Artificial Intelligence (AI) is increasingly becoming mainstream as businesses use this technology to solve complex problems and offer better value to their customers. From CRM to Customer Support to Cyber Security, AI has become virtually indispensable in all business activities. While tech behemoths such as Google, Microsoft, Amazon, and Facebook have already employed AI to make their products better and customers happier, relatively smaller companies are also embracing it to improve their services and boost ROI. According to Randy Dean, Chief Business Officer at Sentient Technologies, "Everything invented in the past 150 years will be reinvented using AI within the next 15 years". Let's take a look at some of the industries where the use of AI is changing business dynamics like never before.
What comes to your mind when you think of "artificial intelligence?" And you are right, sort of. AI is capable of doing all those things, plus it's capable of revolutionizing the business landscape. "For many people, artificial intelligence, or AI, is a mere concept, something that will happen in the future. But, in reality, AI has already become a part of mainstream businesses", says Michael Georgio, CMO of Imaginovation, a Raleigh, N.C.-based AI development company.
Amazon is every online retailer's forbidding nightmare. Last year, it dominated 44 percent of the US eCommerce market and about 4 percent of all domestic retail sales. One Click Retail, an eCommerce analysis provider, explains its dominance with the fact that millennials, Amazon's core demographic, are getting older and starting to spend more. Moreover, advanced marketing capabilities for sellers, developments in Alexa, and pioneering in applications of the hottest technologies make it impossibly hard for smaller competitors to actually… well, compete. Amazon is not only a simple and familiar platform selling everything you can think of -- it's also one of the most innovative players on the market.
Millennials are driving a shift in the way that businesses should approach customer service. By engaging with brands through emerging technologies, millennials are driving a paradigm shift in the customer service conversation. Businesses must evolve their approach to join the conversation, or face losing the significant buying power of the millennial consumer. Since birth, Millennials have grown up with technology. This has shaped their behavior and expectations whilst transforming the way they engage with consumer brands.