, from marketing and customer service to innovative employee experiences.
It’s sure to become even more prevalent as the technology evolves and becomes smarter, more accurate and more responsive.