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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.

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.

 

Sources:

2020: Year of Chatbots

chatbot artificial intelligence salesforce

 

Artificial Intelligence (AI) is all around us and we are taking advantages of it continuously via our smartphones, wearables, Internet of things, cars, home appliances, in our offices, in public services, in our retail experiences throughout media and beyond. AI has fulfilled its promises to fundamentally change our everyday living. Artificial intelligence (AI) has the potential to transform industries and the way organisations and professionals used to work. With the ability to learn and adapt, AI is capable to develop increasingly sophisticated capabilities that will allow it to execute a growing number of tasks that works perform manually today.

 

According to an April 2019 survey from 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.

 

While there had initially been fears that AI would replace human workforce and take over jobs, the emerging consensus is that is proving to be a bonus for enterprises and human workforce because it will allow machines to execute repetitive, routine tasks while freeing human up to perform higher level activities that will increase their overall productivity. In addition to that, As AI has been identified as one of the biggest technologies for the economic growth. More and more business and governments are launching programmes designed for developing deep learning capabilities in AI in order to build an AI ecosystem.

According to PwC’s 22nd Annual Global CEO Survey, AI will add US$15.7 trillion to global GDP by 2030, which is more than the current output of China and India combined. Gartner predicts that 70% of organizations will integrate Artificial Intelligence to assist employees’ productivity by 2021. Business leaders know that those who take the lead now will get the biggest share of this prize. according to the latest Global CEO Survey, nearly 3 out of 5 Global CEOs believe AI will have a larger impact on the world than the internet revolution.

 

ARTIFICIAL INTELLIGENC LARGER IMPACT THAN THE INTERNET REVOLOUTION

 

These figures show that AI is increasingly making its way into any workplace with the help of virtual personal assistants (VPAs) and other forms of chatbots and expanding human performance in many organizations. For enterprises, AI chatbots offer a way to build a more personalized and engaging customer experience, which in return delivers a wealth of customer information that is highly valuable in better understanding their customers and growing their business.

US market researcher expected that 85% of consumer-business interactions would be through intelligent bots. The new online study from USU confirms a high potential for the customer service of the future. Here below are few key areas where businesses can derive value from chatbots:

 

    • Business are creating value through transforming customer journeys by providing immediate response to consumer’s queries or issues. According to McKinney’s study, 75% of customer demand NOW service within 5 minutes of online contact. If business can beat this time, they can convert a ‘visitor’ into a ‘paying’ customer.

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    • Staffing a 24x7x365 contact center mainly with human agents can be costly. According Human Resource Institute, it costs companies $10-$15k to replace one frontline employee. Therefore, it’s easier for Business to avail a 24/7 customer service via their chatbots ecosystem that are able to resolve customer queries related to i.e. complaints, product returns, refunds, tracking & tracing of orders etc in no time. According to a survey by Oracle, 80% of brands are planning to integrate Chatbots in their customer service by 2020.

 

    • Chatbots help to reduce costs by enabling enterprises to serve more customers without hiring extra staff as Chatbots are able of speeding up response times, freeing up agents for more challenging work, and answering up to 80% of routine question.

 

    • 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.

 

 

Sources:

 

HyperScale and Data Management

A hyper-scale data center is mega-sized data centres that have a huge number of computers, network hardware, cooling systems, and are able to support thousands of physical servers and millions of virtual machines. As the technology is growing at exponential rates, big providers such as, Amazon Web Services (AWS), Microsoft Azure, Google, IBM Cloud, Oracle, SAP etc are redefining hyper-scale data centres for data storage and optimising speed to deliver the best software experience possible.

 

In this evolving IT landscape, for customers as well as companies, the question arises of which strategy they want to use for their data storage. They can choose from the following two options, either they can outsource and move their data to an external data center facility, either they can choose to move their traditional ‘physical’ data center to the clouds, means instead of investing in their physical hardware’s, they may opt to rent server in clouds. With this process of outsourcing, companies can reduce payroll costs and ensure that they remain up to date with the latest technological advances.

 

This need of outsource has created the requirement of hyperscale data center, which can operate, analyse and model the massive amounts of data flowing through their systems and offer insights into user behaviour that can be used to generate further income streams. As traditional architectures are not suited to adapt to new cloud centric infrastructure and operations, outsourcing Hyperscale represents a lot of advantages. Companies can benefit from a flexible and customizable IT infrastructure at exactly the level of traceability and cost, adapted to their capacity and need for specific workloads. The principle is simple: The low Total Cost of Ownership (TCO) comes from the fact that the data centers are usually equipped with standard and thus inexpensive standard components and second, that due to virtual infrastructures for larger data volume no more space, air conditioning or electricity is needed.

 

However, companies must not only work with one a single vendor. Using cloud services from more than one hyperscaler avoids dependency on a single vendor. Connecting with different Hyperscaler companies can also choose, depending on the requirements, the individually matching cloud service. This keeps them flexible in order to respond quickly and cost-effectively to new business challenges. This approach requires well-thought-out architectures, as in addition to disk space and computing capacity, data traffic also costs money in the cloud. Unnecessary and duplicate data exchange with Second Source can also increase costs.

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But where exactly are the differences in the hyperscalers? Well, the pitfalls lie in the different cloudstack. The most important distinguishing features can be divided into three categories: product diversity, performance classes and workload-specific target groups.

As no company is the same, sometimes performance, sometimes security, sometimes compliance, then again the availability or the costs or criteria such as scalability, connectivity and other workloads have priority. This question must respond to each companie’s need individually in the selection of hyperscaler.

 

Both in strategy and in purchasing, new thinking is required. Because the potential of the Hyperscaler can only be raised if the companies say goodbye to their single sourcing strategy. Multi-cloud sourcing strategies imply that businesses can move from one provider to another at any time and even distribute the same workloads among multiple resources.

 

Public cloud services are now demanded not only by large but also by medium-sized companies as a managed service. Hybrid and multi-cloud models, which constantly analyze new services and integrate them into managed service offerings, dominate.

For the path of the public cloud transformation, the supporting service providers have to offer a wide range of services and technical implementation. They act as partners of the large public cloud providers and have to know their advantages and disadvantages and advise their customers accordingly. Service Providers need to know all the offerings of the cloud providers in detail and to harmonize them with the requirements and business processes of the user companies.

 

Hyperscale computing is highly decisive choice for organizations dealing with large data volume, so the usage of the new computing system will be seen more in the area where companies demand big analytical needs.Since hyperscale computing is attracting more users, legacy methods of data management are no longer enough to meet the data management needs due to explosive data growth. HyperScale Technology provides a modern data management that is scalable, highly resilient, and simple. It allows organizations to manage data seamlessly on-premises and in the cloud. With Hyperscale Technology solutions companies can removes the burden of day-to-day operations with a simplified installation, automated and self-service operations, and update process.

Powerful use of AI in Customer Service

Powerful use of AI in Customer Service

AI technology has long history which is actively and constantly changing and growing. As the AI era continues to unfold, it’sset to play an increasingly prominent role in our day-to-day livesand becoming one of the most important technology trends of our lifetimes.

According to researcher Gartner research, 85%of customer service operations will use Virtual Customer Assistants by 2020and will drive up to $33 trillion of annual economic growth. As today’s Artificial Intelligence (robotics) has the capabilities to imitate human intelligenceby performing various tasks that require thinking and learning, solve problems and make various decisions companiescan provide a better customer-oriented service with the use these software’s.

 

Here below are fewbenefits that AI-based systemsprovide in Customer Service.

 

Chatbots

Artificial Intelligence is redefinesthe customer service standardswith the use of advances chatbots. With chatbots, powered by AI, answers can be found automatically for a large number of customer questions,better and quickerthan by the call centre employees.However, for chatbots, clearly defined tasks should be defined; basically, they are most efficient when addressing a limited topicBut as Natural Language Processing and Machine Learning are making these Chatbots work far better, and their scope in providing service is increasing as these bots process more information and detects consumer behaviour in all terms.

 

Multi-channel Support

Artificial intelligence customer support has capabilitiesdirect the customer quariestowards alternative support channels when necessary. For example, if a Chatbot is unable to solve a particular query, AI will direct the customer to the call support channel to resolve the issue. This provides a bettercustomersservice, as theyhave their issues solved efficientlyand quickly.

 

Automated Response

AI and automation are already having a profound effect on business communication. With the use of automated response system, AI can take-off a lot of load from customer service teams. With the integration of automatic replies, they can save time and offer quick replies.Based oncustomer data, AIcan help identify customer issues and concerns even before they get in touch with customer serviceand generate the answer that is directly related to that customer’s situation.

 

24/7 customer service

For a company, either is a medium or large sized, it’s impossible to hire a customer support available 24/7 as its overall cost can exceed their budget. Thus, AI is the solution that can manage flawless their customer service operations with itsimpeccable capabilitiesofhandling all problems with fluency and precision.

 

Language barrier

A company that is expanded at multiple locations might face difficultiesto provide acustomer support network in different regions with different time zones. But no matter what your communication medium or language you want to install, AI can managefast, reliable, durable, multilingual and hassle-free technology. These are, of course, some few promises of AI for your business.

 

With the use of artificial intelligence in the field of customer service, companies aim to realize an optimized customer experience – across channels and in real time. First and foremost, AI technologies and machine learning processes are elementary tools to achieve a significantly higher level of customer focus.

 

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