7 AI Trends To Keep An Eye On In 2021 And Beyond
With the major current applications of AI being business processes, it’s no wonder that 2021 trends indicate continued advancements in AI for business. From customer service and operations to document communications and data processing, 85% of businesses think that AI applications should be one of the priorities of companies and innovators today.
Business and Artificial Intelligence
AI is becoming integrated into our everyday lives in ways that are increasingly easy to take for granted, both on a personal and professional level.
Artificial intelligence applications like Siri, or Amazon’s Alexa, give people the ability to control music and home systems, shop, and much more – in the same ways a personal assistant might. In the realm of business, artificial intelligence and machine learning are rewriting how businesses operate in profound ways.
Whether in business or personal life however, these smooth and seamless AI applications performing tasks that a human might otherwise be doing are the result of complex strings of code forming algorithms for machine learning.
The Big Question: Will Robots Take My Job
The big question on many professionals’ and workers’ minds is, will artificial intelligence become the end of my employment?
While it’s true that algorithms and software are starting to mimic the work humans do, the challenge is how to use these tools to enhance value instead of replacing employees in the workplace.
Recently, developers have started creating artificial intelligence applications that can write marketing copy with nothing more than a few keywords and some guidance. Now with a tool like that, what place does the future have for writers? Simple if writers started using this technology to enhance their current skill set, this AI-powered tool could help instead of destroying their value to a company or a client.
AI Trends in Various Business Applications
Not only is artificial intelligence exciting, it’s also rapidly changing. Chances are, what you know about AI applications is probably obsolete. And the technology continues to grow. As such, it’s important to see what trends will push the envelope of machine learning and business operations in the future.
What will those be? Well, here are a few AI trends to look out for in 2021 and beyond.
Data Analysis and AI
One of the AI trends 2021 will bring is advancement in data analytics, specifically in areas like data entry, processing, and visualization. Computer learning is also starting to make automated systems more accurate in terms of predictive analysis, helping predict the outcome of certain strategies and micro-trends in a business. With artificial intelligence, some tools can now measure not just what’s currently happening in your business but what could happen in the next few months or even years.
CompareCamp shared some functionalities of data analysis software that will come in handy for businesses in nearly any industry – and how companies can apply them to marketing, operations, finance, or any other aspect of their business.
Advertising and AI
Another field of business radically changing through the power of artificial intelligence is advertising. There has been a massive shift of advertising spend amongst businesses, especially among small enterprises, in favor of digital channels. 2020 saw up to $2.2 billion spent on Facebook ads alone.
What makes digital ads so effective is the power to target them more efficiently by analyzing people’s information and predicting whether they’ll be interested in the advertised product or service. Through AI-based systems in digital advertising, a tool can even automatically assign more budget towards a specific demographic when it converts better than others. Expect more autonomous decision making to crop up in digital advertising applications.
Invoicing and AI
Businesses can also now start automating invoice extraction with artificial intelligence, which removes hours’ worth of workload from finance staff. The future of AI 2021 is trending towards taking on unnecessarily repetitive and time-consuming tasks. Many of these tasks have to do with document processing, and invoicing is one key task that artificial intelligence developers look to automate for businesses.
Now software can do what was originally done manually and even by hand. Rossum, for instance, automates the accounts payable process with technology that understands invoices and handles their processing end to end from receiving and routing them to posting in records through deep IT integrations. This advancement helps accounts payable teams focus on company growth through cashflow opportunities instead of wasting time on administrative tasks.
Logistics Management and AI
Artificial intelligence can now also help with automating logistics management. Software used for logistics automatically takes care of logistics management for companies by managing, compiling, analyzing, and populating logistics documents like bills of lading, packing lists, and so on.
Through machine learning applications, an automated cloud-based system can extract logistics data and put it in one centralized database for decision-makers, managers, supervisors, and even field staff to operate with as much information as possible.
With misplaced paperwork and clerical errors making up a large portion of operational and logistics issues, tools powered by AI help to drastically reduce or even eliminate them – boosting company productivity and efficiency.
Customer Service and AI
Customer service is another prominent area with heavy use of AI – particularly in retail customer service. These simple-to-build and highly customizable interactive digital tools will only get better with time as developers improve the application of predictive behavior analysis to anticipate customer response and craft better, more natural responses.
With greater hyper-personalization, AI 2021 predictions also indicate that it will become harder to differentiate between interacting with a bot and a human being.
Cybersecurity and AI
Up to 27% of CEOs are looking to invest in AI and machine learning as a way to battle cybercrime.
Given that more company files and assets are moving to cloud-based storage systems, it makes sense that software developers and AI experts start building cybersecurity features that make use of artificial intelligence to protect personal or otherwise sensitive information a company might have.
Hackers and virtual criminals are always on the lookout for the next gimmick or exploit to infiltrate and steal information, assets, and even finances from people and organizations. Firms are responding by investing in the creation of automated, intelligent systems that can authenticate and— if necessary— encrypt files for more protected access.
E-commerce and AI
Artificial intelligence is also changing the way people shop, which means a shift in the way people sell too.
E-commerce sites and stores now deploy greater hyper-personalization, creating more customized experiences that adjust to the shopper with ease. E-commerce AI systems can help provide better product recommendations or scour the internet for coupon codes that might work on a product they are looking to buy.
Artificial intelligence is also changing the back-end side of e-commerce. Today, companies have access to inventory management systems that can perform tasks like automatically reorder from suppliers when a company’s stock of merchandise or raw materials hits a certain preset level.
Conclusion: Digital Transformation at the Core of It All
AI is projected to increase global GDP by an estimated $15.7 trillion by 2030, of which we’re only seeing the tip of the iceberg so far. With so much growth on the horizon, one caveat must be mentioned: to reach the full potential of AI-powered tools, companies should place a premium on digital transformation.
Investing in digital transformation not only helps to keep company input costs efficient while boosting output tremendously, it also allows businesses to stay competitive. In a rapidly changing, rapidly digitizing world, businesses who are able to deploy AI-powered apps, tools, and solutions will have a competitive advantage over competitors who don’t.