As a Cube insider, you'll get access to interesting new trends, what we think about them and how you can benefit.
New Trend: Why Companies are Using AI
In 2020, the global AI market grossed $62 billion. The annual growth rate is expected to grow at 40.2% from 2021 to 2028. The beneficial gain of AIs not only increases the value of businesses, it also gives companies the results they need to hear. Digital Marketing organizations are using these emerging technologies to expand their brands and make bold choices.
Are you worried about AIs dramatically changing the workforce? Some applications of AI involve automating processes created by humans. They capture user data for companies to make informed business decisions based on statistics gathered by the AI. Between 2010 and 2020, there has been an increase of 5,000% in the amount of data created and consumed.
The biggest concern around AI is the possibility of job unemployment for basic workers. According to Dr. Hossein Rahnama, he states that, “The structure of the workforce is changing, but I don’t think artificial intelligence is essentially replacing jobs. It allows us to really create a knowledge-based economy and leverage that to create better automation for a better form of life. It might be a little bit theoretical, but I think if you have to worry about artificial intelligence and robots replacing our jobs, it’s probably algorithms replacing white-collar jobs such as business analysts, hedge fund managers, and lawyers.”
Often, popular online companies would rely on specific utilities to help their consumer audiences. For example, Google makes excellent use of their Google Assistants which enables both voice and text entry. It facilitates various services, from voice commands, voice searching, voice-activated device control to translating in real-time, etc. The same can be applied to Amazon’s Alexa products and Apple’s mobile Siri devices.
AIs are proving to be a strong asset for digital corporate brands. They give the business owners the results they need to know to gain insights on their target demographic. It also provides the information needed for smart, business savvy decisions. They’re the greatest advisors for companies who need to know what products are trending and what aren’t.
New Insight: Three Immediate Applications for AI
Now that you know the purpose behind AI, here is how AI technologies can be used to help companies. It could be indirect communication with a customer or analytics that tells you how the product is performing in the market. Each of these can help companies get to the bottom of what’s interesting to an audience and what makes them compelling.
1. Chatbots
This is a function that allows companies to streamline their customer service processes and free up employees’ time for issues that require more personalized attention. They usually allow a combination of natural language processing, machine learning, and AI to understand customer requests. 2. Content Creation
It can be hard to determine what kind of content works well with your brand. This is why AI content creation offers great tools to write long-form blog posts to social media content. If you plan on developing a strong social strategy, then it can help you be more productive in creating content and freeing up your time.
3. Sentiment Analysis
While others might call it an emotion AI, sentiment analysis is a tactic that companies use to gauge the reactions of their customers. They help companies gather data on how customers perceive their brand through social media posts, reviews, and ratings that mention the brand.
There is so much more that AI can do to help companies in increasing potential interest for future customers. They are smart and capable enough to ensure that you keep them coming back for more. If you are interested in testing out any of these features, you can start whenever you can and see where it takes you.
New Action: How to Get Started with AI
As with any emerging technology, especially where there is a lot of hype, it’s time to pay attention, test and learn. Here are specific actions you can take to avoid being left behind.
Continue to learn and monitor the AI space in your industry.
Identify potential areas for AI applications in your company.
Search out an AI technology company and define a small scale test to determine how well it works for your business.
Are you ready to explore AI for your business? We can help you evaluate the market and determine the best next steps. If you are interested N³ Innovation can help you! Contact us today!
Want to get the Cube sent directly to your inbox? Sign up HERE
N³ Innovation does not endorse the organizations or products mentioned in this newsletter. If you are interested to learn more, contact us today for a full landscape and targeted solutions.