Digital transformation is broadly defined as the process of using digital technologies in all areas of the business to upgrade operations and deliver more value to customers. Digital technologies such as machine learning (ML), Artificial Intelligence (AI), IoT, Robotics, Big data, and automation have driven the transformation process, causing a significant shift in the business landscape. Statista states that since enterprises have primarily begun to implement a digital transformation, they are predicted to account for more than 53.3 trillion USD by 2023, which is over half of the nominal GDP.
Experts suggest that AI has been one of the central enablers of digital transformation in various industries. It helps enterprises become more adaptive, innovative, and flexible more than ever. This is why almost every organization seeks AI software development services to enhance its business process.
If you ask, how is AI a part of your everyday life?
Whether it’s a simple google search, a conversation with Alexa or Siri, or just a chatbot that answers your queries, you may have already made AI/ML a part of your routine. When a technology like AI becomes this essential, it is evident for organizations to implement it in their every digital strategy.
Another standard question would be the impact of Artificial Intelligence on businesses and enterprises. Here goes your answer.
How is AI driving businesses towards a digitally transformed future?
AI is redefining the business landscape by working with small and medium-scale enterprises, startups, scale-ups, and large-scale organizations. How powerful is Artificial Intelligence?
- 80% of global organizations believe that AI is a significant catalyst in boosting productivity.
- Over 60% of the early AI adopters have successfully achieved substantial economic benefits using modern features such as chatbots, smart assistants, facial recognition, and personalization.
Besides, AI impacts every single aspect of digitization in businesses and enterprises. Below are four major elements of business that Artificial Intelligence has transformed.
The raw potential of digital technology is known to the world due to AI’s successful implementation. Enterprises now trust emerging technologies to adapt and integrate them with their current systems. AI has made it exceedingly easy to comprehend how any tool can contribute to the business landscape and help deliver the best services to its users.
Artificial Intelligence has played a vital role in fulfilling business data standards. Businesses welcome all forms of data (structured and unstructured) to leverage consumer insights and personalize their journey. This data is also analyzed and processed by AI-driven software that constantly enhances operations and performance.
The end-to-end business process of reassessing customer demands, managing data silos, monitoring equipment, and operations and analyzing market trends is based on modern AI tools and technologies. Not to forget that this digital approach by AI has resulted in seamless and fastest
4. Organizational changes
AI has been indirectly improving behavioral and emotional intelligence in organizations which is a critical aspect of any business. Change management utilizes AI technologies to analyze work processes and KPIs of employees and helps in effective decision making.
Apart from the above factors, every system, workflow, and culture are scrutinized by Artificial Intelligence. Now, let’s throw light on the major benefits that AI and its digital transformational impact bring to the business landscape.
Top 5 benefits of Artificial Intelligence and digital transformation in your business
1. 360- degree view of business
Artificial intelligence helps enterprises to analyze the needs and preferences of their customers. Every successful digital transformation strategy is based on customer insights. AI helps reveal the trends in consumer behavior, digital channel engagement, and purchasing history that ultimately creates a 360-degree view of customers.
Over 71% of the customers expect personalized service as they progress towards the user journey. AI is a key tool in creating customized solutions for the users and enhancing the experience. As a result, enterprises get a competitive advantage through customer satisfaction and loyalty, taking their business to new heights.
2. Dynamic analytics
Collecting data is super crucial to digital transformation strategy since every business capitalizes on data. AI can process thousands of data points to conduct thorough market research and gain insights. For instance, your potential customer can browse your eCommerce website, and AI can help you send personalized recommendations based on historical data.
AI also helps with forming a fully functional digital ecosystem that you can leverage to make data-driven decisions. Predictive analytics is a subset of AI that empowers the business data optimization process and facilitates advancement in business insights.
3. Growth and Profitability
According to a Forbes survey, Artificial intelligence helps business leaders identify marketing, customer service, and sales, creating better business opportunities. It also optimizes business channels and marketing budgets and makes the process of scaling business easy.
In terms of economic advantage, studies show that AI is all set to boost industrial revenue by $14trillion by the end of 2035. A broader economic impact is that more organizations, especially disruptive startups, are willing to invest in future emerging technologies creating better roles for people.
4. Resource management
Through the AI digital approach, information and services are unified into business solutions. Instead of separate databases and software, AI puts all organizational assets in one centralized location. As a result, businesses find it easier to manage resources and equipment, leading to increased efficiency in all divisions.
5. Promoting a digital culture
AI fosters a digital culture that drives every business towards a better future. While the AI/ML technologies make communication simple, it also aids in bringing a transparent and upskilled process where every business member is informed and updated on their roles and responsibilities. Hence, digital transformation allows faster adaptation to business culture.
By now, you’d be familiar with the power of Artificial Intelligence in every business domain. Today every leading organization operates on Artificial Intelligence, trying to reimagine the business landscape. Similarly, if you are willing to innovate any product or solution, we highly recommend seeking reliable AI software development services to smoothen your development process.