Artificial Intelligence or also known as AI, was invented decades ago. Although people used to associate it with robots, today, AI has become a part of nearly everything we use. From personal gadgets and home appliances to media streaming devices and smart cars, artificial intelligence is everywhere.
It has also become a valuable part of many business operations, helping to understand and improve management functions and customer experience. As the number of companies utilizing its benefits continues to grow, some new AI trends are emerging on the market.
#1 Predictive Analytics
The growing use of machine learning, NLP, and artificial intelligence to process data has left a massive impact on augmented analytics, also known as a practice of predicting trends based on existing data. Predictive analytics is expected to become one of the 2020’s major trends, as the number of companies using it continues to grow.
This practice has already become an essential activity for many businesses, from customer service and price optimization to recruitment, supply chain improvement, and retail sales.
By using predictive analytics, companies can become forward-looking and proactive, preparing for behaviors and outcomes based on real data, not assumptions.
#2 Real-Time Marketing Activities
Real-time marketing includes using instant data on what is happening right now to create marketing decisions. Instead of carrying out plans and strategies prepared in advance, real-time marketing counts on immediate customer feedback and relevant trends.
In 2020, more marketing activities are expected to become real-time, mostly driven by artificial intelligence. The growing number of companies will use AI to keep their customers satisfied and manage real-time user interactions across all channels.
Besides being a helpful tool for improving customer feedback and interactions, more and more marketers will start using artificial intelligence to reach a new audience on social media platforms, as well.
#3 More Personalized Services
Today, businesses need to provide more relevant and customized services to attract and keep their customers. Consequently, real-time insights and data have become a valuable asset in understanding customer expectations and delivering the right service at the right time.
However, that is much more than merely segmenting users by their interests. Valuable customized content creates relevant and authentic user engagement at every level of the customer journey. This is where artificial intelligence provides all the much-needed help.
AI uses large amounts of data gathered by multiple sources to define patterns in customers’ behavior. By using interaction history, it can even create a specific profile for every customer, essential for delivering a high level of personalization in user engagement.
#4 AI Customer Support and Assistance
Customer experience should always be one of the main focuses of any business. Because keeping existing clients satisfied provides a much better return than continually searching for new customers.
Artificial intelligence has enabled companies to take their customer service to a whole new level by providing better interaction and response time.
As one of the leading trends in 2020, the artificial system assistance, including customer services and other sales tasks, is expected to become more streamlined. Some of the digital marketing experts project that more than 85% of all customer support communication this year will be managed without customer service representatives.
However, these solutions can have a much bigger impact than just improving customer service interactions. By using apps and programs with an Artificial Intelligence System, companies can also build loyalty or brand reputation, generate revenue streams and boost almost every aspect of the business.
#5 AI-Powered Chatbots
There are many different ways businesses can utilize chatbots. Although they have become common in making payments or marketing activities, customer service brings out their full advantages.
Most of the commonly used chatbots are built with the logic of a decision tree, using information from large databases, which is a great way to share basic product information or answer simple customer requests. However, if a user enters a more complicated question, the chatbot might not understand specific phrases and give a proper reply.
In 2020, chatbots are expected to become more efficient in matching human conversation. AI-driven chatbots can remember parts of previous communication with a customer and use them to create more personalized conversation.
By offering more useful and practical communication patterns than human operators, AI-driven chatbots will create a better user experience and customer feedback.
#6 Digital Workers
One of the artificial intelligence trends in 2020 is the growing number of digital workers transforming the traditional workspace. Software robots and AI automation have already gained a massive role in manufacturing, retail, banking, and insurance, where they can be used more effectively.
However, as of this year, more and more companies are expected to use digital robots even for smaller tasks in the office. Digital workers will be trained to perform business tasks like any other human employee, only much faster and with no mistakes.
#7 Hybrid Workforce
Some surveys predict artificial intelligence will create 2.3 million jobs and eliminate 1.8 million jobs this year. Although many people see automation and AI as traditional job killers, the following years are expected to witness the growing cooperation of human and digital workers, creating a new hybrid workforce.
By 2022, one in five workers engaged in the mostly nonroutine task is expected to rely on AI to perform a task. Furthermore, by taking over routine tasks, digital workers will leave more time for employees to manage complex jobs, even at peak times. That way, the new hybrid workforce will reduce costs, improve efficiency, and create a better user experience.
#8 AI-improved Cybersecurity
The growing number of businesses and individual internet users have become victims of hacking, social engineering, and phishing scams, with attacks becoming more sophisticated each year. Cybersecurity threats have been on the rise for a while now, which created a global need for a new, smarter, and more efficient way of protecting people from attacks and intrusions.
By using artificial intelligence, security operation analysts can stay ahead of threats and protect users from breaches and compromising sensitive data on time. AI analyses threat information from millions of available news stories, blogs, and research papers, provides instant insight, and significantly reduces the response time when an attack emerges.
#9 AI in Media and Entertainment Industry
Artificial intelligence has already shaped the entertainment content delivered to people all around the world each day. From human-like opponents in video games to smart playlists on Google Music or Spotify, AI provides a new, unique user experience.
That shift is set to become even more significant in 2020. By gathering data about the users’ activities and behavior, AI will enable entertainment companies to offer even more personalized content. Also, the growing number of advertising companies are expected to use artificial intelligence in designing ads and creating film trailers.
#10 More Accurate Facial Recognition
Today, facial recognition has become a common way to support traditional security methods. From retail platforms to airports and border security systems, facial recognition technology has become accepted across a wide range of markets and industries.
However, because of the technological improvement, the following years are expected to witness even more significant growth of the entire facial recognition industry. With the help of artificial intelligence, facial recognition systems will become more accurate, leading to a higher level of security in organizations and businesses.
Start Using Artificial Intelligence to Boost Business Growth
Artificial intelligence technology has already left a tremendous impact on different markets, changing the way businesses operate and approach their customers. The companies faced with these significant changes are left with a choice to either embrace them and become market leaders, or to remain stagnant fearing of change.
However, remember that just a few years ago, people were also afraid of autonomous vehicles on roads, facial recognition was considered as science fiction, and not many believed social media would have such a strong impact.
If excepted, artificial intelligence can become a successful way of building your future business today.