Posted On - 24-01-2019 admin Technology
The pace of innovation has shown overwhelming growth over the past few years. It is practically becoming impossible for an individual to keep up with every single technological change that is happening around the world. With every passing second, the applied sciences come up with something more advanced and completely transforms the course of things. Amongst all of these dynamic technological transformations happening around us, artificial intelligence is one area that has secured for itself a noteworthy place.
Artificial Intelligence (AI) has spread its roots in every arena. People from all backgrounds are savoring the benefits of artificial intelligence without even realizing it. Whenever you are booking a cab on your phone, using google or apple maps, scrolling through social media applications on your smartphone, or operating your smart devices at home, you are basically being assisted by artificial intelligence.
2018 has already witnessed tremendous growth in AI and as 2019 is progressing, tech-enthusiasts predict that growth will continue with the same vigor and speed. Many startups are basing their complete growth on AI technology and it has already been adopted by well-established tech-giants like IBM, Google, and Amazon. Artificial intelligence is, thus, the reason behind enhancing our user experience and making our lives easier.
The benefits of artificial intelligence have extended beyond the larger enterprises. It is no longer limited to firms having extensive financial resources, highly skilled staff, and advanced IT infrastructure alone. In fact, in recent years, small and medium-sized businesses have also been able to enhance work efficiency and enjoy greater returns on investment with the technological advancement that comes with artificial intelligence.
Businesses need to improvise constantly. Competition growth is maddening and being-one-with technology is a must if you wish to stay ahead of your competitors. Whether it is the tech-giants or small businesses, every sector stands in need of artificial intelligence to give its customers a user experience which is not only unique but also appealing. Here’s how growth will become more impressive with the advancements in artificial intelligence in the year 2019:
Businesses strive for coherence. Talk about operational efficiency and artificial intelligence automatically pops up in one’s mind. Not only does it help save time and money, but also speeds up a number of tasks that were previously done manually. For example, people often forget to meet with their prospective clients for lunch or fail to remember they had a meeting to attend on priority. With the help of voice assistants on their smartphones, entrepreneurs can set reminders about anything and everything they think is crucial.
This has two implications: One, your smartphone has replaced your pocket diary, your alarm clock, and the constant need to jot down the necessary stuff. And two, you become a more organized person with little or no effort.
Your customers may want your assistance 24*7. But it is not practically viable to be available throughout the day. As a new entrepreneur, you may have a series of tasks to manage alone, and it is physically not feasible for you to tackle every single query for your customers. For example, you may be running an accounting and tax software hosting company, and you wish to provide 24*7 support to your clients. In order to enhance your online presence, you can install AI-powered chatbots. These chatbots provide your customers support on-demand, replacing your human workforce in their absence.
There are several AI-powered software that can perform repetitive tasks with great efficiency. This permits humans to shift their focus from tasks that do not need much thinking to those that require efficiency and knowledge and can only be performed by humans. In short, automation promotes better allocation of resources, both human as well as financial, to eventually save time, money, and improve business performance.
For example, accounting software such as QuickBooks helps to significantly automate a number of tasks that were otherwise done manually. With the advent of cloud computing, this useful software can also be hosted on the cloud and is popular as QuickBooks hosting.
Incorporating artificial intelligence is in itself a way of doing smart business. Businesses, whether big or small, are no longer shying away from making technological investments. And when investments are involved, better returns are expected. Artificial intelligence does numerous tasks in less time, with efficiency, and without errors. And when employees are freed from routine tasks, more time and energy can be devoted to innovation and expansion. AI is doing just that!
Each year, companies spend billions of dollars on their employees in commitments such as health and dental insurance policies, learning and development, paid vacations, training sessions, among many other employee benefits packages. With artificial intelligence and advanced software, some employees can be replaced with machines. This gives way to a reduction in the employee expenditure budget, promoting savings for crucial business pursuits.
Recommended Read: Automation in Accounting: The Professional Pitfalls and the Future
A lot of people are skeptical about the effects of artificial intelligence. While some individuals panic that robots will take over humanity, others may worry about losing their jobs to artificial intelligence. But, the reality is that businesses cannot escape from artificial intelligence. To stay ahead in the competition and to keep from losing their most valued customers, entrepreneurs have to resort to artificial intelligence after a certain point.