Today, the world has come to the point where novel technological innovations are helping mankind improve things we couldn’t have possibly imagined before. Human work was more desirable than a machine’s work in the past because human beings were believed to be more accurate as compared to a machine. And rightly so! Human beings could consider and evaluate all perspectives and make an informed decision whereas a machine simply could not. But the tables have turned, thanks to the technologies we have at our disposal today! A Gartner report expects that by 2020, 85 percent of customer interactions will be managed without human involvement. Let that sink in! Take artificial intelligence and machine learning for example — two cutting-edge technologies that have demonstrated the capability to positively transform practically everything they touch. A prime example of their prowess is shaping customer experiences.
Though we now live in an omnichannel environment, a large number of companies still present customer engagement paths that are drenched in legacy, leading them to feel archaic. The reason is that organizations struggle to keep up with this breed of new-age customers who, along with their needs and demands, are constantly evolving. But not all hope is lost because we have artificial intelligence and machine learning to rely on.
Artificial Intelligence and Machine Learning: Same but different
Nonetheless, before we delve into the details of the potential of artificial intelligence and machine learning, let us understand how these two phenomena vary. Simply put, artificial intelligence is a technology that allows a system to exhibit human-like intellectual capacity. On the other hand, machine learning is a subset of artificial intelligence that leverages mathematical models based on data to make decisions. And remember, all machine learning counts as AI, but not all AI can be considered machine learning.,
The impact of AI and ML
The scope, as well as the impact of AI and ML, remains a widely debated topic across the globe. And the progress that they have made thus far has led to fervent discussions about their impact on mankind’s future and what it means for us. Among the many topics currently being debated, their impact on employment is an important talking point.
A sizeable majority of people today are concerned about AI replacing countless jobs. Though that fear holds some merit, it is not completely true. Experts and leaders in this field are convinced that the emergence of new technologies will serve as drivers of employment. For that matter, automation is proving to be handy as far as comparatively monotonous jobs go. It has already revamped manual industries as well as tedious tasks that are based on simple activities such as bookkeeping.
Besides that, AI, machine learning, automation, etc. are enabling companies to turn in complicated jobs to machines. For example, GE makes use of algorithms for managerial tasks.
If still, that doesn’t make the case for the impact of AI, read this: A global survey found that most organizations started deploying AI to either improve or automate disorganized or day-to-day processes. 66 percent of the organizations surveyed are making use of AI technologies basically for business process automation — which is considered an excellent way to get started on the path of achieving rapid improvements.
You can do it too!
It is not just industry titans and global corporates who can leverage AI and ML to their benefit. Thanks to Amazon and Google’s AI Kits, the masses can get started on this path too. While Amazon has made Alexa Skill Blueprints available for a variety of kits, Google’s kit is an engineering design kit that will serve as a base for developers to build their products.
In conclusion…
Numerous organizations are already benefiting from the many advantages proffered by AI and ML as they become increasingly mainstream in business. And to ensure competitiveness as AI increases in scale and drives further change, organizations will do well to remember that transparency about such endeavors as well as their benefits can also lead to enhanced effectiveness of the technologies. This, in turn, will enable companies’ leaders to identify new opportunities and deal with possible risks before they transform into grave issues.
Originally Published By BigohTech
https://www.bigohtech.com/machine-learning-and-artificial-intelligence-for-understanding-customer-better/