The Digital Foundation of the Future-AI and the Reasons Behind its Popularity
AI i.e. Artificial Intelligence- How many times have you heard this word in the last week, month, year, half a decade? The numbers probably are in the hundreds, if not thousands. An AI would be able to give a much more correct estimate. But within the last couple of years, it has moved fast from taking baby steps to invading every kind of techecosphere. While the serious initial involvement of thought leaders such as Stephen Hawking, Bill Gates, Mark Zuckerberg and Elon Musk gave it an immense push in the public domain, it seems to now be the central topic of conversation with everyone. Furthermore, even after many influential figures expressed their reservation against this cutting-edge technology, it still is topping the popularity charts everywhere in the Tech world. So what is that endears AI so much to modern day entrepreneurs, tech-innovators and everyone in between?
There are two perspectives to answer this question-the service provider (business/innovator/creator) angle and the customer point of view. Understanding this twin acceptance of AI is the key to being able to solve the mystery behind its increasing popularity.
Benefits to Providers
Cuts Down Costs- By streamlining, simplifying and enhancing the accuracy of any operation, AI can cut down massively on the costs associated with it. The scope of AI is such that it can bring under its ambit numerous processes, and a centralized operative framework ends up saving a lot of costs for a company. Increasingly, businesses all over the world are seeing AI as the fundamental tool to create elegant, powerful and modern applications that run the global economy.
Optimize Operations- AI, in combination with technology such as cloud, can give companies greater flexibility and security while optimizing various processes by reducing the wastage of efforts. For instance, Knowlarity, one of the leading cloud communications technology providers in South Asia, has incorporated AI into its products to guarantee 24x7 communications with customers as well as sales and pitching efforts. Thus, not only does it ensures that every call is attended to, thereby reducing losses; it is also able to conduct simultaneous pitching operations, optimizing the use of the communicative framework.
Personalized Communications- Attending to every customer or creating more customers, which is a fundamental choice every business has to make. With AI, however, this trade-off is not required as personalized communication can be generated to every customer without impacting the set number of target customers. AI, through continuous communication, automatically updates itself to the specific needs and demands of users, thereby maintaining the essential personal touch required to woo customers.
From the point of view of customers or users, however, the reassurance that the AI is learning constantly, and hence adapting to every response from a user to facilitate future transactions, is a huge sigh of relief. Many consumers often get irritated at an IVR and yell at it to connect to someone who can actually answer the query. The IVR would not give a response. But in the case of AI, it can identify your problems and the next time; remember them while communicating with you, expediting the process.
Customization- As already suggested by the name, customers like to customize. And that includes everything. But earlier, while we could do nothing to stop incoherent or inaudible IVRs describing something which was difficult to understand, AI can be customized for languages, accent, consistency etc. which empowers the customer to create a listener rather than be compelled to listen to someone who cannot comprehend the query asked.
From Satya Nadella to Jeff Bezos, everybody is queuing up to get the lion’s share of the AI market. As entrepreneurs rush to incorporate AI into their businesses, it is important to plan its inclusion in an operation rather than move in a haphazard manner. Being the technology of the future, it is beneficial for any business to be AI responsive, but one should not think of it as the answer to everything. Rather, it should be thought of as a futuristic, game-changing technology that can only bring in the best results through effective planning and guidance.