Artificial Intelligence, driving 2022 future business trends
The role of AI in work life and business is undisputed. As we move forward, this role will only expand to include more functionalities and use cases like artificial intelligence, machine learning, and data processing becomes more advanced and efficient. In the past few years alone, we’ve seen AI grow by leaps and bounds and this growth shows no signs of slowing down just yet.
Looking to the future, how will AI impact work and business? It can be hard to predict but as an overview, we can expect the following changes globally:
1. Productivity will increase
One of the biggest advantages of integrating AI into your business is the major boost in productivity that you receive. An efficient and effective AI system can reduce human error, find new solutions to old problems, and help you avoid pitfalls in the future. As the technology behind artificial improves, we can expect this productivity boost to keep getting better. The goal is to reach a stage where less training is needed for your AI model in order to get more things done. This will directly result in enhanced productivity across industries.
Services via companies using the power of Artificial intelligence will have lower operations costs and will be able to scale operations faster and cheaper. That will accelerate consolidation in different industries. Think of the Chrome browser, it’s so ubiquitous in its market that many users forget that other browsers exist.
Consolidation can spell doom for smaller companies unless they pivot and adapt. Personalization of products and services should be the focus of small companies to stay competitive and profitable. This means personalization not only at a customer segment level but delving deeper so that each customer becomes a segment unto themselves. For example, personalized medicine is one such opportunity for hyper-personalization.
Integrating AI systems into their businesses models is the only way for small companies to make this shift towards personalization. The strength of a company’s AI capabilities will likely be one of the biggest factors for business success in the future.
4. Less time from ideation to launch
The current turnaround time for various product development clocks in at about 6 months, from ideation to launch. This production window varies based on the industry or product. Overall, we can expect a shortening of the time taken to ideate, develop, test, and launch new products and services. Artificial intelligence and machine learning can play vital roles in reducing the development process. Zara is known today for taking less time from idea to launch. But in the future, this duration will be in hours and days and not in weeks or months. Further along, AI can speed up the testing process and help products launch quicker and with fewer setbacks.
5. Convergence of physical and digital world
By 2030, about $5.5 trillion to $12.6 trillion of value will be unlocked globally using IoT products and services. Virtual Reality, Mixed Reality, and extended reality are continually challenging customer experience and re-writing the rules. The convergence of the digital and physical worlds is going to be a reality in the future.
AI and machine learning are now a mainstay of the business. As the field grows, it’s still not too late to get in on the action. Adopting AI in your business can help you grow and explore exciting new opportunities. AI can give your company a competitive edge while ensuring that your technological strategy stays updated. Now is a great time to invest in AI and see the wonders it can do for your business.