AI Business Tools Making an Impact in 2020

April 21, 2020

With 2020 in full swing, the business world is undergoing major changes in order to accommodate the growth of technology. Artificial intelligence is making waves in modern business operations, forcing organizations to adopt new processes in order to remain relevant. Below is a list of AI business tools that are making an impact this year and how to adopt them into operational strategies to remain forward thinking.

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Mobile Technology Improvements

Mobile technology is a great low cost tool that is easily accessible and convenient for both employees and consumers. While they’re not a new form of AI, mobile applications have come a long way. They now allow the creation of real-time, shareable information using AI-generated data to personalize devices and ensure a higher level of security for employers who utilize them for sharing sensitive information. New and improved cyber defense systems create more demand for authenticity and security measures to prevent hacks into company data (for information on what qualifies as a cyber attack, check out this article here). Machine learning will also continue to expand its ability to collect diverse sets of data to track any irregular patterns that may hint at a cyber attack. These advancements will be hugely impactful to both businesses and consumers, so it’s lucrative to remain up-to-date on newly emerging security measures.

The smaller AI elements that make up mobile technology advancements are carving their way to the forefront of business strategies. Speech recognition for example, takes efficiency and security a step further, by identifying unique voice tracks that surpass digital barriers to entry on mobile devices. This makes sensitive information hidden to those who do not have granted access. Translation features improve accessibility for organizations who have international offerings as well, with AI technology providing instant translation options with or without internet access. Image recognition is another feature that, when paired with mobile technology, allows consumers to “scan to buy” and also receive suggestions for other products based on the items scanned. This has greatly improved ecommerce sales, by increasing search exposure, consumer engagement, and improving overall conversion rates. Chatbot systems expand upon this feature by responding to consumer inquiries through digitally generated messaging. This ensures consumers are not going unheard, with with 90% of businesses reporting faster complaint resolution with the help of chatbots. Consumers are also able to find basic information without allocating employees for these tasks.

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Machine Learning, Deep Learning

2019 was a record year for enterprise’s interest in AI and machine learning technology. Machine learning takes information and data, learns from the processed information, and ultimately produces a complex solution. This acts as a way to improve and streamline overall decision making processes and, with its ability to improve over time as more data is manually added, it continuously produces more informed decisions and projections. In the case of inaccuracies, machine learning programs need to be monitored and adjusted manually. This is where deep learning becomes the competing technology.

Deep learning stems from machine learning, but requires little to no human involvement. These systems determine inaccuracies using complex algorithms designed as artificial neural networks. In other words, it mimics the biological layered structure of the human brain. Deep learning has the ability to learn, with the help of advances in computing power, from previous data and improves on its own with no manual input. These systems make intelligent decisions to further improve operational processes, and require limited human involvement. Computing power is the fuel for deep learning, and is reported to see major improvements in the coming year to handle more complex issues facing modern businesses. This is the technology of the future, but currently requires highly skilled IT professionals to maintain. Keep this in mind when considering implementing it into an operational structure.

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Internal Operations Tools

Communication tools are a pretty obvious necessity and with the help of AI, they can create a higher level of transparency and a more connected culture by limiting miscommunication. By opening up communication channels and adapting to social platforms, all levels of an organization have access to pertinent information. Social technologies and chat applications, when implemented, also allow for fast-paced, real-time communication to build stronger internal connections between employees. A recent study found that the implementation of these tools could lead to a  20-25% increase in overall productivity. Being able to instantaneously share ideas and expertise creates a more collaborative, productive environment that harbors innovation to continuously improve internal processes.

AI-based operational tools that are more strategy focused are also making an impact in the coming year. The growth of cloud-based tools has grown exponentially to streamline business strategies. Among the most influential AI systems are enterprise resource planning systems. These artificial intelligence tools manage financial information, project management, procurement, and other operational tasks. Robotic process automation is similar in its ability to organize and simplify processes, and take over manual tasks from workforce members. It delivers automated processes instantaneously across a large number of differing platforms and software tools. The ability to process complex information at scale is an enticing improvement making its way into modern business strategies, with quick implementation also influencing the transformative switch to these software systems.

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Going into 2020 with AI-driven strategies is key to remaining relevant in the business market. AI powered analytics produce informed and personalized solutions to a multitude of newly arising business problems. With multiple sets of metrics and data, managers are better able to optimize and predict future outcomes and forecast for long-term success. Transform and grow a workforce that aligns with future artificial intelligence advancements as well in order to fully adapt to data-driven strategies. Take the above impactful AI tools into consideration as we continue into the new year, and transform business operations into future proofed strategies.

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