As technologies in the AI space have improved, more and more companies have started implementing these kinds of tools into their business.
Within the next decade, AI will redefine our economy, reshape the workplace and perhaps even eliminate employment for most people. In a recent survey conducted by Narrative Science in partnership with the National Business Research Institute, 61% of respondents said they had already implemented some AI tools into their business.
The adoption of AI is growing quickly, and some of the most cutting edge technologies have already become mainstream. Here are the five AI technologies that have been widely adopted by entrepreneurs and business leaders across the world.
1. Voice and image recognition
Voice and image recognition is one of the most widely adopted tools in business. Meetings and sales calls can be quickly and accurately transcribed with a decent voice recognition
software, while developers and managers can download videos with tools like Freemake and use image recognition software to study how their brand and logo is being used across the web.
Businesses are quickly adopting these sophisticated tools for brand management, transcriptions, and customer services.
2. Data analysis
Data is undoubtedly the most important resource for modern businesses. Businesses that can collect and utilise immense amounts of data on their operations, supply chain,
customers, and marketing efforts can gain a competitive edge for the long term.
Industry leaders such as Amazon, Google, and Microsoft offer businesses the tools they need to analyse their data for better decision-making.
3. Neural machine translations
Platforms like Google Translate and Microsoft’s Translator are precisely what businesses need as the globalisation takes over the economy. The underlying neural networks that
these companies have integrated into these platforms can now allow a sales manager in Tokyo to close a deal with someone in Dublin without the need for a human translator.
From Skype to Facebook Messenger, most people spend a lot of time in chat windows. Now AI-powered chatbots can help businesses automate the customer service experience and
provide assistance, make sales, or answer queries instantaneously within these chat windows.
Chatbots are not yet ready for primetime but that hasn’t stopped a number of businesses from integrating them. As natural language processing and machine learning improve, these bots could be the customer-facing digital assistants every business needs.
5. Predictive Analysis
Perhaps the most essential AI tool for businesses is predictive analysis. Based on raw data, some of the latest AI-powered tools can make accurate predictions about future cash flows, customer demand, price fluctuations, and marketing ROI. Microsoft’s Azure and Google’s cloud services have made these predictive analysis tools mainstream and businesses are quickly adopting them to transform their strategy.
Artificial intelligence represents a seismic change in the way businesses do business. Chatbots, translators and predictive algorithms are already mainstream and millions of businesses across the world are using them to understand their customers better, reduce costs and boost profitability.