As the year comes to a close, the year 2020 will reveal new endeavors. Entrepreneurship and artificial intelligence (AI) go together in today’s fast-paced business ecosystem. As we become increasingly immersed in technology and harvest data, the demand becomes greater to implement sophisticated systems around it.
According to Entrepreneur dot com, AI has made tremendous progress and has become an effective tool for executing business strategies. For instance, AI technology has transformed digital marketing, created innovative solutions to automate processes, organize, and personalize the journey for customizing products or services.
It is estimated that 37 percent of organizations have implemented AI in some form or fashion. This represents a 270 percent increase in the last four years alone. In other words, AI is an important engine and an instrumental piece of technology for running business operations.
“The evolvement of AI is one of the most sought after technology that should play a very important role in organizations. In 2020, the use of AI and modern technology should be more common in organizations. The better understanding and usage of such technology would be beneficial for organizations to give better information to consumers and would boost performance results,” said CEO of eMediHealth Nikhil Manglik.
In the next sections, we will discuss some anticipated trends for entrepreneurs and AI development. Also, what are some novel ways AI can improve business, and what are some predictions around AI in the new year.
AI developments to watch out for in 2020
AI has already made leaps and bounds with its technology. Its enhanced automation since it can perform very intensive human labor and backbreaking need for human intervention. Moreover, it has started to eliminate the need for humans to perform tedious tasks.
As reported by Forrester, in its survey it predicts these following trends:
- 25 percent of Fortune 500 companies will add AI building blocks
- 75 percent of enterprises will embed intelligent automation
- By 2024 AI will be an integral part of the business
At the enterprise and corporate level, a percentage of fortune 500 companies will put in place text analytics and machine learning. This means they will create new Intelligent process automation (IPA) use cases.
The integration of intelligent automation will offer new opportunities. It will allow organizations to innovate based on the experiential and operational insights provided by the technology. It will make investments and expansions of these operations to be more cost-effective.
As highlighted in the Forbes report, AI will offer a transformational experience at the user interface (UI) level. In other words, unleash a new generation of advancements built-in for products and devices.
Business trends that mark the year 2020
Different sizes and types of businesses are tapping into new ways to harness new technologies. Furthermore, they are using these and putting them to work for day-to-day operations. AI will need to include an important feature when it gets rolled out or solves a problem. Meaning, there will have to be green, and ecological components for it to attract consumer interest.
Younger generations are very active in technology and social media-related platforms. In accordance with a separate Entrepreneur analysis, any organization looking to drum up business will have to attract a younger demographic. This is evident on platforms like YouTube and TikTok since there are millions of users engaging daily there. To gain traction and lure their attention, you will have to join in on the fun by generating video content connected to audience needs.
Having a green message will not be enough. How you have implemented green processes and made IPA as part of your efforts to minimize the environmental impact will be paramount. The urgency of tackling climate change is very much at the center of every conversation nowadays. Look at Greta Thunberg’s message and impact on the movement. It was beyond a marketing campaign and an inspirational message that said younger generations can rally to make a difference because it is up to everybody to take care of our planet.
AI needs to be utilized to better predict climate change. We need it to analyze the current impact of human activity and use it to calculate outcomes along with factoring in suffering. More is invested in making things better for buying, selling, trading and automating. But not enough investment to address the latter.
The marketing process and dissemination of messages has radically evolved in the last decade. It has always been about getting to know your audience, and what their preferences are. Today’s machine learning technology and AI insights have given organizations an unlimited amount of information about audience behavior beyond imaginable that they can target a message and predict more than a handful of outcomes. This means organizations are better equipped to design and continually improve the targeting of messages.
AI will continue to boost business innovation. Thanks to the technology organizations tap into not just thousands but perhaps millions of data points we conduct on our devices, and it can generate models to better predict behaviors.
The algorithms embedded within the technology can now anticipate how a purchase will happen, how to detect diseases like Parkinson or cancer and control both a car and an aircraft. This is possible because of the large amounts of the information entered into the system, and the algorithm classifies all of it to yield solutions or a set of recommendations.
A DW documentary stated “AI harbors the immense potential to benefit daily life, medicine or mobility, but we also need to look beyond the technical possibilities. What aim does such progress serve? It is a question AI can’t answer only humankind can do that.” This means with all the innovation and progress we need to have ethical parameters in our technology. Our progress benefits business and entrepreneurship, yet we still need to reflect on how our inventions impact the long-term instead of the short-term.