Artificial Intelligence (AI) enables operations to be more efficient. Enterprises should try to reap the benefits of commercial AI applications that help improve their IT infrastructure and data management. But enterprises should be aware that not every AI model can be beneficial to businesses and suitable for performance monitoring. In general, AI helps in revenue generation when used in inventory and parts optimization, pricing and promotion, customer-service analytics, sales, and demand forecasting among others. This will only be magnified in the next few years, as almost every sector is seeking to transform its core processes and business models to take advantage of artificial intelligence.
Every year, new and improved aspects of AI are brought into focus by industry experts and this serves as a guidance system for enterprises that want to adopt AI. This allows enterprises to have an upper hand in the industry in comparison to their competitors and stay relevant as per emerging trends, policies in their geographical locations and verticals.
For 2022, experts believe these are the AI trends that the industry will see:
Low-code and no-code AI
Low-code and no-code solutions seek to provide simple interfaces that can be used to build increasingly complex AI systems. After a decade of AI coming into existence its traditional set-up had made it less popular for easy adoption. But now with low-code and no-code AI being a trend, it is breaking the barriers and helping in bridging up the gap and making way for more innovative solutions and applications to be created. This also enables cost savings while helping management focus on important problems and faster adoption of technology.
With augmented workforce and technology aiding them in all aspects of day to day business operations, language modeling has been one of the most sought after solutions by organizations. Today, with the development and simplification of AI, language modeling has progressed to the next level where it is being used for speech recognition, machine translation, handwritten character recognition, question answering, information retrieval and even produce creative fiction, create computer code and compose introspective business letters.
AI in cybersecurity
Increasing threat numbers and the sophistication level used for attacks by threat actors has led to an increased use of AI in cybersecurity. It analyses the network traffic and learns to recognize patterns which suggest despicable intentions, smart algorithms that are playing a role by keeping the businesses safe from crime. Many traditional systems are incapable of monitoring cloud data, whereas modern AI-assisted cybersecurity is built specifically for cloud environments. Hybrid cybersecurity solutions with artificial intelligence (AI) can monitor and analyse data across multiple environments.
The Augmented Workforce
One of the most effective approaches for businesses is to transition from a labour force equipped with traditional systems to a workforce empowered by technology and talent. They assist the workforce by providing predictive maintenance, informing ahead of time when machines will require servicing or repair. By integrating the existing workforce with AI, companies will be able to increase productivity while increasing safety and reducing equipment downtime.
AI and the Metaverse
Metaverse undoubtedly involves AI. It will aid in the creation of online environments in which humans will feel at ease having their creative impulses nurtured. In the new digital world AI is combining different technologies like VR, 3D animation, block chain. AI-powered language technology has the potential to perpetuate bias so we must ensure that it is ethically trained.
Business leaders are learning from the examples of successful projects globally and are more educated about what AI can do for them. As a result, companies are now more willing to invest in proofs-of-concept projects with clear business value, a trend that sees business units increasingly in the driver’s seat for AI adoption. Thus, we see increasing uptake of such projects by companies, enabling them with the power of AI. Most queries for AI are currently from automotive, fintech, media, edtech, ecommerce etc.
In conclusion, AI adoption will continue to contribute to business success by enabling a better understanding and servicing of customer demand and a faster response to their needs. AI will continue to transform the workplace, and workers will be required to engage in life-long learning and upskilling.
By Vishal Singhal, Co-Founder, CellStrat