Artificial Intelligence is fuelling the Industrial growth as the business driver

Today, implementing artificial intelligence is essential to better serving customers and unlocking new business value. 50% of Indian enterprises will invest in employee retraining and development to address new skill needs and ways of working resulting from AI adoption by 2024. We have to accept the fact that the AI-fueled organization, a company may need to fundamentally rethink the way humans and machines interact within working environments. Executives should also consider deploying machine learning and other cognitive tools systematically across every core business process and enterprise operation to support data-driven decision-making. Likewise, AI could drive new offerings and business models.

The emergence of AI and other cognitive technologies has growing potential in this disruptive world. When we do slicing and dicing the industry, we found out that there is high level of AI is being used in the marketing by most of the social media companies. AI in marketing is a way to offer customers a digital and personalized consumer experience. This content is tailored to consumers’ needs, offers better segmentation and build relationships with consumers on their terms. As the number of marketers and customers aware of the opportunities offered by AI ,in the coming days, we can expect it to become more frequently used in sales. AI is expected to be an essential business driver across the industry, with 77% of respondents anticipating AI to possess high or very high overall importance to their businesses in the next two years.

Going forward, AI is commonly and narrowly seen as a way to cut costs by automating manual and knowledge work. digital transformation has been a decisive issue for businesses for several years now. Especially when it comes to dealing with their customers. There’s no question about it – transformation and adaptation are inevitable. And the financial sector is no exception. The recent Infotech Forum took a deep dive into the industry-leading tools, techniques, strategies and best practices to transform AI theory into reality.

As many as 70% of customers argue the trouble-free transfer of their affairs between individual channels and departments, as well as adapting the actions taken from previous interactions, is very important to convince and trust a given brand. That is why the majority of customers (62%) declare that they are open to companies that use AI, which can significantly improve these processes and thus increase the level of service. As per IDC, the financial sector is perfectly aware of the importance of digital transformation. So, this should allow the industry to improve the quality of existing products, services, and processes, but also to reduce costs.

Lastly, AI and Predictive Analytics allow marketers to accurately identify the best target group. The process is faster and more accurate - it can also help identify new segments of this group that are characterized by the same attributes. This approach allows customers to present a more individualised offer to customers, thereby creating a unique, personal bond that would be difficult to achieve without AI. AI can also help in determining the actions that clients from individual segments can take after receiving the message intended for them and it can be a powerful lever to help accomplish what’s important, from developing new revenue streams to creating measurable efficiencies in core processes. No matter where the AI journey will proceed—it will create a meaningful business impact in the coming days.