If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
The smartest business owners I know are always looking ahead. They're making decisions now that they know will affect their companies five years from now. They're doing so because they have a responsibility to their customers, employees, and communities to keep their companies profitable, growing, and sustainable. These same owners are investing in certain technologies today that will help them meet these goals tomorrow. Here are five technologies that will certainly blow up your small business within the next five years.
The future is now when it comes to embracing AI (artificial intelligence). These futuristic ideas are no longer a glimmer in our eyes. We are now fully integrating chatbots and AI in conjunction with Customer Care. It's time to stop talking about the idea of AI and start embracing that they are where Customer Service is NOW. Chances are, you have incorporated AI in your personal life in the form of Alexa, Siri, and Google assistant.
Customers love voice and chat assistants, the conversational interfaces that turn on the lights, help home chefs cook an egg to perfection, and make it easy for consumers to research and buy goods online. However, while customers are already building strong relationships with these conversational assistants, retailers are still learning how to best use conversational bots to drive engagement and strengthen their customer relationships. Nonetheless, these conversational assistants represent a fantastic opportunity for retailers to humanize their interactions with customers at scale, as long as it's done with proper understanding of what it takes to engage with customers and how to deploy voice and chat to drive growth and return in 2020. Conversational interfaces fall into two categories: voice and chat. Voice assistants are mediums that can be accessed through voice commands on a smart speaker or smartphone application.
TIRED: In our experience, Alexa is not as useful as Google's Assistant, which we consider the best smart assistant right now. Amazon-made speakers only let you use Alexa, where many of the Best Smart Speakers now work with Google Assistant or Alexa. Setup can sometimes be a pain with non-Amazon devices.
The idea that computers or software programs can both learn and make decisions is particularly significant and something that we should be aware of, as their processes are growing exponentially over time. Because of these two skills, AI systems can now accomplish many of the tasks that were once reserved for humans. Over the last few years, the growth of AI technology has been staggering. AI-based systems are now being used to help humans benefit from significant improvements and increased efficiency in nearly every area of life. As the development of AI continues to grow, it will change the ways we live and work more and more.
In a bid to "make science fiction a reality", Samsung's future factory STAR Labs has developed Neon, AI-powered virtual beings that look and behave like real humans. Unlike artificially intelligent (AI) assistants like Siri or Alexa, STAR Labs' computationally created beings aren't programmed to be "know-it-all bots" or an interface to answer users' questions and demands. Instead, the avatars are designed to converse and sympathise "like real people" in order to act as hyper lifelike companions. "We have always dreamed of such virtual beings in science fictions and movies," said STAR Labs CEO Pranav Mistry. "Neons will integrate with our world and serve as new links to a better future, a world where'humans are humans' and'machines are humane'," he continued.
Did you know that 86% of customers are willing to pay more for better customer experience (CX), and 73% consider CX an important factor that affects their purchasing decisions? Meanwhile, U.S. companies lose approximately $1.6 trillion annually due to poor CX that causes customers to switch to competitors. In a recent survey, 22% of companies identified customer experience as the most exciting business opportunity and creating an outstanding CX is the key to boosting customer acquisition and retention. However, delivering a consistent customer experience at scale can be quite a challenge. While personal interactions are important for building relationships with customers, the lack of standardized processes can lead to inefficiency and inconsistency that will create a frustrating experience.
The conversations around what the Marketing industry can expect in the coming year is well underway. Technology is expanding and developing at a rapid pace, and Marketing is no exception. In the past year, we have seen a rise of Content Marketing in correlation with the demands from consumers and a significant increase in the use of Chatbots. With Digitization and Automation slowly becoming less admirable due to its lack of meaningful engagement, Marketing is appearing to become more humanlike once again. Here are my predictions for the Marketing industry in 2020.
So far, the main areas of AI use in insurance include customer experience, process optimization and product innovation. Insurers already collect heaps of data; with artificial intelligence, they can use it to its full potential and improve at every level, from automating call center request processing to helping make accurate assessments and executive-level decisions. Through its power to recognize patterns and anticipate actions, AI can provide a predictive environment where risks are anticipated and hedged. So far, it seems that the main areas of AI application in insurance include customer experience (58%), process optimization (43%) and product innovation (19%), according to a 2018 study by Everest Global. AI could also be applied to fraud, which a report by the FBI shows costs more than $40 billion per year.
Just a few years ago the idea that artificial intelligence would be able to help customers with their questions and problems could still be called a futuristic fantasy. Being able to use algorithms and software was not a realistic nor reliable option, no matter the size of the organization. By now chatbots or voice assistants have grown so much that they play an important role in modern-day customer service. Brands are starting to experiment more, and customers have reached a technological literacy, which makes the use of this kind of AI-based services in customer support a lot easier. Download our free e-book to learn everything you need to know about chatbots for your business.