Clearly, digital transformation is no longer an option, but an inevitable part of businesses. It enables them to meet and actually anticipate the needs of their customers and other stakeholders. Companies can also work faster and in better ways to better compete in the marketplace.
According to research by IDC, the digital transformation market is expected to reach $6.8 trillion, and 75% of organizations will have a comprehensive digital transformation strategy in place by 2023.
Additionally, advanced technologies like artificial intelligence (AI) are proving to be an essential tool in adapting to the changing landscape. The advanced learning algorithms used by AI help create solutions that help companies be more innovative, meet customer expectations, and become data-driven.
In fact, 98% of those who used AI-supported activities generated additional revenue, indicating it’s a smart move for businesses to use this technology for digital transformation.
In this article, we will dive deep to understand how AI can play a pivotal role in advancing your digital transformation journey.
How can AI help organizations accelerate digital transformation?
Artificial intelligence (AI) is a driving force behind digital transformation, encompassing innovations such as deep learning, machine learning, and natural language processing. AI helps businesses become smart enough to analyze data, anticipate the future, make accurate predictions, and automate routine tasks.
In this section, we will focus on a few advantages of AI and how it is helping organizations accelerate digital transformation. So, without further ado, let’s begin!
Smarter decision making
The success or failure of a business relies heavily on the decisions made by the stakeholders. From what new products to roll out to when to hold a sale, every decision has the potential to make or break a business.
In the past, executives and business leaders often relied on what worked in the past or their intuition to determine the next best move for their business. And while those strategies worked, they also carried a lot of risks.
But with AI, business leaders can make smarter decisions based on actionable, real-time information. AI systems can also help businesses make insightful marketing decisions based on consumer behavior and forecast trends and patterns to stay ahead of the competition.
Additionally, AI-driven algorithms can process large amounts of data within minutes to provide meaningful insights, making the entire decision-making process easier and faster.
Data breaches and hacks can be an absolute disaster for businesses. But integrating AI into core business processes can not only address security breaches but also prevent them.
Using predictive insights and forecasting, AI technologies can help businesses see ahead to when or how information could become susceptible to a breach. This will, in turn, enable businesses to shore up security proactively.
AI is helping companies to digitally transform their security strategies to secure every cloud, on-premise platform, network, operating system, and application across production and supply chains.
Enhanced customer experience
AI helps businesses to better understand the needs and preferences of their customers. Utilizing AI can help you discover trends in consumer behavior, product preferences, purchase history, and so much more, allowing you to gain a full picture of your customers.
When you know what your customers want or are looking for, you will be able to customize their experience, garnering loyalty and growing your network of repeat customers.
In short, AI can give businesses a clear and complete picture of their customers, which was previously almost impossible to have.
Deeper data analysis
Modern businesses are swimming in data, but are they getting the most out of it? While manual data analysis is a time-consuming process, AI systems can analyze massive amounts of data at remarkable speed. With the help of AI technology, businesses can quickly find relevant information, identify trends, make decisions, and offer recommendations based on historical data.
For instance, algorithms can quickly identify customer preferences, analyze the effectiveness of marketing materials, and offer actionable insights based on those customer behaviors.
Reduced human errors
While humans get tired, AI systems don’t have to deal with fatigue. The human brain can focus on only one task at a time before that focus starts to slip. When people get tired, they are most likely to make mistakes or poor decisions. Repetitive jobs can particularly be prone to errors – when a task is repetitive, it’s easier for humans to lose concentration.
But AI systems don’t have to focus – they are programmed for their function. And for those assigned tasks, AI systems eliminate the risk of human error, producing more accurate results.
Artificial intelligence is here to stay and lead an industrial revolution to help businesses stay competitive and relevant in this ever-evolving digital landscape. These were just a few ways in which AI is driving digital transformation across industries. As AI technologies get better, we will witness more ways in which they can help advance businesses. From gaining an understanding of customers to increased security, AI is definitely the future of digital transformation for businesses.
In case you need any assistance to integrate AI technology into your core business processes and accelerate digital transformation across your company, you can contact a reputed software development company for your needs.