Facing heightened competition and increasing demands from customers, many organisations are now leveraging Artificial Intelligence (AI) to stay ahead of the curve. While the use of AI has predominantly been applied in heavy industries and financial services, it is now increasingly applied across a gamut of customer-facing industries, including retail and healthcare.
According to the Economist Intelligence Unit report from 2017, ‘Artificial Intelligence in the Real World’, 75 per cent of business executives said that AI will be actively implemented in their organisations within the next three years. Worldwide spending on cognitive and AI platforms is forecast to reach 57.6 billion USD in 2021.
AI is a game-changing solution for customer experience. It holds the key to greater customer insight, enabling real-time decision making and quicker, deeper insights into customers and their needs.
AI platforms can process colossal volumes of data and deliver unprecedented deep-level insights that provide a 360-degree view of individual customers. Predictive analytics can anticipate how customers will behave based on past actions, creating more reliable, better-personalised interactions.
The question is: how can organisations enable their customers to embrace this change and put their trust in new technology? In this hyper-connected world, organisations need to ensure they are not only delivering the most innovative connected technology, but that this technology is reliable. This is the only way to install the level of trust needed for mass adoption. In order to achieve this, organisations will need to carefully manage and analyse their data sets.
The volume of information available today continues to grow. Across all industries, organisations of every size are searching for methods to efficiently extract maximum value from both structured and unstructured data in order to apply it to business decisions and drive organisational success. This doesn’t need to be a daunting task. In fact, the use of machine to machine (M2M) communication and artificial intelligence has many benefits here.
By deploying technology to successfully navigate and manage these huge quantities of data, organisations can speed processes, improve frontline services and reduce human error. Artificial intelligence and cognitive technologies hold the potential to give organisations faster access to sophisticated insights, and consequently empower them to make better decisions for customers.
OpenText™ Magellan is a flexible, AI-powered analytics platform that combines open source machine learning with advanced analytics, enterprise-grade BI, and capabilities to acquire, merge, manage and analyse Big Data and Big Content stored in organisations’ Enterprise Information Management (EIM) systems. With Magellan, organisations can work more quickly in a cost-efficient and scalable environment.
The Digital Revolution will drive increasing reliance on cognitive technology and artificial intelligence – and every job in every industry will be impacted. There is an inevitable shift to incorporate artificial intelligence into certain processes as organisations turn to automation. By embracing this technology and demonstrating the benefits to customers, organisations can ensure they are not left behind in today’s Digital Revolution.
Find out more about emerging, disruptive technologies including AI and blockchain during our Innovation Tour 2018.