Business Statistics 101: The Current State of Artificial Intelligence
Business executives and managers have a variety of tasks that must be completed throughout the day in order for a company to function effectively. The ability to complete such tasks not only depends on their staff members, but also their grasp on the latest technology.
This includes the use of artificial intelligence to make business processes more accurate and efficient. Artificial intelligence can involve automated customer service through the use of chatbots, improve customer experience through personalized email responses, as well as provide predictive analytics when it comes to the future of a company.
In fact, according to research conducted by the Economist Intelligence Unit (EIU), 26% of worldwide senior executives find predictive analytics for inventory and demand forecasts amount to a useful aspect of artificial intelligence. Following this is real-time operations management for improved internal processes at 23%.
Meanwhile, artificial intelligence is favoured for customer service operations at 21%. Risk management and analytics rests at 20%, while customer insight and personalization are 18% and 17% respectively.
A study on technology and its impact on businesses was conducted by Gartner, and it paints a similar picture when it comes to artificial intelligence. The study found that for marketers, 41% of them believe artificial intelligence and machine learning supports marketing activities through predictive analytics. Meanwhile, 34% of those surveyed use artificial intelligence for campaign decision-making. Personalization ranks at 30%, while prescriptive analytics is at 27%.
There is clearly a place for artificial intelligence within businesses. However, what business executives and marketers should closely consider is how to implement and optimize the use of such technology. This is because one of the top pitfalls of artificial intelligence integration is not having a clear strategy for it in the first place. In fact, according to a study by McKinsey & Company, 43% of worldwide professionals deem that such a lack of strategy is the leading barrier in adopting artificial intelligence.
Part of mitigating the barrier is through the support of business executives who are committed to the technology. Their leadership can help pave the way to digital transformation and, therefore, improve business efficiencies. McKinsey & Company’s research found that 27% of professionals see a leader’s lack of commitment to artificial intelligence to be a barrier to adoption.
Several parties within a company can be involved in the artificial intelligence adoption process. This includes the CEO, department heads, the CTO, CIO, and other stakeholders regardless of their titles. Getting the conversation going about how artificial intelligence can benefit a business is a step in the right direction.
Depending on a company owner’s long-term business strategy, artificial intelligence may be the right path to take. When this is put into context of CES 2020, for example, the call for implementing emerging technology is now more prevalent than ever before. The event had over 175,000 attendees and featured not only artificial intelligence, but also 5G connectivity and the ability to transfer information over a network automatically. The latter is also known as the Internet of Things (IoT).
Being able to understand the intersection of such emerging technologies is an integral step in taking a business to the next level and to the future. Figuring out whether or not such new implementations are beneficial to a company, as well as how to best adapt to them, requires thorough industry and market research that can be provided by the Find Your Audience team.
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