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    AI and Automation are Changing Businesses, Will You Innovate or Wait?

    An innovator not only improves what exists but also looks for new opportunities. This is completely your wish how you want to look into this opportunity. Are you an innovator or a procrastinator? Actually, Artificial Intelligence (AI) is best for procrastinators. Just sit in a self-driving car and chill for the rest of the journey. Imagine existing in a world that is operated by machines more than humans, this is somewhat scary when it strikes your nerves but this is the unprecedented reality of today’s digital era. Let me give you a recent instance of such reality. A combination of Love and a robot, named LOVOT is innovated in 2020 which can sense the person’s emotions and will work accordingly to elevate the mood. Do we really need a bot to elevate our mood or to be at mental peace?

    The Recent technologies, be it the Internet of things, Artificial Intelligence, or the Internet of senses; all are going to mold this little world of innovations into a gigantic one. If you are still not in the loop, you are going to be one super soon.

    Covid has changed everything in an unprecedented way, since then many companies are looking for advanced automation as an essential part to adapt to the new normal. The pandemic has changed the dynamics of business and how we work if we take the example of YouTube which has almost 2 Billion login users which serves over a billion hours of videos daily. Not only the screen time of YouTube but a lot more platforms have increased due to everything going online with a massive shift from offline working to the online.

    AI-Powered Automation introduces Businesses 2.0

    Automation and AI are transforming businesses by contributing to the economy and increasing the productivity rate of workers. If 2020 was the year that accelerated the digital revolution, the years later will test companies to think of new ideas and innovate with the digital revolution. AI along with automation is enabling companies to augment customers’ and employees’ experiences.

    Amidst the disruption of the pandemic, companies that once had the luxury of months or even years to digitally transform were suddenly racing to deliver real-time service and support online, at scale. Now, the question is that who will be able to embrace AI and automation to level up their business games? And how to successfully implement AI-powered automation?

    In the latest McKinsey research, it is evident that 85% of companies have accelerated digitization, with 67% specifically accelerating AI and automation adoption. This means exponential investment in emerging technologies that weren’t even on the horizon before COVID-19. Today, AI and automation are among the most efficient ways to fast-track change and expedite time-to-value.

    AI has taken over the entire work of manpower. Now, there are AI-powered solutions for everything like AI and market research, AI and sales, AI and digital/Email Marketing, and even AI and leadership.

    Today, life and the living has transformed digitally in every fold. This major change not just impacted personal but professional life as well. A lot of companies like Finnish IT Firm, Tieto have shifted to AI-based systems for their business decisions. In fact, it is seen that AI has major voting rights in most of the company’s big decisions.

    If we shift the focus to one of the most important aspects of every business is money but shockingly now people are trusting AI with their money also. I remember the time when people fear to even pay 300 bucks online for their coffee order and now people are trusting the digital systems with their entire money. It is found that the financial sector is one of the first industries that is being completely disrupted by artificial intelligence and robotic software like robotic process automation. Since most of the work accountants do on a daily basis is repetitive and rule-based, most of it can and will be automated by AI.

    Can a bot do meeting with clients or negotiate with them on financial terms? It’s hard to even think of it, probably will take a bit longer to automate such procedures. Clearly, those activities will continue to be performed by humans in the near future. These are seemingly a few of the drawbacks or loopholes. Similarly, one of the areas in which the application of AI and robots has been most criticized lately is human resources and hiring. Although the use of different AI technologies can save time and resources in the hiring process, critics argue that many of them are biased and unethical. 

    Are Artificial Intelligence and supported systems worthwhile?

    There are few industries where Artificial Intelligence is helping and creating an entirely different scenario for the users. To name some: Travel Industry, Health Industry, Transportation Industry, and Entertainment Industry.

    You must have witnessed a pop-up chat system while surfing through a website for some assistant. Now, you can directly ask the bots what you are looking for instead of surfing for hours on an unknown website. In consideration of the health sector, there are virtual nursing assistants, AI-powered computer vision to analyze X-rays, and more systems to conduct more accurate medical research.

    AI has been a blessing for the entertainment industry, editing has been always hectic after hours-long shoots but now that can be handled well with AI right from editing trailers/Teasers to editing Pop Songs. Even the audience’s review of movies is recorded with automatic systems by face recognition or by digital feedback. We all know, this industry works majorly on feedbacks, if a movie gets better stars/reviews from the first set of the audience then that movie is going to perform well throughout.

    This is not the limit instead just the beginning of the change. It has already spread its waves in agriculture, education, finance, health, tourism, and most importantly in sectors that were never imagined to be operated robotically like human resource management. As we know AI or Automation is a part of Industry 4.0 but there is an inception of Industry 5.0 also which is known as the relationship between “(wo)man and machine”. Industry 5.0 combines human creativity and robotic precision, towards unique solutions as the demand of the next decade. Your next big decision might be taken by an AI-powered system or by the conglomerate of man and machine creative output, be aware and be informed till you become the next target of the fast pacing changing technologies.

    Sheeba Chauhan |Sub Editor |ELE Times

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