In today’s modern landscape, digital transformation is the name of the game. If you want your business to grow, stay relevant, and provide digital solutions, it’s critical that you find ways to optimize your operational activities. Additionally, technology - especially artificial intelligence (AI) - is proving to be an essential tool in adapting to the changing landscape. With spending on digital transformation projected to reach $1.78 trillion by 2022, most organizations already recognize the importance of digital technologies and are looking for ways to improve and optimize their transformation. Fortunately, the power of artificial intelligence can help.
Leveraging the Power of AI
Artificial intelligence seemed like a fantasy when Alan Turing first proposed it in the 1950s, but it has become a reality and now touches most areas of our everyday lives. From smartphone assistants to product recommendations, everyone uses AI to their advantage, making work and life easier and more manageable than ever before.
And it’s no different for businesses. With the advanced learning algorithms used by AI, it has become a catalyst for digital transformation, creating solutions that help companies be more innovative, keep up customer expectations, and become data-driven. In fact, with 98% of those who used AI-supported activities generating additional revenue, it’s a smart move for businesses to use it to drive digital transformation. From creating innovative strategies to improving your products or services, AI technologies can play a critical role in advancing your digital transformation.
Gain an Understanding of Customers
AI is a crucial tool in helping businesses better understand the needs and preferences of their customers. Through AI, you can discover trends in consumer behavior, product preferences, location data, digital channel engagement, purchasing history, and so much more, allowing you to gain a full picture of your customers.
When you know what your clients want (and don’t want) and what they expect from your business, you’ll be able to customize their experience, garnering loyalty and growing your network of repeat customers. No business can become successful without fully knowing its customers, and AI can give businesses a clear and complete picture of their customer, something that was previously almost impossible to have.
Smarter Decision Making
The success or failure of a business relies heavily on the decisions made by stakeholders. From when to hold a sale to what types of new products to roll out, every decision has the potential to make or break a business. In the past, business leaders often relied on their intuition or what worked in the past to determine the next best move for their business. And while those strategies worked, they also carried a lot of risk. But with AI, stakeholders can now make smarter decisions based on actionable, real-time information.
Going back to our point about a clearer picture of customer desires and actions, AI can also help business leaders make strategic choices based on that information. Through real-time data gathering and analysis and forecasting, AI systems can help businesses make insightful marketing decisions based on consumer behavior and forecast trends and patterns to stay ahead of the competition.
AI also takes some of the human failings out of the equation. The human brain can only process so much information at a time and we quickly face decision fatigue. But, AI-driven algorithms can process large amounts of data within minutes to provide meaningful insights, making the entire decision making process easier and faster.
Data breaches and hacks can be an absolute disaster for a business, from both a PR and logistical perspective. As digital technologies advance, so too do hackers and others looking to benefit from illegal behaviors. But AI cannot only address security breaches, it can prevent them.
Using predictive insights and forecasting, AI technologies can help businesses see ahead to when or how information could become vulnerable to a breach, allowing them to act proactively to shore up security. AI is revolutionizing how organizations digitally transform their security strategies using the technology to secure every network, cloud, on-premise platform, operating system, and application across production and supply chains.
These are only a few of the ways in which AI is powering digital transformation strategies for businesses. As AI technology gets better, we’ll continue to see even more ways it can help advance businesses. From a clear picture of customers, to smarter decision making to enhanced security, AI truly is the future of digital transformation for businesses.
Do you want to drive digital transformation in your organization with artificial intelligence but don’t know where to start? Reach out to Everestek today! With years of experience, our digital transformation company can help you with software development, automation services, and end-to-end mobile solutions.