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There are several ways that artificial intelligence (AI) can benefit your business. By implementing the right AI system, your business can ultimately save both valuable time and money.
So, what are some ways that AI can transform your business? It is useful for companies to look at AI through the lens of business capabilities rather than technologies. Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers. Here are 50 reasons why you should consider AI solutions in 2020 based on the latest industry research on the effects of AI.
1. AI supports business-critical goals like revenue growth and CX improvement.
2. A Gartner survey of chief information officers and IT leaders, conducted in February, found that enterprises are projecting to double their number of AI projects, with over 40% planning to deploy at least one by the end of 2020.
3. Firms that have scaled AI are almost seven times more likely to be the fastest-growing businesses in their industry compared to firms that have not scaled AI.
4. 80% of firms expect the number of AI use cases to increase within the next two years.
5. Scaling AI Is The Next Challenge To Unlock Multiplicative Value From Data
6. 89% of enterprises decision-makers agree: Scaling AI leads to competitive differentiation.
7. AI Becomes A Must-Have Capability To Attain And Sustain Industry Leadership
8. AI initiatives support overall business health.
9. AI-powered voice assistants to reach 8 billion by 2023.
10. By 2025, the global AI market is expected to be almost $60 billion.
11. According to a study by Accenture, artificial intelligence has the ability to increase productivity by 40% or more.
12. Businesses with more than 100,000 employees are more likely to have a strategy that implements AI.
13. 41% of consumers believe artificial intelligence will improve their lives in some way.
14. Only 33% of consumers think they’re already using AI platforms.
15. 84% of global business organizations believe that AI will give them a competitive advantage.
16. 97% of mobile users are already using AI-powered voice assistants.
17. 60% to 70% – call time reduction from AI use.
18. Forrester predicts that businesses taking advantage of data insights are growing 8 times faster than global GDP and take more than $1.2 trillion a year from peers.
19. AI implementation in consumer packaged goods has led to a 20% reduction in forecast errors.
20. 87% of AI adopters said that they were using, or at least considering using, AI for sales forecasts and to improve their email marketing.
21. By 2020, 85% of customers’ relationships with business enterprises will be managed without human involvement.
22. Fourth Industrial Revolution 4IR will create $7 trillion in value by 2025.
23. The global AI software market will grow to $22.6 billion in 2020.
24. 72% of execs believe that AI will be the most significant business advantage of the future.
25. 15% of enterprises are using AI, and 31% of them say that it is their agenda for the next 12 months.
26. By 2021, 80% of emerging technologies will have AI foundations.
27. Marketing and sales prioritize AI and machine learning higher than any other department in enterprises today (40%).
28. AI embedded in analytics and other marketing software will free up more than a third of data analysts in marketing organizations by 2022, enabling them to focus their time on business priorities instead of spending time on manual processes like personalization, lead scoring, anomaly detection, marketing performance management, and reporting.
29. 36% on consumers own a smart speaker today, and 54% of owners say their speakers are accurate in their understanding of the spoken word. The rise in ownership is mainly due to some major strides that have been made in natural language processing, a component of AI in which a computer program can understand human language as it is spoken.
30. AI-powered recommender algorithms (e.g., Amazon’s “Customers who bought this item also bought” and Netflix’s recommended programming) is something consumers are becoming quite accustomed to. And it’s good for business, too. The AI recommendation system that Netflix uses, for example, saves the company about $1 billion each year. Additionally, 75% of what users watch on Netflix come from those recommendations.
31. 37% of organizations have implemented AI in some form. That’s a 270% increase over the last four years.
32. 54% of executives say AI tools have boosted productivity.
33. 61% of business professionals say machine learning and AI are their organization’s most significant data initiative.
34. 61% of executives with defined strategies say AI can be used to single out opportunities using data.
35. 65% of respondents using, and planning to use, ML/AI cited that a key aspect of adopting ML and AI was to enable more informed business decision making, underscoring the importance of these technologies for analytics.
36. 77% of respondents actively using ML/AI indicating that creating new models was part of their short-term goals.
37. 60% to 70% – call time reduction from AI use.
38. 40% to 60% – cost reductions from AI use.
39. 25% of customer service interactions will be handled by Chabot’s by 2020
40. 60% of marketers say AI has been useful in data strategies.
41. 28% of top-performing organizations use AI for marketing.
42. 27% of consumers around the world say AI can deliver better customer service than human agents.
43. 73% of global consumers are open to the use of AI by businesses, provided they make life easier.
44. 38% of consumers say AI will boost customer service.
45. 75% of businesses say AI will allow them to move to new ventures and other businesses.
46. 72% of decision-makers say AI will be the business advantage of the future.
47. 51% of executives say their AI goal is to enhance the functions, features, and performance of their products.
48. 79% of executives say AI will make work easier and more efficient.
49. 59% of executives say AI can improve big data use in their organizations.
50. Technology spend remains a priority at 26% of the total marketing budgets.
Source: Forrester, Statista,Accenture,CMO Adobe,Gartner,ACM Digital Library,PWC,HBR,Forbes,eiu.com
If you’re looking for opportunities to improve how your business can discover customer pain well before it is too late, AI can help turn customer interactions into predictions that can automate proactive engagement with your dissatisfied customer before they decide to cancel. To learn more about implementing AI solutions in your business to create a customer-centric, proactive, and risk-aware business, visit our blog.