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How impactful AI is in the Business community?

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A study by the Artificial Intelligence researcher shows that in the 2016-12017 era, AI only captured about 15% of the firms. 20% of the firms already delivered the Artificial intelligence results and the remaining of the firm have not decided to implement or use AI in their firm for any major work.

Often AI has been considered as a tool for isolating project experiments. The AI application is also considered to be the core foundation for the digital transformation projects occurring in the business world.

However, AI is not just limited to deep learning technique projects. But primarily also aimed at enhancing the firm’s present and future business. Digital transformation with AI projects saw the development in call center transformation using advanced analytics and AI or transforming operations using the Internet of things (IoT), advanced analytics, and AI.

In another survey conducted by the research group in 2017-2018, the following AI impact was observed in the business world:-

  1. The internal operation of the firms and their offerings.
  2. Interactive communication with the customers.

AI services have been seen strongly impacting the engineering business world in Smart services, office Automation, Management Support, Smart products, Manufacturing Automation, and Automated Customer Interface.

However, the impact of AI services such as Smart services was considerably profitable more in the financial world than in the health care industries.

The impact of the manufacturing unit is more in the manufacturing automation sector. It has also been closely monitored that stronger digital skills are more impactful in the business world. It shows a strong union of AI with digital transformation in the business world.

The four most important digital skills used in the interrelated organizational capabilities are:-

  1. Strategic capabilities in digital strategy and business development skills.
  2. Technology capabilities such as AI or IoT.
  3. Data science capabilities.
  4. Cybersecurity capabilities and the important skills associated with the AI.

In the business world, AI-specific skills such as machine learning skills, generic such as programming languages, eg. Python, agile software development, edge computing architectural skills are important.

The impact of AI is the gathering of a massive amount of data to make the world more accurately automate as it relies on synthesizing and collecting the information more profoundly.

AI-empowered skills ensure human access rights, intrusion detection, and data integrity. It has also been found that firms delivering results with AI-powered digitally transformed projects are displaying strong digital capabilities. The firms have been entitled with the title “ digital transformation leaders”.

The firms with digital transformation leadership are considered to generate high revenues and got more employees. They are not just soulfully powerful in the digital world but excel in organizational activities also.

In my opinion, one thing we did learn about the AI services, is the utilization of the powerful resource tool in more needful services. AI services that are working effectively in the financial world may not give the right results in the health sector.

It has to be observed and considered more seriously before making investments in AI services for different applications. As per the required outcome, a particular service should be purchased. A detailed analysis needs to be done, quarterly check on the AI tools whether it is providing fruitful results or not.

Source:- Demystifying AI

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