23-01-2023

THE FUTURE OF ARTIFICIAL INTELLIGENCE IN BUSINESS. EXPECTATIONS AND PROGNOSES

THE FUTURE OF ARTIFICIAL INTELLIGENCE IN BUSINESS. EXPECTATIONS AND PROGNOSES

The future of artificial intelligence in business. Expectations and prognoses.

Organisations are searching for innovative technical solutions which offer the greatest possible flexibility and agility, enabling them to respond to changing circumstances and make the very most of the market’s potential. Digital tools help companies not only to adapt to difficulties as and when they arise, but also to develop digital resilience, enabling them to be prepared for the unexpected. Artificial intelligence can be faster and more precise than people. The range of uses it can be put to is expanding by the day, as is its effect on business.

A look at some of the statistics on the topic is worthwhile as a way of better understanding the scale of its development:

  • a global study conducted by PwC indicates that, by 2030, 45% of total economic profits will come from product improvements based on artificial intelligence, increased personalisation and the stimulation of consumer demand;
  • according to Fortune Business Insights, the size of the global artificial intelligence market in 2019 was valued at USD 27.23 billion and is expected to reach USD 266.92 billion by 2027;
  • Gartner predicts that, by 2025, artificial intelligence will account for 10% of all data created, compared to less than 1% at present.

The data clearly show that artificial intelligence is no longer an interesting technological sideline. Instead, it is a huge market where real savings and benefits can be obtained. What direction will it take over the next few years? This article presents some predictions and expectations about that.

What are the expectations for the development of artificial intelligence in the near future?

Artificial intelligence is developing rapidly, with new applications for the technology emerging in spheres like medicine and transport, to name just two. Its use in various industries will broaden over the coming years and it will have a growing impact on our daily lives. We can also expect it to become increasingly adept at tasks that require a high degree of flexibility and adaptability, such as natural language processing and image recognition. 

Predicting the impact of artificial intelligence on business

Artificial intelligence is already having a significant impact on business and predictions show the trend growing in the future. At present, it creates a variety of content, such as images, videos, music and texts. Gartner predicts that, by 2025, 30% of outgoing messages from large organisations will be generated by artificial intelligence. The technology is expected to be increasingly people-friendly, with interfaces becoming easier to use.

According to Forrester, 10% of the Forbes Fortune 500 companies will be using artificial intelligence to generate content in 2023. The reason given for this is that “Human-produced content creation will never be fast enough to address the need for personalised content at scale”. With the technology being present in every corner of business, increasing regulation and a growing demand for responsible artificial intelligence will drive one in four chief technology officers to take over its management in their companies. It will be a matter for the boardroom, along with cyber security and compliance. Given the massive impact that it can have on organisations, managers should develop an artificial intelligence policy, oversee its implementation, ensure that it is put into practice and monitor its impact.

IDC holds a similar view, predicting that, by 2026, automated content-creation tools will have become industry standards which are only supplied by the largest vendors. 75% of large companies will rely on processes grounded in artificial intelligence in order to increase resource efficiency, streamline supply chains and improve product quality in diverse and scattered environments.

 

How can businesses use artificial intelligence to improve their productivity and innovativeness?

According to Forrester’s 2022 data and analytics survey, artificial intelligence has moved into the mainstream in terms of improving companies’ productivity and innovativeness. 74% of decision-makers can see that artificial intelligence has had a positive impact on their organisation.

Gartner estimates that there are currently some seventeen million contact centre agents around the world and predicts that “one in ten agent interactions will be automated by 2026, an increase from an estimated 1.6% of interactions today,” with the deployment of conversational artificial intelligence in contact centres reducing agent labour costs by USD 80 billion by 2026.

There are so many ways that businesses can use artificial intelligence to improve their productivity and innovativeness. What follows here are just a few examples of how it can be applied in practice:

  1. Process automation. Artificial intelligence can be used to automate simple and repetitive tasks, enabling companies to increase productivity and reduce costs.
  2. Data analysis. Artificial intelligence can be used to analyse large data sets, enhancing companies’ understanding of their customers and market and helping them to make better business decisions.
  3. Personalisation. Artificial intelligence can be used to personalise what a company offers, suiting it to individual customers. This means that products or services can be tailored more precisely to their needs and preferences.
  4. Innovation. Artificial intelligence can be used to create new products or services, allowing companies to become more innovative and competitive.

Conclusions

Expectations for the development of artificial intelligence are very optimistic. It helps organisations to respond to changing business circumstances and make the most of market potential. The range of uses it can be put to is expanding by the day, as is the effect it is having on businesses. Companies are able to benefit from artificial intelligence thanks to solutions such as our virtual consultant, AALIA. 

Contact ALFAVOX and we will be happy to tell you much more about this product, which will optimise your business and take your operations to the next level.

We’re looking forward to hearing from you at https://www.alfavox.com/pl/contact