We live in a technological world in which breakthroughs take place in science and technology on a regular basis.

Artificial intelligence is one such technology that’s growing rapidly. According to Pega, 77% of global consumers use AI-powered devices even though only 33% of them think they are using AI.

There are ample applications of AI in our world: mobile technology, factories, accounting and bookkeeping etc. With the ongoing innovation and development in the AI domain, businesses are already leveraging the technology to increase profits, reduce dependency on human resources, and more.

Catalysts of AI growth

There are multiple factors behind the growth of AI technology. For instance, raw computing power i.e., the processors and memory used in computers is increasing considerably fast.

Many tech giants such as IBM, Atom Computing, etc. are spearheading quantum computing which may introduce a new age of computing and technology.

Also, as more and more investors are realizing the potential of AI, they are feeling more comfortable in putting their money in the AI emerging projects.  For instance, cancer-fighting startup Ibex Medical Analytics recently raised $38 million worth of funds.

New technological advancements coupled with more influx of funds have pushed AI development to a whole new level.

Business transformation

Already aware of AI’s true power, many startups are working their way to developing products that benefit others, including businesses.

For instance, Sidetrade is an order-to-cash platform that helps organizations improve customer retention, understand customer behavior, and collect cash faster. It combines machine learning and data analytics to help companies understand their customers more and recommends actions that lead to business growth.

Tailor Brands is another ambitious startup that’s revolutionized branding. It’s an AI-powered logo design tool that allows anyone who may or may not have a background in graphics design to create truly unique and attractive logos in a matter of minutes.

The tool simply asks the user of their preferences in the logo design. Then it puts together the perfect combinations of colors, fonts, icons, etc. to create logos that are appealing yet to the liking of the user.

Future of AI and predictions for business growth

There is no denying that AI is the future of almost every industry. Some sectors have already deployed advanced AI solutions to push growth while other sectors are still at the nascent stage.

Either way, the impact of AI can be expected in the following sectors:

  • Transportation: Experts believe that it will take another 6-10 years for AI to become advanced enough to be used in autonomous cars. That said, once it’s done, we can expect autonomous cars to ferry people more efficiently and safely. There will also be autonomous trucks, package-carrying drones that will disrupt the logistics industry.
  • Customer service: Google is actively working on a virtual assistant that can replace human customer support executives. We already have highly companies likes Intercom who provide advanced bots for customer service. However, in the future, the virtual assistants will be even more advanced to handle 99% of the tasks that are typically handled by real humans. They will help us to lower business costs and offer 24/7 customer service.
  • Manufacturing: AI-powered robots will work with humans to perform a wide range of mechanical tasks such as stacking, assembly, packaging, etc. They will use predictive analysis and IoT devices to ensure smooth manufacturing operations.
  • Healthcare: AI combined with deep learning will help us learn about complex diseases fast. The technology will also help us develop vaccines, medicines, etc. fast. Healthcare companies will also be able to deliver a better experience to their customers by centralising customer data- medical records, family health history, insurance details, etc.

Artificial intelligence is touted as the next big thing by media and IT professionals. To some extent, they are correct.

AI is indeed incredibly powerful and resourceful. As long as we monitor AI development proactively (we don’t want to give supreme control to AI, lest it turns against us), we can expect to see a safer, happier, and more organised society.

Of course, exactly how it rolls out and what kind of transformation it brings can only be seen when the time comes.