Artificial Intelligence (AI) has been the talk of the town over the past couple of years and is becoming increasingly relevant for companies seeking to retain a competitive advantage. According to a recent survey undertaken by McKinsey to understand the state of AI in 2020, 20 percent or more organisations from a variety of industries attributed their earnings to AI, and these companies have planned to invest even more in AI in response to the Covid-19 pandemic and its acceleration of all things digital.
It is often said that people you work with are the pillar of every successful business. Even the government plays a significant role in boosting the sector by supporting the companies in the adoption of innovative ways to grow business. The UAE government has set a great example to supporting businesses through its appointment of a Minister of State for Artificial Intelligence, the first in the world, and later with the appointment of a Minister of State for Entrepreneurship and SMEs.
How fair is the use of artificial intelligence?
Achieving accountability in AI is easier said than done, as multiple stakeholders are involved and users perceive that the algorithm is fair, accountable, transparent and explainable, as they are able to trust and use the algorithm
These two appointments by the UAE government have opened doors for new business ideas and fast-tracked the implementation of AI initiatives across mainstream industries. In line with the fourth industrial revolution, the UAE aims to be the capital of artificial intelligence in the next decade and is cooperating with friendly countries and international partners to achieve this goal. According to recent studies, artificial intelligence is expected to contribute $320 billion to the Middle East’s GDP by 2030, with $57.6bn spent on AI globally by 2021.
The sharp increase in computing power, big data and machine learning is allowing us to reach new heights through the power of AI, as it is also accelerating the deployment of deep data application services in the terra of big data.
It is essential for companies to realise and understand the importance of investing in AI and the benefits associated with it, from increasing revenue to improving overall customer experience.
AI involves the use of hyper-intelligent algorithms that enable machines to learn, understand, and act accordingly. This results in more accurate lead sourcing, presents products differently by providing a unique experience, and manages sales better to ultimately drive more positive outcomes.
AI enables companies to provide customers with 24/7 and uninterrupted service, helps extract meaningful information from a very large sum of data, automation of complex services that supports developers to get rid of tedious tasks, giving them an opportunity to focus on more vital tasks and enhanced security for the most critical information of your business regardless of the platforms.
Lowering operational costs
Intelligent automation and the actionable insights through AI drive high volume of workflows significantly reducing the probability of a human error. Intelligent actions allowed by AI can be used to further refine how they function, and deep learning is now a progressive tool for perception that provides the highest level of accuracy.
Improving overall customer experience
The information gathered by AI and machine learning techniques helps organisations understand their customers better. More accurate understanding of the customers history and behavioral data gives an opportunity to take real-time decisions and hyper personalisation of content and offers. AI based Chatbot is one of the best and the most successful tools as they can respond to customers immediately, accurately and are consistent. It even collects important data and also learns from the data collected, a win-win situation for both customers and businesses.
In today’s age of vast connections in which the Internet of Things is flourishing; it is safe to assume that companies that have mastered AI and big data related technology have adapted to the technology of the future. AI has the potential to completely reshape and redefine the way we live and work, how we move and what we do on a daily basis. Autonomous cars, facial recognition, medical diagnostics, human-like robots, and digital assistants are only a few examples of AI in action, and its potential is immense. These AI and machine learning tools can help create innovative user experiences with better results. Furthermore, leveraging a mix of AI and other transformative technologies can ensure that businesses achieve their goals in a timely and efficient fashion.