Technology always seems exciting, game-changing and evolving to all of us. Whenever we think of concluding that the world has advanced a lot, a new breed of digital innovations appears to prove us wrong. The emergence of artificial intelligence is not an exception here.
AI is nowadays becoming a wondrous buzzword in the business world too. It is just growing up right now, but still, it has left a great impact on the business structures and workspaces. Techechelons Infosolutions is a leading provider of AI solutions for the industry, found out that the demand for AI, in the creation of workspaces of the future is increasing and so the innovations in this domain.
The sum of investment, made by organizations in AI during recent years has faced an upliftment of 746% from 2011 to 2015. A huge amount has been invested in AI infrastructures and software in 2016. The trend of increment in investments is continuing in the current year of 2017.
What is the impact of AI in the day to day life of people and organizations?
24*7 connectivity is an old concept now. Thanks to the superfast lifestyle, increasing competition and choices available everywhere, people have tremendous expectations from businesses and service providers to answer typically within 5 minutes or less. Delay of one second can snatch the business to fill up a competitor’s basket. It is impossible for a human to continue to reply to millions of people.
Using AI, organizations are getting a solution to this situation. From human resources to project management, sales to process improvements, AI is everywhere. Following technologies of artificial intelligence are getting implemented to match the new age requirements of business:
- Big data analytics
- Industrial IoT
- Cloud storage
- Additive manufacturing
- Augmented reality
- Vertical and horizontal system
In this article, we are going to discuss how AI technologies are going to improve workspaces. Let’s dive into the areas of business where AI is changing the game:
Enhancing business forecasts:
Planning is the key to the success of the business. Planning and decision-making; these are the two factors that should be perfect. Business forecasting can be done in two ways – quantitative forecasting and managerial forecasting.
AI is used as a tool for blended and intelligent forecasting using big data and analytics. A huge number of business data gets analyzed through AI analytics systems. Forecasting also involves the use of neural networks. Neural networks typically work like a human brain to use data and analyze the current patterns and trends of the business. It has abilities to classify managerial and customer preferences and based on that successful forecasts are made.
IBM planning and analytics, Capsule, Aviso, etc are among some of the AI business forecasting and analytics software. IBM planning and analytics is used for getting an end to end solution for planning, forecasting, budgeting analytics automation of business processes.
Administration and management using AI:
Managing a workspace is a tremendous job and it is the base of any business. No one can afford a mismanaged workspace to leave an impact on the business. The future of management is going to change by the use of artificial intelligence.
Collaboration, managing tasks, and coordination are the three difficult jobs for managers and according to a survey conducted by accenture: managers use 70% of their time to perform coordination and control of administrative tasks. They can only spend 10% of the time for productive jobs like strategy making, innovation and actual engagement with team and stakeholders.
AI-based systems are capable of automating administrative tasks, coordination and collaboration, irrespective of geographic locations.
IBM Watson Kyndi, Arimo, Outliner, Primer, etc are a few names of AI systems for administration and internal data management.
Enterprise core business functions like customer support, recruitment, marketing, sales, finance, and security – everything needs to be more productive and competitive. The new breed AI tools are capable of managing all the business functions and increase productivity with its readily available one-stop solution for everything.
Starting with chatbots for immediate replies, monitoring tools, automated data collection for marketing, predictive analysis, performance forecast, and analysis – all can be handled efficiently by the AI systems.
For talent acquisition, automated AI software can help to manage the complete end to end solutions to recruitment management, documentation, and the process of joining for new joiners. It can also use the selection process using intelligent resume filtering systems.
Performance forecasting AI solutions use analytics of employee skills and work data to measure performance and forecast their goal completion at the end of the fiscal year. It helps the HR team with the process of performance appraisals.
- Audio – Capio, Clover Intelligence, TalkIQ etc.
- Internal data – Arimo, Cycorp, Expect Labs etc.
- Marketing intelligence – CB Insights, Datafox, Enigma, etc
- Visual – Captricity, Algorian, Corsica, etc
- Customer support – ActionIQ, Digitalgenius, Eloquent Labs, etc.
Production and manufacturing industry depends upon the machines they are using. Maintenance of the machines and recover from the failure of a machine is a huge task and it may lead to a great loss. If there were systems that could predict the failures in advance, loss of time and money could be saved.
Manufacturers schedule a periodic health check of systems and replacements. It can sometimes cause the replacement of a system which is still in a good condition or it can cause a failure of a system as periodic health check has some time now. Both are the monitory loss. This struggle of manufacturers leads them not to get time for actual manufacturing. IoT and AI enabled systems to use sensor data for predictive analysis of the condition of systems and failure forecasting. Other than this IoT enabling legacy systems, augmented reality enabled field control operator NPI and connectivity upgrades are the AI-based systems that can curve the future of the manufacturing workplace.
Artificial intelligence is still building its space in the industry tries. Infrastructure, management, human resources, talent acquisitions, marketing, production, customer support, even coding, everything is going to be based on the AI system in no faraway future. Analystic and automated data collection, forecasts are the trends industry is adopting very fast.
Machines are taking place of humans and also, creating an opportunity for new roles and responsibilities. Adoption of the practices like accepting a machine colleague, doing and finishing assigned tasks by machines and depending on the analysis of statistical data – is going to set the workspace cultures in a new direction. AI software and systems are going to improve the performance, perseverance, and way of thinking in a new unmatched way.