The two hottest technological transformations that are increasingly getting interconnected are the digitization and the artificial intelligence. The global economy now has embraced change to digital technology, and in this process, artificial intelligence has played a vital role. A simple idea a few years back has now turned out to be the most powerful without which it has become impossible for industries to survive all over the globe. Artificial Intelligence and machine learning that is part of the artificial intelligence has been shaping the growth of digital transformation and have a high potential for future growth.
Why AI is getting so popular?. The research says that AI will be able to generate significant revenue for the businesses in the coming future. As per the prediction of the leading analysts, around more than 40% of the digital transformation initiatives shortly will be supported by the cognitive or AI capabilities. It has become highly essential for the companies to depend on AI capabilities to accelerate the transformation to total digitalization.
It is also predicted that 20% of all workers will be using automated assistance technologies. Machine learning and artificial intelligence will be governing more than 20% of the business content by next year. It is predicted that within a short time these advanced capabilities of AI will be able to assemble as well as deliver information proactively. It will be done by automated composition engines, and there will be a definite movement from human control to machine-generated contents for the businesses.
Machine learning can easily handle much more data than a human being and can analyze and conclude faster than a human can. Presently, companies have started using these conclusions to digitize the business processes that are helping the businesses to make the decisions for the business faster. Also with the help of Machine learning and artificial intelligence, enterprises have started to complete several tasks, without the help of a human being.
The large and the digitally mature businesses are known to garner the best advantages by leveraging the potential of artificial intelligence. The implementation of AI can benefit even the smaller firms, government undertakings, and the small scale businesses equally well. The significant benefits that can be achieved through AI and more specifically machine learning are here to understand.
Now the automation is getting intelligent: It is not a trend that is being followed blindly for automation and digitization, and there are definite reasons behind it. There are significant assets of a company that is at stake and expensive resources with enormous efforts from management are required to build an effective strategy for it. Many times companies might have to spend a fortune to hire the precious resources to form such an efficient plan that can’t be borne by the small scale entrepreneurs. The Machine learning and artificial Intelligence has been making the companies stark competitive in the marketplace by suitably integrating the AI capabilities with digital transformation.
AI sets a significant milestone for digitalization in various fields: Companies that have embraced AI have been able to adopt the AI to make fast business solutions. The results for Businesses for these companies are more encouraging than and have shown much better results than the companies who have still not implemented AI. Report from reputed management consulting firms has indicated that firms that combine the digital capabilities with robust options and proactive strategies of AI can outsize the financial performance easily.
AI for Healthcare: Now AI is helping the health care healthcare industries to make significant progress in the digitalization process through AI and to have more productive systems than ever before. AI is helping in the scanning of pharmaceutical documents, medical reports which are simple contributions when we consider the much bigger domain of AI in healthcare. AI can take all the elements of a specialist health professional and further convert it into an app in your Smartphone to offer you beneficial results. Health care providers can make a dramatic shift to personalized preventive medicines through the use of AI-powered health apps.
AI for Fintech and retail: Financial services, capital markets, and the retail industries are passing through major transformation phase with digitization through Machine learning and artificial Intelligence. The revolutionary period that the Fintech Industry is going through can be only compared to the era of introduction of computers and the internet. The most significant contribution of Machine learning and artificial intelligence in the process of digitization of FIntech Industry is in adaptive software development, deep learning, and face recognition. Also, big data, pattern recognition, speech, etc. can play a significant role in this Industry.
AI can help the retail sector in improving the product design yield, anticipating of spare parts requirements, and automation in the supplier selection. It can also help to analyze and predict the demand trends, and ensure the automation of the warehouse. It can also assist in optimizing the functions of merchandising and product assortment and can make a retail industry mighty than ever before.
Conclusion: Artificial intelligence and machine learning are setting the digitization trend of the Industries for the evolving dynamics in the market. Companies that have embraced AI for the digital conversions have been performing smarter and have bright future ahead of them.