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AI in Business Strategy: Transforming Businesses for the Better

Cognitive computing is on the verge to revolutionize businesses today. Marketers have started implementing this AI technology that further impacts business functions.

An article by Ohio University mentions how cognitive computing allows all the users to work with large amounts of data that was once impossible. About 80 percent of the data is unstructured such as text files, videos, mobile data, and data from the websites. With the help of this technology even such data can easily be processed, says the article.

Artificial intelligence has already shaken the business world and how they function. From boosting the efficiency across different industries to streamlining innovation, AI is already transforming every business strategy organizations are following.

In the below paragraphs, we’re going to demonstrate how marketers and entrepreneurs are planning to leverage cognitive computing.

E-commerce

Automation is not new to the e-commerce industry. However, talking of cognitive computing, it has made quite an impact on the consumer-facing aspects of the industry. Let us take Amazon’s drone delivery and self-driving initiative, this wouldn’t have been possible without the work of AI.

As a whole, the e-commerce industry takes complete advantage of AI.

  • The industry uses automated chatbots to respond to various queries of customers.
  • Automated fraud detection is utilized to monitor suspicious activity or fraud transactions.
  • New customers can be targeted thus powering the automated social media management systems.

AI is here to transform every business domain, especially the e-commerce industry – boost the supply chain management, target new markets, and provide sufficient customer service.

 Healthcare

The healthcare industry has been one industry that takes complete advantage of AI. From providing the ability to diagnose healthcare conditions and diseases to assisting the doctors during surgery, AI is significantly creating an impact in healthcare.

Cognitive computing, on the other hand, is changing the face of the healthcare sector. For instance, the CDC noticed that professionals dealing in the healthcare sector tend to wash their hands only 50 percent of the time after they have used the restroom. Considering hygiene as a safety measure, and with poor hygiene practice, there can be multiple health implications. Now with the use of IoT and AI, Gojo and Microsoft could develop and design a project to measure how often the staff washed their hands. This project used sensors that were mounted on the hospital ceiling and the hand dispenser to track how often the staff is using it. Sadly, it was concluded that a mere 16.5 percent of the staff followed the sanitization rules. A robust strategy framework and projects such as these should be created more often to improve hygiene, thus nullifying the spread of infection and diseases.

Project management

By 2021, almost all the workforce will be using cognitive computing especially in the field of project management – employee support to risk assessment. Cognitive computing touts to transform the way employers make informed decisions while protecting themselves, which includes the level of liability made which needs to be covered. Technology plays a major role in assessing risk at every level.

In the present day, you will find businesses benefiting from multiple types of AI. For instance, knowledge-based AI understands the data and helps in making informed business decisions. This helps in mitigating business loss and reducing risks in companies.

And since AI easily processes data, it offers the capability or providing real-time information to the management and for resource allocation.      

Artificial intelligence plays a crucial part in how businesses function. Businesses can benefit from AI in automating workloads, optimizing logistics, prevention of outages, improved customer service, manage and analyze data, improve the marketing and advertising processes, prediction of behavior, prediction of performance, and increase the manufacturing efficiency and output, etc.     AI is here to transform businesses for the betterment of humans.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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