Future of enterprise AI: Becoming essential for ease of living

Enterprise AI refers to the use of artificial intelligence tools and techniques within a company or organization to optimize business processes, improve decision-making, and improve customer experiences. This can incorporate diverse applications such as natural language processing, computer vision, predictive analytics, and machine learning, among others. According to a report by IBM Market Development & Insights, 74% believe that AI is a long-term approach for their business success. This leads to a bright future for Enterprise Artificial Intelligence, as it is set to become a crucial component in the way businesses operate. AI has already shown its potential to revolutionize various industries, and its capabilities are only going to expand in the coming years.

Intelligent Automation for customer and enterprises

The ability of AI to automate repetitive operations, which frees up time for staff to concentrate on more complicated and creative work, is one of the most important advantages of AI in the industry. Businesses may increase efficiency and productivity and do more with fewer resources by automating operations like data input, customer service, and inventory management. AI can also offer useful insights into how businesses operate, empowering businesses to optimize their operations and make data-driven decisions. To illustrate with an example- Leading manufacturing company, Daikin wanted to improve its inventory planning and sales prediction for over 250 locations with enterprise AI, they used a multi-algorithmic time-series forecasting solution to improve accuracy in volume and value prediction to over 90%.

In many different areas, enterprise AI has a wide range of applications. Some use cases of Enterprise AI are as follows:

• Management: In customer service, AI chatbots and virtual assistants manage support issues, answer questions from customers, and offer round-the-clock assistance. Sales department leverages chatbots to help with lead creation and qualifying; predictive analytics to target clients with customized offers. While the HR division leverages AI by AI-powered applications for talent recruiting, staff retention, and performance management in the human resources sector.
• BFSI: AI is extremely beneficial financial services that includes uses like credit scoring, algorithmic trading, fraud detection, and individualized financial planning and guidance.
• Manufacturing: AI-based predictive maintenance, quality assurance, and process optimization in the manufacturing industry. Predictive analytics also helps with demand forecasting, logistics and transportation process optimization are all aspects of supply chain management.
• Healthcare: AI-powered diagnostic tools, patient data analysis for individualized treatment, drug discovery, and drug development are common uses of AI in the healthcare industry.
• Personalization of Goods and Services: It is another area where AI will have a big impact. Businesses will be able to better understand their customers' tastes and offer tailored recommendations with the help of AI-powered systems, enhancing the entire customer experience. This will be more crucial as customers become more demanding and expect businesses to meet their specific needs.

Additionally, AI has the ability to substantially boost industries including healthcare, education, and transportation. AI systems in healthcare can aid in illness diagnosis and patient outcome prediction, improving patient care. AI-powered tutors can offer individualized learning experiences in the classroom, allowing students to learn at their own pace and in a manner that suits them best. Additionally, AI in transportation can assist in route optimization, lowering fuel use and emissions to improve sustainability and the environment.

In conclusion, Enterprise AI is extremely promising and will have a big impact on how easy life is for people. As AI develops, it will become a crucial tool for both enterprises and individuals, enabling them to accomplish more with less time and effort. However, it is crucial that businesses integrate AI in a responsible manner, considering the moral ramifications of doing so and making sure it benefits society.

The article has been written by Anand Mahurkar, CEO and Founder, Findability Sciences