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Digital Transformation (DX) is one of the initiatives, if not the most crucial, that many organizations have undertaken or are undertaking. A vital role is being played in the Digital Transformation (DX) of businesses by the perfect storm of numerous technologies, including SaaS, Mobile, Robotics, IoT (Internet of Things), Virtual Reality (VR), etc. Artificial Intelligence (AI) and Machine Learning (ML) are key technologies that will lead enterprises through Digital Transformation.
Thinking about Artificial Intelligence (AI) may seem like a futuristic world similar to science fiction movies, but today, the lines between reality and fiction have blurred. AI is changing the world and people's lives and is becoming the engine of growth for economies and organizations. Whether it's a simple Google search, a conversation with Amazon Alexa or Google Home or Apple's Siri, or a simple Chatbot on a website you've visited, you may already be interacting with AI-powered tools and bots/ ML in many of his daily activities. This is undoubtedly changing how we carry out our daily activities, organize our work and business and make decisions in our daily lives.
According to Research, "AI is the set of multiple technologies that enable machines to sense, understand, act, and learn on their own or augment human activities." They will have many of the capabilities of a human being: the ability to learn and distinguish between things. But they also have a huge advantage over humans: they don't need rest to function! The same study reveals that AI could double annual economic growth rates by 2035 by changing the nature of work and creating a new relationship between man and machine, increasing labor productivity by up to 40%.
Artificial Intelligence (AI) is already present in many of the services we use daily, although we have yet to be aware of it. For example, when Amazon suggests products you might want to buy, it uses an AI-based system to suggest a product based on your past purchases and what other people have bought after buying what you're buying (Suggested Products ). AI is beginning to mature to the point where it can learn without human interactions.
AI tools are becoming an integral part of many organizations, both in the public and private sectors. It is being applied to help improve the performance of government agencies, their service levels and accountability and develop solutions focused on the well-being of citizens.
Artificial intelligence is not something new. To trace the origins of this innovative-sounding concept, you must go back to 1956. During the summer of 1956, a group of scientists met at Dartmouth College in New Hampshire and coined the term "Artificial Intelligence (AI).)". These researchers worked for two months with a clear objective: to find a way to introduce the behaviors of rational human logic into machines. It's been 62 years, and a lot of Research has been done, with some successes and some failures, in the effort to get machines to think like humans.
Artificial Intelligence processes are applied to real systems in various sectors. Here are some examples:
IT and Security: The most popular use of AI in business is in these areas. Some 44% of the 835 companies surveyed by Tata Consultancy Services already use AI to detect and prevent intrusions. 41% use it to solve technical problems for users, and 34% to reduce the workload and automate their processes in the Production area. Gartner predicts that by 2020, at least 75% of security software tools will include heuristics-based predictive and prescriptive analytics, AI-based skills, and machine learning algorithms.
Customer Service: Companies know how important this area is and how much it can affect the brand. And despite this, sometimes mistakes are unavoidable. The Microsoft State of Global Service 2016 found that 60% of consumers stopped interacting with a company because they had a bad customer service experience. People prefer to wait for hours in line to be answered, tapping number keys and being transferred multiple times until they get through to the right person. The solution to overcome these problems is "AI Chatbot." These bots can process and analyze customer information from the first point of contact and get them to the right place much faster. The data collected from your interactions provides useful insights into how you serve your customers.
Business operations and decision support: AI can help with many activities related to running a business, such as scheduling conferences, team meetings, and business travel. Very soon, AI will be able to help us in decision-making. IBM estimates that by 2025, the market for data-driven decision-making tools will be $2 trillion.
Finance and Accounting: Accenture predicts that 80% of finance and accounting tasks will be automated in the next few years.
Human resources: This is another area in which AI can help companies. Artificial Intelligence can help streamline many HR processes. There are many ways to apply AI to processes such as hiring, preparing interview schedules, filtering candidates or finding the most suitable profiles for the positions on offer, etc. In a recent article published in Forbes, Jeanne Meister states that "HR leaders need to experiment with all facets of AI to bring value to their organization."
Can you imagine arriving at your office table and having a machine list your tasks and meetings for the day? That is where technology takes us with this fourth industrial revolution, led by Digital Transformation (DX).
Although Artificial Intelligence, automation and machine learning are breaking barriers in all sectors, companies will have to embrace these technologies and understand that they are a source of multiple benefits. The overall benefits will become clearer as AI becomes an integral part of work processes. By automating tasks, companies can free up human capital to focus on more interesting aspects of projects. Implementing smarter, AI-enabled business processes will allow humans to focus on more important, challenging, and creative things.
Giants like Google, Microsoft, Facebook, Amazon, etc. They are investing hundreds of millions of dollars in developing Artificial Intelligence solutions. To taste what's to come, Google recently introduced a virtual assistant, Duplex, that can talk/act like a real human and help you perform your daily tasks.
In the work environment, AI will allow us to work more efficiently, reduce human errors and automate processes with the help of assisted intelligence, such as Chatbot and Natural Language Processing (NLP) tools that can simulate a conversation. Answering questions or personalizing learning experiences. Artificial intelligence (AI) is increasingly integrated into everyone's daily life, not only in the personal sphere but also in corporate and business decision-making.
According to recent predictions, the artificial intelligence sector will be valued at $40.2 billion by 2023. Experts attribute this expansion to the growing business use of AI. In 2021, data will be a company's most valuable asset. A thorough data strategy ensures the business can gain useful insights that facilitate better decision-making.
What part does AI play in the corporate world? Numerous applications of AI in business exist for forecasting and predicting values. Financial institutions can monitor stock price changes and seize trading opportunities, for instance, thanks to AI technologies. One such program that offers analytical capabilities based on data and AI to forecast stock prices is MetaStock.
Another data and analytics strategy businesses use forecasting a company's budget, costs, and revenues. It entails identifying a company's budget using historical data and transactional patterns. Through AI models, big data offers solutions to specific business issues.
Intelligent analytics is a branch of Artificial Intelligence. To get valuable insights, businesses leverage sophisticated data and analytics. The goal is to use the gathered business data to its fullest potential.
INSIGHTS –The overall data strategy includes intelligent analytics. It highlights aspects of the company that, occasionally, even the highest executives might overlook. It comprises potential new market segments, criteria for product differentiation, genuine product feedback, the real growth rate of the product or products, the spending and income situation for a specific period, and much more.
Everyone wonders how to employ AI in their business as businesses progress toward current uses of data analytics. The solution will be covered in the section after this one. Let's first examine the most recent developments in data analytics that enable firms to use AI.
Almost every business operation is now using AI in some way. Even in the industrial industry, cognitive data analytics can support the development of systems that can recognize the equipment's maintenance schedule, protecting it from malfunctions.
Many applications are widely used in business. We shall discuss these common business applications of AI based on several functions:
An effective way to apply data analytics in business is through sentiment analysis. What consumers are saying about a company's product can be tracked by businesses. Moreover, it includes:
Marketing analytics is the most important use. It aids in figuring out what outcomes the marketing budget will be able to produce. It also includes:
By examining the historical data, the sales team can determine the future sales potential. Identifying places where activities might be improved is beneficial.
The use of AI in commercial operations is expanding significantly. Automation and data analytics are used by businesses to generate insightful data. It also includes:
Other than this, other business cases exist in various industries, including healthcare, FinTech, HR, and insurance. AI is making a huge impact across all industries and fields of study.
Research
NFTs, or non-fungible tokens, became a popular topic in 2021's digital world, comprising digital music, trading cards, digital art, and photographs of animals. Know More
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The Rapid Strategy Workshop will also provide you with a clear roadmap for the execution of your project/product and insight into the ideal team needed to execute it. Learn more
It helps all the stakeholders of a product like a client, designer, developer, and product manager all get on the same page and avoid any information loss during communication and on-going development. Learn more
Why us
We provide transparency from day 0 at each and every step of the development cycle and it sets us apart from other development agencies. You can think of us as the extended team and partner to solve complex business problems using technology. Know more
Blockchain solutions have made their place in every field of life.
Blockchain is a common, unchanging record that works with the most common way
We’ll work with you to develop a true ‘MVP’ (Minimum Viable Product). We will “cut the fat” and design a lean product that has only the critical features.
Designing a successful product is a science and we help implement the same Product Design frameworks used by the most successful products in the world (Ethereum, Solana, Hedera etc.)
In an industry where being first to market is critical, speed is essential. Rejolut's rapid prototyping framework(RPF) is the fastest, most effective way to take an idea to development. It is choreographed to ensure we gather an in-depth understanding of your idea in the shortest time possible.
Rejolut RPF's helps you identify problem areas in your concept and business model. We will identify your weaknesses so you can make an informed business decision about the best path for your product.
We as a blockchain development company take your success personally as we strongly believe in a philosophy that "Your success is our success and as you grow, we grow." We go the extra mile to deliver you the best product.
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