The 20s classic German movie, Metropolis brought the concept of Artificial Intelligence and robots to the silver screen. Since then Star Wars, Blade Runner to Autobots in Transformers and the stunning Ava of Ex-Machina, AI characters have caught our imagination. But what was once in the realm of make-believe has become our reality. Art only imitates life, after all, and now futuristic technology is already a part of our everyday existence.
Few years ago, the super computers that made the right moves on the chessboard were our only reference to AI. But now these instances are coming in varied forms, fast and thick. Recently, an AI completed a University level Math exam 12 times faster than humans. Facebook chatbots went on to create their own language. Machine learning AI is getting smarter, quicker and more innovative by the day, and their impact is felt taking the business world by tremors.
A recent study predicted that machine learning market, which stood at $1.41 billion in 2017 will grow to $8.81 billion in just five years. Can you even imagine? Technology is the way forward for service businesses and the good news is that it is becoming accessible to all. Even small and medium sized businesses can use AI and related technologies to good effect. So the impact of AI on business is going to be wide spread and here are some of the trends we will see this year.
AI leads to smarter marketing
2018 will see a growth in AI being leveraged to offer consumers a more personal experience. Dynamic landing pages, programmatic advertising will become a norm. But an even greater influence will be seen in the world of social media marketing. AI is already being used to understand consumer patterns. This year you will see posts that are targeted at a certain time with a specific message to hit the spot with the consumer; all thanks to AI.
Taking Ecommerce to greater heights
If you have recently browsed for a pair of jeans on an ecommerce platform, you might have noticed your social media page is filled with ads for similar products. Your online behavior and purchase history is being analyzed, and the strategy will be more pronounced from this year. AI will analyze the times when you are most likely to be online, the posts you are likely to click on and offer you an experience that you practically cannot resist.
Chatbots getting savvier
Chatbots are gaining in prominence because they offer 24×7 customer support, faster resolution and also keep track of consumer history. They are your virtual assistants, who are impeccable at analyzing consumer data to offer you a personal experience. Business gurus around the world have put their money on chatbots getting smarter. Businesses, big and small, will be seen leveraging the tool to their advantage.
Better, smoother Automation for organizations
While many processes in organizations have already been automated, the scale will grow further and across different functions. AI led automation will be seen in Accounting, operations, HR through cutting edge software. Visitor Management systems in offices will not only be used to make guests feel welcome but for brand advertising as well. Managers will have to come up with smart ways to make the most of these innovations.
If we are looking at the golden age for AI in business, then 2018 is probably going to be seen as the year when the revolution started.
At Jaipuria Institute of Management, the pedagogy has been designed in a way where PGDM students get to stand upbeat and updated with the revolutionary changes in the world of technology. From attending workshops in AI to being exposed to extensive lectures around the subject, Jaipuria Institute of Management PGDM graduates and faculty are currently conducting compelling research in this domain to interfuse Artificial Intelligence with sound Management.