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Data as a Service: Enterprise search benefits from Artificial Intelligence and Machine Learning

According to IDC, data as a service, voice-controlled apps, and AI-based services are the most important IT trends of the coming years. Data marketing and data analysis are among the most important challenges for companies. IDC expects that the amount of data created in 2023 will reach over 100ZB, one trillion gigabytes), most organizations also need to turn to external data in order to execute a variety of business processes. This translates into more than 90% of large companies generating their revenue from data as a service.

Digital Era ARTIFICIAL INTELLIGENCE MACHINE LEARNING

This is the provision of information and distribution of data for customers. AI-based services and machine learning methods help to interpret data and are therefore becoming increasingly important. In the future, digital services or apps will hardly be able to keep up with the market without the support of artificial intelligence. Artificial intelligence (AI) is a driving force behind digital transformation, encompassing innovations such as machine learning, natural language processing (NLP), data labeling platforms, and predictive analytics. According to IBM 35% of companies report using AI in their business, and an additional 42% of respondents say they are exploring AI.

 

The latest report by Research and Markets also shows that AI is expected to achieve a compound annual growth rate of 52% by 2025, indicating its rapid adoption by global businesses. The global AI spending reached over $55 billion in 2021 (IDC) and the AI market is expected to grow to $1.81 trillion by 2030 (GrandViewResearch). By 2023, 60% of all digitization projects will be supported by artificial intelligence functions and almost half of all apps will be voice controlled. One survey also found that 87% of global organizations believe that AI technologies will give them a competitive edge.

 

The majority of companies are using machine learning processes in marketing & sales, healthcare, banking, manufacturing, and retail sectors. The machine processing of language is becoming increasingly important. Self-learning systems that process complex amounts of data in real time are also gaining importance. AI-based systems are expected to take on more and more tasks and relieve entire departments.

 

The benefits from artificial intelligence and machine learning are numerous:

  • 42% of companies stated that the profitability of their ML and AI initiatives exceeded their expectations, while only 1% said it didn’t meet expectations. (Accenture)
  • By 2025, 50% of companies will have devised AI orchestration platforms to operationalize AI, up from fewer than 10% in 2020.Gartner 
  • Global machine learning as a service (MLaaS) is currently used mostly in healthcare and life sciences, but it is expected to grow in industries including manufacturing, retail, telecom, finance, energy and utilities, education, and the government.
  • 92.1% of companies state they are achieving returns on their data and AI investments. (NewVantage Partners)
  • AI-powered enterprises will be able to respond 50% faster to customers, competitors, regulators, and partners than their peers. (Oracle)
  • AI and machine learning will contribute to the labor productivity increase by up to 37% by 2025.  Industry, Research and Energy (ITRE),
  • 27% of the respondents of the latest McKinsey Global Survey on AI report at least 5% of earnings before interest and taxes attributable to machine learning-based AI.
  • PwC research shows that the global GDP could be up to 14% higher in 2030 (up to $15.7 trillion1 to the global economy) as a result of the ML and AI accelerated development and take-up. (PwC)
  • According to PwC research, 45% of total economic gains by 2030 will be the result of AI-driven product enhancement, stimulating consumer demand.
  • IBM’s new cognitive phishing detection capability uses machine learning to help businesses detect a phishing site up to 250% faster than traditional methods.

The Next Generation Intelligent IT Infrastructure

 

The rapid adoption of cloud computing, big data, and IoT devices proliferation contribute to the increasing complexity of business IT environments today. These and other key trends are challenging organizations to effectively and efficiently manage and secure their IT environment and to assure IT service levels and achieve business success. It doesn’t matter whether it’s hosting or outsourcing your own hardware to a colocation. The first question from customers is always: How safe is it to give your own data to someone else? Hardware, software, infrastructures, either of a start-up of a big enterprise, everyone needs the latest, high-quality, and powerful IT. But of course, these facilities come with an important amount of financial resources.

 

In addition to that, today’s IT infrastructures are being overwrought to the breaking point by new technologies and applications, such as requirements of controlling mobile devices, maintaining visibility into virtualized resources and services, including on-premise, cloud, hybrid-cloud, virtualized, distributed, and mobile components, achieving increasingly demanding SLAs for critical business applications and so on. Managing IT services and automating all aspects of IT management in remote and distributed environments with ease is often labor-intensive and costly for organizations because their available IT management tools are often poorly integrated. Effective IT service management becomes more challenging when some resources are on-premise and some are in the cloud.

 

This post outlines what IT professionals should look for when determining the enterprise legacy infrastructure transformation and make it ready for the digital future.

 

    • Even in 2020, many enterprises still use outdated systems, without considering that they can be exposed to crashes any time and they can be left with no backup plan!. If the X software worked perfectly fine for years, it doesn’t mean that you can run it for life. Outdated software applications can, unfortunately, hurt your business and waste time by slowing down production, wasting money in the long run, and even increasing vulnerability to security threats. Thus, one should not ignore or underestimate the hidden costs of legacy software.
      Research indicates that costs related to maintaining legacy software can exceed the original development budget in just 5 years and take up as much as 75% of the IT budget. In addition to that, the estimated average cost of a data breach is $4 million according to IBM.
      So instead of being stuck with your old software, letting new opportunities in your industry go unnoticed, you need to follow industry trends by making sure that you are focusing 100% on your business demands. This creates more business openings for you and you can take over your market share.

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    • Call it a digital transformation strategy or call it smart business, by removing unnecessary software your company can re-organize your IT infrastructure to align with existing or new business goals.  As enterprise licenses aren’t cheap and every single seat is worth from hundreds to thousands, a regular software audit allows you to cut the cost of unused software and potentially save millions a year.

 

    • Despite all of the technology at our disposal, many enterprises still rely on manual, repetitive tasks in industries such as transportation and logistics, financial services, manufacturing, insurance and finance, and accounting. Mostly the reason for performing manual tasks instead of opting for automation is because old legacy systems are difficult to integrate with modern applications. By automating every manual, repetitive task to the company can multiply efficiency and profitability, increase workflow efficiencies, and freeing up their staff for higher-value work.

 

    • In Cloud computing ear, the business landscape is revolutionizing. Cloud computing offers increased flexibility, efficiency, accessibility, scalability, and collaboration. Plus, cloud computing can help you get your entire staff on the same up-to-date software. The biggest concern for many IT teams has been tackling the growth of data. If your organization is still not taking advantage of the cloud, it’s time for an IT infrastructure upgrade. This shift will not only give you the increased processing power and data storage your company needs, but it will also give your staff the consistency, flexibility, and improved collaboration tools to help you get the most from your technology.

 

Sources:

Accenture: Intelligence unlocks vision

The Most Common Myths About Cybersecurity

cybersecurity

Cybersecurity issues are becoming a day-to-day struggle for businesses. cybersecurity statistics reveal a huge increase in hacked and breached data from sources in 2019. according to the Ninth Annual Cost of Cybercrime global study by Accenture, security breaches have increased over the past year with 11% and over the past five years, security breaches have increased by 67%, according to Accenture’s global survey. But even in the age of digitalization, there are still numerous myths surrounding the topic of cybersecurity. This article underlines few common myths around cybersecurity.

 

Myth 1: Nobody wants to hack me! I’m not anybody important!

Reporting on cyber attacks often gives the impression that it only hits the big ones. Small business must pay attention to cyber security and stop thinking they’re not even worth being attacked, and their size doesn’t make them the perfect target. Even those who often have fewer resources for security solutions or who are targeted by criminals in the event of mass attacks are a worthwhile goal. Hackers will be focusing to gain access to the data of SME in order to steal consumer information along with their credit card details. According to Accenture research, forty-three percent of cyberattacks are aimed at small businesses, but only 14% of them are prepared to defend themselves. Small businesses make up to 13% of the entire cyber security market, surprisingly small businesses invest less than $500 in cyber security.

 

Myth 2: Cybersecurity is only IT department’s problem

Most organizations are approaching cybersecurity totally wrong. Of course, the IT department is primarily responsible for the implementation of security standards and the implementation of protective measures. However, business leaders, either they run a small-medium company or an international corporation, they can’t just leave everything at their IT department and technology systems, instead to make a safer workplace and to protect their valuable assets, they need to make IT department work in collaboration with the rest of trained employees and give their management support to identify key risks, imagine potential threats and develop a plan for safe work environment.

 

Myth 3: My Antivirus software is enough to protect me

Your antivirus software is helpful and to fight against malicious software and viruses but they don’t stop the attack from happening. But the “threat landscape,” is changing and today’s hackers are way more sophisticated than you may think. They are finding new ways around antivirus software and to go mostly undetected to circumvent privacy. Even with antivirus software installed, you still need to be careful and wary of your online activities. Therefore, it is very important to take security measures that match your business requirements and your risk situation.

 

Myth 4: I have a Mac computer, they don’t get viruses

It’s true that Macs don’t get as much malware as PCs. However, it’s a BIG lie that they are 100% safe, they do get viruses, and beyond that, they’re getting more than ever. During the first quarter of 2019 alone Mac malware jumps more than 20% in three months, massive uptick in adware. A report from Malwarebytes claims, with detected threats up by more than 60% from the fourth quarter of 2018 to the first quarter of 2019, and adware becoming more prevalent with an increase of over 200% for the same period. The threat of malware has increased for Mac users in a short space of time.

 

Myth 5: Hacker attacks can be detected instantly

Did you know that the average time to identify a breach in 2019 was 206 days (IBM)? The average time to contain a breach was 73 days (IBM). It represents a great danger for business as longer hackers can access your systems undetected, the further they can go in their attack and cause some major damages is therefore all the more important in order to be able to react quickly in an emergency.

By conducting routine assessments and Continuous monitoring of potential vulnerabilities in your organization, you can save money, mitigate the damage of breaches, and perhaps even identify vulnerabilities before a breach takes place.

 

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Is a Chatbot right for your business?

 

Chatbots, either it’s the one structured by hard coded questions/answers or the one that are able to learn through AI and Machine Learning, are like robot and use to provide excellent customer service but are also well known in marketing & sales.

With the integration of chatbot via website, Facebook messenger or via a voice assistant such as Amazon Alexa, Siri or Google Assistant, companies want to offer their customers a unique customer experience. Chatbots are having a significant impact on the way businesses connect with their customers, manage their marketing campaigns for lead generation, and automate payments. That is why more and more companies are trying to differentiate themselves from the competition with voice assistants and chatbots (so-called conversational interfaces). Multiple surveys also show that chatbots are well received by users.

 

The chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%. Worldwide, chatbots will generate over $8 billion in savings by 2022 and 80% of enterprises will use chatbots as they have the potential to transform businesses in two ways, by delivering radical efficiencies, and by helping businesses meet ever-increasing consumer demands. Nowadays, some of the advanced chatbots are powered by AI, that are able to solve problems, send personalized messages and improve interactions with customers.

 

According to a survey conducted in April 2019 by Ada and Forrester Consulting, 89% of customer service decision-makers in Canada, the UK and the US believe chatbots and virtual agents are useful technologies for personalizing customer interactions. Another study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

 

Even though chatbot first appeared in 1950 by Alan Turing under the name of Turing test to check a machine’s ability to exhibit intelligent behaviour equivalent to, or indistinguishable from, that of a human, chatbot ecosystem is only expanding since few years in companies’ robust ecosystems that currently exists. Chatbots are on the rise thanks to increasing demand from consumers to have a 24/7 digital experience. Therefore, more and more major companies continue to deploy channels such as messaging apps, cloud networks, SMS, and email clients where chatbots live and interact with users.

 

Here below are some useful stats to know on chatbots for 2020:

 

Is a Chatbot right for your business

 

      • In 2019, chatbots became more AI-driven, capable of handling complex human interaction with ease and are now taking over traditional conversational services – Grand View Research report.

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    • 265 billion customer requests are recorded per year and businesses spent nearly $1.3 trillion to address them. Using chatbots could help save up to 30% of this cost – IBM

 

    • Around 40% of millennials say they chat with Chatbots on a daily basis – Mobile Marketer research

 

    • 53% of companies identify AI as a tool for creating ‘customer-first culture’ – CX Network

 

    • The top industries profiting from chatbots are real estate, travel, education, healthcare, and finance – Chatbots Life, 2019

 

    • Up to 73% of healthcare admin tasks could be automated by AI, and the adoption of chatbots could save the healthcare, banking, and retail sectors $11 billionannually by 2023 – Business Insider Intelligence

 

    • By using chatbots, businesses and consumers will save a combined 2.5 billion hours by 2023 – Juniper Research

 

    • 70% of chatbots accessed will be retail-based by 2023 – Juniper Research

 

    • 61% of executives say that conversational bots enhance employee productivity via automatic follow up of scheduled tasks – Accenture

 

    • 60% of executives say that chatbots improve their agents’ ability to handle client queries by networking with other bots – Accenture

 

    • 53% of companies use AI chatbots in their IT department. 23% use them for administrative tasks – Spiceworks

 

    • Top chatbot uses are for getting a quick answer in an emergency (37%) and resolving a complaint (35%) – Oracle

 

    • Chatbots not only help to reduce cost but they also drive more revenue by upselling as they can remember customer’s preferences, they are able to provide advice, tips and recommendations. All of this is possible if the chatbot is intelligent enough to know the customer’s buying journey.

 

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Artificial Intelligence: Top Pick Statistics for 2020

Artificial Intelligence Top Pick Statistics 2020

    • According to the market research firm Tractica, Revenues from the artificial intelligence (AI) software market worldwide is expected to have a growth of 6 billion by 2025 – Statista

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    • According to Gartner, Inc. 25% of customer service and support operations will integrate virtual customer assistant (VCA) or chatbot technology to communicate with customers by 2020 – Gartner

 

    • Large companies are adopting AI at a rapidly accelerating rate. Just 4% of enterprises had adopted AI 12 months ago. Today, 14% of enterprises have deployed AI. A further 23% intend to deploy AI within the next 12 months. Adoption will continue to accelerate; in two years, nearly two thirds of large companies will have live AI initiatives – Gartner

 

    • According to PwC analysis, AI, robotics and other forms of smart automation will bring great economic benefits and contribute up to $15 trillion to global GDP by 2030 – PwC

 

    • By 2020, investors will use platform, data value and customer engagement metrics as value factors for all enterprises- IDC

 

    • IDC predicts that the Global Datasphere will grow from 175 Zettabytes by 2025 – IDC

 

    • Artificial intelligence has come into the mainstream because it allows us to make sense of an increasingly large amount of data in real time. Indeed, worldwide data will grow 61% to 175 zettabytes by 2025- IDC

 

    • In order to fill skill gaps caused by the need of AI adoption,75% of organizations will be investing in employee retraining by 2025 – IDC

 

    • By 2021, at least 50% of global GDP will be digitized with growth in every industry driven by digitally enhanced offerings, operations, and relationships- IDC

 

    • The RPA Services Market will grow to reach $12 Billion by 2023. Also to be noted that, Forrester has previously projected that the RPA software market itself will grow to $2.9 billion by 2021. – Forrester

 

    • 11,214 results This is the number of open positions produced by a recent search for “robotic process automation”on LinkedIn’s jobs site. Titles vary within this growing IT jobs category, but “RPA developer” (and variations of the same) is an increasingly common one – reflecting the need for IT pros who can build the bots that enable organizations to offload repetitive, time-consuming tasks – LinkedIn

 

    • Clinical health AI applications can potentially create $150 billion in annual savings for the US healthcare economy by 2026 – Accenture

 

    • Growth in the AI health market is expected to reach $6.6 billion by 2021—that’s a compound annual growth rate of 40% – Accenture

 

    • According to a report by Statista, revenue in the Smart Home market amounts to $90,968m in 2020. Household penetration is 9.3% in 2020 and is expected to hit 19.3% by 2024. The average revenue per installed Smart Home currently amounts to $77.07. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 15.0%, resulting in a market volume of $158,876m by 2024 – Statista

 

    • 80% of all marketing executives predict Artificial Intelligence will revolutionize marketing by 2020 by generating a better sale close rate, increase in revenue, improvements in website traffic and customer engagement and a higher conversion rate of potential leads to paying customers- DEMANDBASE

 

    • Chatbots integration will allow banking and healthcare sector to save $8billion annually by 2020- Juniper research

 

    • AI surveillance technology is spreading at a faster rate. At least 75 out of 176 countries globally are actively using AI technologies for surveillance purposes, including smart city/safe city platforms (56 countries), facial recognition systems (64 countries), and smart policing (52 countries) – Carnegie endowment for international peace

 

    • AI embedded in analytics and other marketing software will free up more than a third of data analysts in marketing organizations by 2022, providing them with more time to spend on other business priorities instead of spending time on repetitive manual processes – Gartner

 

    • In approximately 60% of occupations, at least 30% of constituent activities are technically automatable by adapting currently proven AI technologies in sectors such like: Finance and insurance, Retail, transport and trade, Professional services, Manufacturing, Healthcare – McKinsey Global Institute

 

    • According to the report, the global artificial intelligence (AI) in cyber security market was USD 7.1 billion in 2018 and is expected to reach approximately USD 30.9 billion by 2025, at a CAGR of slightly above 23.4% between 2019 and 2025 – Zion Market Research

 

How to Deliver and Outstanding Customer Service in 2020

Customer Satisfaction 2020

 

Customer satisfaction is defined as a customer’s overall evaluation and experiences made with a certain business concerning its given products, the sales process, and the after- sale service. This overall satisfaction has a strong positive effect on customer loyalty intentions across a wide range of product and service categories (Gustafsson, 2005).

 

What a company thinks its customer wants is not necessarily the same as what they think they have to offer or they actually are offering to enhance their customer’s experiences (Hubert Rampersaud, 2001). In order to remain their positions and become the trendsetter in the new decade, companies must be careful enough if they are wondering what will affect customer experience (CX) or customer satisfaction in 2020.

 

A study by the American Society for Quality shows that 67% of customers leave a company because of an attitude of indifference on the part of a company employee, 22% leave a company because their loyalty isn’t rewarded, 34% of customers leave because of dissatisfaction with the product, 10% of customers leave for other reasons (death, relocation, etc.) and 99% of customers leave because of competitors and they believes that you don’t care about them.   Therefore, improving and personalizing customer experience is the top priority for over 55% of companies.

 

In order to have a continuous improvement of customer satisfaction, companies must respect a 4 steps cycle which starts with listening to voice and needs of customers then analyzing their comments, developing actions and at the end implementing. And to achieve a thorough customer satisfaction, companies need to implement good working condition for their employee’s satisfaction, which then will lead to loyal employees and by preparing all this, good production would be followed which will be influenced on customer satisfaction and retention by making them loyal.

 

More and more companies are implementing automation in their process for cost reduction related with customer services ‘human’ agents but a report from Forrester “Customer Service Chatbots Fail Consumers Today” shows that just 63% of consumers are satisfied with their experience with a chatbot”. Humans are still crucial to the service aspect of 2020 digital CX. They must work in collaboration with chatbots to provide the best customer experience possible.

 

Sometimes the key to your customer’s heart lies not so much in giving them what they ask for, but in anticipating what they will need and giving it to them before they ask. And you can do that by putting yourself in their shoes. Think about your memorable experiences that you’ve come across while shopping for a car, furniture, coffee, service etc. What needs and emptions you had while making a big purchase and how a company helped you or could help you to minimize your fears, make you feel appreciated and valued?

 

According to Accenture, 75% of consumers are more likely to purchase from a company that knows their name, their purchase history, and/or recommends items based on their purchase history. So, if you can guess and anticipate meeting your customer’s needs before they even know they need them, a greater success in achieving customer satisfaction and loyalty along with an enormous edge over any other competitor in your industry is guaranteed.

 

Sources:

 

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