Artificial Intelligence (AI) is transforming industries across the board, at a truly rapid rate. AI is, without a doubt, one of the biggest emerging trends set to permanently change the way we do business over the coming year.

Organisations are actively searching for AI solutions that offer unique opportunities to drastically improve the customer services they provide, as well as help to understand their own data.

As AI capabilities continue to increase, it provides a valuable service for companies looking to understand and utilise their data in order to ensure the very best customer experiences, combined with cost efficiency across the board.

How Will AI Effect My Business Model

When it comes to servicing the needs of your customers, outsourced or employed workers have always been important. With excellent customer service becoming the key difference between you and your competitors, paying to outsource your customer service requirements has been a must-have business benefit for some years now.

But what if there was a way to increase customer service efficiency, whilst reducing outsourcing spend? Well, if you believe the hype – there is.

Chatbots come at a far reduced price than the costs of outsourced human workers, taking calls and engaging with your customers. A chatbot is a piece of software that is designed to automate a specific task, in this case namely chat or simulated conversation. A chatbot uses machine learning to pick up on conversational cadences, allowing it to effectively mimic human conversation and react to spoken or written prompts to deliver a service.

The chatbot is essentially a user interface which can be plugged into a number of data sources via APIs so it can deliver information or services on demand. Program them correctly and your chatbots can wipe out your outsourcing costs quickly and efficiently.

Other areas of industry are also being affected by the increase in AI solutions, vast improvements in self-driving vehicles and robotics, for example, have already disrupted the transportation and manufacturing industries.

How will it impact my business over time?

Advances in the field of automation and robotics are expected to radically change the job market. In order to survive this period, both you and your employees will no doubt be required to re-skill to remain relevant in the job market.

With the increasing levels of sophistication in Artificial Intelligence, the challenge is going to be how do companies and individuals continue to add value, and how do we manage the situation where jobs can be replaced by new technology?

Finding the right balance will be a challenge, but ultimately will AI be able to take on every role undertaken by outsourced works in your company? We think not.

While global giants like Google, IBM, Intel, Apple and even Facebook have their own AI technology, most of this is focused on the data insights they receive which help plough money and resources into the development of better customer focused experiences.

User data can be reformatted into a wide variety of improved targets and systems, many of which will need a customer interface solution.

Whether your business has yet to even think about AI, outsourcing or even chatbots, don’t leave it all to chance – the future of AI is already here!

 Steven Preston, Director of Elanev