“In the long term, artificial intelligence and automation are going to be taking over so much of what gives humans a feeling of purpose.” 

~Matt Bellamy.

Many positive business transformations around the world owe their success to the wonders of Artificial Intelligence. In an era defined by growing competition between various businesses, meeting the demands of customers by staying constantly connected with them can be a wearisome task. The digital affinity of the world has become so intense that be it at the workplace, small start-ups or developed businesses, or at home, AI has some pivotal roles to play. It has undoubtedly simplified our way of life and work, but at the same time, its ever-increasing growth remains a debatable matter among some great contemporary as well as bygone thinkers.

What is Artificial Intelligence?

When human intelligence is duplicated or simulated in machines and programmed so that they can think like humans, that mechanical skill is termed artificial intelligence. These are computer programs that possess the ability to perform human activities or mimic human actions. Such acumen of the machine or computer software proves immensely helpful in predicting or solving a particular problem. In businesses, AI helps in creating a personalized consumer experience.

How AI Has Been Reframing E-Commerce?

AI has been growing fast while improving the customer experiences as well as simplifying business processes. From Siri to Alexa or the prominent movie apps, they all function with AI. The research data suggests that by 2022, the overall European spending on AI will see a rise of 38%, especially in the retail, banking, and manufacturing industries. AI comes with some exceptional benefits for a business, such as:

• The routine tasks are optimized and automated by AI, thereby saving a great deal of time as well as money.
• It carries intuitive capacity which enables it to understand the customers’ queries better and thus provides a seamless personalized experience by using that insight.
• It can store and accumulate massive data, in turn generating leads and enhancing the customer infrastructure.
• It minimizes human error.
• It boosts overall productivity and increases operational efficiency.
• It can read and analyze financial results with its handling of financial analytics.
• AI is now widely implemented in helpdesk functionality as well as in online help centers.
• AI works as a direct medium of conversation between consumers and product manufacturers. With a personalized Q&A, it helps to understand customers’ online behavior, grievances, and needs, thereby improving customer-vendor relations.

The Future of Business with AI

In the words of Prof. Stephen Hawking, as told in an interview to the BBC in 2004,

“The development of full artificial intelligence could spell the end of the human race. It would take off on its own, and re-design itself at an ever-increasing rate. Humans, who are limited by slow biological evolution, couldn’t compete and would be superseded.”

While AI impositions in the business field have improved the B2C relationship, it is often assumed that AI will overtake the human race in the future. This is answered by the fact that machines aren’t being given the power of decision making and hence they are only providing more transparency to enhance the overall decision making. Let us see where and how AI is applied in businesses:

• The virtual Q&A provides real-time support to users thereby improving the customer experience.
• AI takes care of data collection and analysis and automatically routes all service requests to streamline and automate the overall workload.
• An IT outage or a security intrusion can suddenly disrupt business; with AI software, such outages can be prevented with advance warning or problem detection.
• Implementation of performance criteria can be verified through desk call response times. 

Limitations of AI

Like any other technically advanced software, AI has its shortcomings. On one hand, businesses are implementing the AI software for a rise in productivity and expediency, while on the other, AI has certain barriers:

1. A shortage of experienced data scientists.
2. Businesses that lack the required AI skills often must outsource the specialists, which can overshoot the budget of the organization.
3. Lack of data availability for AI implementation.

What makes NAVOMI’S Bots Unique?

NAVOMI’s Bots will surpass your expectations with its

• A suite of conversational AI tools to automate the communication centers.
• Expertise in a wide range of backend platforms, NLP engines, and AI and ML substitutions.
• Configuration of the FAQs, methodology, SOPs, etc. with the help of its knowledge bots.
• Highly capable conversational commerce tools,
• The BioBot ensures data privacy with its voice biometrics which can enroll, map, and verify the user’s voice.
• Improves brand outreach as well as ensures customer satisfaction.

NAVOMI’s Bots are customizable and can be tailored as per the organization’s needs along with the incorporation of the latest industry technologies.