The digital revolution is reshaping every industry at an extraordinary pace because of Artificial Intelligence (AI). AI has become a necessity for enterprises that enables businesses to streamline operations, enhance customer experiences, and drive innovation. Without the use of AI, enterprises will have the risk to fall behind to get the competitive advantage in the business world.
Connection between Digital Transformation & AI
From the beginning of the 21st century, the world is changing rapidly because of digital transformation. Digital transformation refers to the integration of digital technologies into all areas of a business, starting from business ideas to business operations. And, because of this, customers are getting higher value and enterprises are saving their costs also. And, Artificial Intelligence (AI) is working as the acceleration of digital shift for enterprises.
AI is playing the key role in upgrading these business operations, improving their efficiency. AI is able to do that by automating lengthy tasks, efficiently analyzing data and making data based decisions. These things are improving customer interactions, customization and personalization. AI has been integrated in many IT solutions. Even in Bangladesh, AI is integrated into many solutions. One of the leading IT solutions providers Synesis IT has integrated AI technology in their Convay platform. They are using AI in the ‘Meeting Transcription’ feature of this collaboration platform. Besides Synesis IT, other companies are also adapting AI in their solutions.
How AI is Driving Digital Transformation
Artificial Intelligence (AI) is simplifying the day to day tasks of the enterprises and makes the operational costs cheaper. The hype of AI is turning into reality day by day. It is now a powerful coordinator that helps enterprises in overcoming everyday problems. Here are some examples of how AI is advancing digital transformation:
Enhancing Customer Experience
Customer experience is one of AI’s prominent impacts. Nowadays, modern consumers expect personalized experiences. Businesses can offer immediate support and personal engagement using chatbots, virtual assistants, and individual suggestions generated through AI. By learning the patterns, AI is now able to predict the consumer preferences by analyzing previous data. Worldwide, OTT platforms are using AI to suggest personalized content to the customers. In Bangladesh, Synesis IT’s Convay platform integrates AI to generate automated meeting minutes to enhance consumer experience. Other companies like Brainstation 23, Grameenphone, bKash etc. companies are using AI to enhance customer experience.
Increasing Operational Productivity
Every enterprise wants more efficiency in their business operation. Before AI, the productivity of business operations used to mostly depend on human efficiency. But after the introduction of AI, the supply chain of the enterprises has become smoother. AI can easily automate repetitive tasks making the tasks less time consuming. These processes are making businesses more productive which is leading towards more production of goods. Factories and distribution companies are being facilitated because of this.
Data-Driven Decision Making
In this data driven world, enterprises have to deal with millions of data everyday. Without AI, dealing with this vast amount of data would take a very long time. It was also difficult for humans to deal with these huge volumes of dataset everyday. But, with the help of AI, it has become quite easier to deal with this data for enterprises. AI can easily analyze data, make decisions, even predictions for the future demands. These attributes of AI are being used in almost every industry specially in finance and data science.
Driving Innovations
Because of AI, the market research process has become much easier. Market opportunities can be easily found out through AI driven business analytics. On the other hand, enterprises have become more productive and cost efficient. This opens the new opportunity for enterprises to invest in these new market opportunities. Also, people can easily turn their ideas into solutions with a minimum amount of capital with the help of AI’s efficiency and cost cutting.
Employee Empowerment
After AI took over every task by its own hand, there were some concerns that AI may replace humans in the near future. There is no denying that AI eases enterprises by mitigating repetitive tasks and increasing business efficiency. Also, AI helps to mitigate human error in tedious jobs. But, that doesn’t mean AI will replace humans. AI is actually helping employees to be more efficient and stressless. Moreover, AI is giving more time to focus on strategic planning, innovation, and problem solving tasks.
AI in Cybersecurity and Risk Management
As the world is moving forward with digitalization, the threats of cybersecurity have also evolved. Enterprises are always being targeted for cyberattacks. But, with the help of AI these threats can be mitigated easily. AI can track network activity and detect unusual activity. It can also mitigate potential threats before it’s too late. Enterprises can avoid the risk of cyberattacks and secure their systems.
Types of AI Solution for Digital Transformation
There are multiple AI features that are helping enterprises giving multiple solutions. These are some common solutions that AI is providing nowadays.
Machine Learning (ML): Machine Learning is a process that helps systems to learn from the existing data and get better over time. It’s widely used for forecasting data, recognition of patterns, and making data driven decisions. Many companies are using machine learning like Amazon and Netflix to power their recommendation engine
Natural Language Processing (NLP): It allows machines to understand, evaluate, and adapt to human language. It is the technology underlying analysis of chatbots, and virtual assistants. E-Commerce platforms like eBay, Shopify use chatbots & voicebots. Even Bangladeshi platforms like Shawpno, Daraz are using NLP applications.
Visualization: Computer vision makes it possible for machines to decode and analyze visual information from the outside world, including pictures and videos. Autonomous automobiles, facial recognition, and quality assurance all depend on it. Automobile, Banking, & Smartphone industries use these features for security measures and other reasons.
Robotic Process Automation (RPA): RPA uses AI for automating repetitive tasks. Data entry, billing, and customer onboarding are commonly used by it. These have become common practices in industries like finance and healthcare.
Analytics for Prediction: AI can use the previous data and learn the pattern which it can use to predict the future outcome. This can be used for stocking and restocking goods in multiple warehouses. These are used heavily in data science nowadays.
Personalization Driven by AI: As AI can detect the trend by analyzing data, it can also identify the persona pattern by consumer behaviours. Thus, it can offer personalized service towards consumers. Youtube, Spotify are giving personalized consumer experience through these.
Artificial Intelligence in Cybersecurity: By examining trends and spotting irregularities, AI assists enterprises in real-time cyber threat detection and response. IT sectors are using AI for ensuring cybersecurity.
The Future of Possibilities of AI
As the potential of AI is increasing day by day, the usage of AI in different industries will also increase. In the near future, every enterprise will be highly dependent on AI. The use of AI will be the common practice among the business world. The world will be more advanced and humans will be able to achieve impossible things with the help of AI. Companies that are adapting AI now will be in a competitive advantage and can adapt to future disruptions. In Bangladesh, Synesis IT and other Tech companies are also adapting AI technologies to compete with the world.
Digital transformation through AI has become the reality nowadays. It is now a journey that every enterprise must take. With the help of AI enterprises can push themselves offering better lives to the consumers. With the proper integration of humans and AI, the world will transform into a better place connecting everyone.