Artificial intelligence is shaping in different directions every day. It’s spanning into platforms, tools, and applications. AI is the new bride for major tech giants attracting huge spending in the form of investment.
At the same time, this technology is becoming more affordable by the day and growing in its uses. Artificial intelligence is now a special interest in trading, asset management, healthcare, manufacturing, automobile, sales, marketing, and so on.
Considering AI opportunities that lie ahead of us, here are some of the valued expectations.
1. GenAI-Powered Business Operations
While having the power to drive nearly every field of business, Generative AI can go with each expectation we’ll mention further. Yet, as this innovative form of artificial intelligence is quickly gaining traction, we’ve decided to start our today’s list by singing its praises.
From FedEx to McKinsey and Coca-Cola, big brands are eagerly leveraging GenAI to power virtual assistants, advance data analytics, and create captivating ads. The reason behind such wide adoption of GenAI is its ability to quickly and continuously learn on large datasets and generate a variety of new content. This includes text, audio, images, videos, and even code.
For businesses, it means that their operations will no longer look the same. Virtual assistants for customers and employees dramatically elevate customer experience and boost workers’ productivity correspondingly. Besides that, all the routine tasks that require manual interference can be easily automated.
Discover Why Hyperautomation is the New Trend
Generative AI comes to help with marketing campaigns, risk management, predictive maintenance, decision-making, and much more. All thanks to solutions like GPT-4, Whisper, DALL-E 3, Claude 2, and others. When well integrated with current enterprise systems, they can do wonders.
GenAI for Business
Watch our webinar to uncover how to integrate GenAI for improved productivity and decisions.
2. Business Communications Using AI
There are many Artificial Intelligence opportunities for a business to leverage, but one of the most prominent areas of improvement is definitely in communication. From better sales and customer service calls to intelligent features for meetings — there’s a lot of potential for AI to boost corporate communications.
Learn more about the Role of AI in Sales
AI for Video and Voice Calls
With the use of AI for business communications, human interaction between clients and customer service or sales representatives will experience new capabilities. AI-enabled communications will positively reflect on call center performance, customer satisfaction, and generated revenue.
Find out about the Top Characteristics of a Modern Contact Center
Voice and video content can be analyzed in real time allowing enterprise users to get interpretations of even non-verbal cues.
For this, image and speech recognition and analysis algorithms will be on the front row. Data queries will be faster to reply, there will be increased efficiency and productivity, and business communication will be more sophisticated.
AI Smart Features for Meetings
AI-driven features are essential for better convenience in business meetings. They are good tools for increasing productivity and user experience. The use of AI will make video and call conversations even more productive than in-person meetings.
Practical use of such AI smart features includes speech-to-text transcription for:
- Making meeting notes
- Highlighting the key points
- Recording tasks
- Setting up meetings with the help of a virtual assistant
- Identifying participants of a meeting and providing relative information about them
Learn more: Value of Speech Recognition Solutions in Enterprise
Gaining Control of Customer Engagements
What if every customer could deal with your single most effective sales or service person?
3. AI-Fueled Customer Behavior Forecasting
Knowing your customer is one of the most important things for any organization, no matter the industry it operates in. While some have mastered customer relationship management and analytics already, not many have embraced AI and data science solutions to help predict customers behavior.
Thanks to artificial intelligence, enormous data sets that reveal customer shopping habits and preferences can be analyzed swiftly to deliver forecasts of their impending needs or even churn rate likelihood. As a result, organizations can gain the opportunity to launch preemptive, personalized marketing campaigns to re-engage the customer and get them to stay.
4. Artificial Intelligence for Healthcare
Healthcare solutions are becoming more effective with the use of AI. This is made possible by training machines to learn and carry out clinical and administrative duties. With human supervision, AI will help to achieve precision in medical services.
There is a range of possible industrial applications of AI in healthcare. Among them are diagnostics by using images, robot-surgeons, digital consultations, personal medical experience, health predictions and monitoring with the use of wearable devices, etc.
Learn more: Applicable Uses of AI in Healthcare
People will trust AI more in health matters, and the technology will help human professionals make the best decisions. Medical data reports analyzed by AI and intelligent tools will be the instruments for more progress in healthcare.
5. The Union of AI and IoT
The use of Machine Learning and Big Data will be a smooth facilitator for the Internet of Things. The connections and communications between billions of industrial IoT devices will make real-time data more available to enterprise systems for analysis by AI.
Find out how we developed an IIoT System for an Engineering Company
Streaming data collected by Internet of Things medical devices will become more effective. It will also be easier to classify algorithms based on the data types they can accept, their similarities in structure, and the fraction of processed data with time data records. Metadata and logic execution by IoT devices will be useful in Machine learning and the training of other forms of AI.
Learn more: IoT Market Needs in 2023
AI will also help in outlier detection, run root cause analysis and predictive maintenance of IoT devices. Advanced ML models built on neural networks will enhance running on Edge. These ML models will be more compatible with structured data such as video frames, speech synthesis, and time series generated by microphones, cameras, and sensors.
6. Automation of DevOps through AIOps
The automation of DevOps services through AIOps will become mainstream and change the management of IT infrastructure. It will make the root cause analysis faster, hence solving a task with a shorter time interval.
IT operations will move from reactive to being more predictive. This is a piece of great news for cloud vendors as they are benefactors.
There are tons of data sets harvested from operating systems, hardware, applications and server software. These generated data sets are essential for searching, indexing, and analytics. They can be summed and compared for correlation and similar patterns by application of machine learning models.
7. Open Source AI and Neural Network Interoperability
The ease of using AI is on the rise with the introduction of open-source AI solutions by tech giants such as Google, Apple, Tesla, and NVIDIA.
Open source in AI is becoming even more promising because more companies are interested in sharing knowledge and making AI stacks available. This will be the next step of Artificial Intelligence evolution and will create empowerment for a better AI community with wider support.
Selecting the best frameworks for neural networks is a big challenge. This is because once you select and train a specific AI model, it is difficult to change the framework of that AI to use another tool.
AI adoption rate will go up with enhanced interoperability among neural networks. Share on XAWS, Facebook, and Microsoft have already built an open ecosystem for interchangeable AI models called ONNX – Open Neural Network Exchange.
Microsoft Cognitive Toolkit, Caffe2, Apache MXNet, and PyTorch are all supporting the Open Neural Network Exchange. Developers can easily train models in frameworks supported by ONNX and get ideas into production faster.
8. More AI-Enabled Chips
For Artificial Intelligence to make an instant inference especially in large data types like object detection and facial recognition, it must execute algorithms with great speed. In order for AI to perform complex computational analysis, it needs specific processors to enhance the CPU. This is because the training speed of an AI model is somewhat not dependent on even the most sophisticated CPU.
Leading chip manufacturers are working on special chips with high execution speed for AI applications. The design and nature of these chips are specific for use cases tied to speech recognition, computer vision, natural language processing, and more.
More investments in custom chips based on ASIC and FPGA are expected from tech giants such as Google, Amazon, Microsoft, and Facebook. Special chips will be manufactured for operating modern workloads based on AI and high-performance computing. A fraction of these chips will also empower next-generation databases to hasten predictive analytics and query processing.
9. AI for Cybersecurity
As mentioned in our recent 2024 business technology trends article, one of the major artificial intelligence opportunities lies in the area of cybersecurity. Due to companies working with larger and larger amounts of data, cyberattacks are becoming more frequent and elaborate. Luckily, to prevent them, artificial intelligence can help.
Thanks to machine learning models that can detect malicious activity and launch prevention protocols before any true threat is close, organizational leaders can rest assured that their business data is truly secure. Moreover, thanks to the algorithm’s ability to analyze large quantities of risk data, response times can be significantly reduced, thus strengthening the safety of under-resourced operations.
Seizing Opportunities Created by AI
As you can see, there are many business opportunities hiding in artificial intelligence technology. From enhanced business communication to stronger cybersecurity systems — there are plenty of benefits to reap from intelligent algorithms.
In the near future, we will also see more applications in the areas of autonomous transports, automatic text and art generation, computer vision, etc. Smartphones will also acquire more complex behaviors with AI voice assistance, optical character recognition, and more.
With so many opportunities, AI specialists are getting listed among the most highly demanded and paid professionals today. However, skilled professionals aren’t always easy to come by.
So, if you’re looking to boost your organizational capabilities with AI but aren’t sure where to start — don’t hesitate to reach out to us for a consultation. Velvetech is consistent in AI solutions provision and the creation of tech innovations. We’d be happy to discuss a potential collaboration.
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