How Do People And Businesses Really Feel About AI?
According to SEMRush, the artificial intelligence (AI) annual growth rate between 2020 and 2027 is estimated to be 33.2%. In short, AI is advancing every single day and it is going to have a tremendous impact on not only the business world, but on everyday life, too.
Considering how, in most cases, AI equals automation, it would be safe to assume that most people would be slightly wary of the technology, especially considering that it could lead to significant job losses in the future.
Despite this, the majority of research that has been conducted into public opinion regarding advances in AI has revealed that most people feel largely positive about AI – and its exciting possibilities.
Is the world ready to embrace AI?
According to an online survey that was distributed in 2016 and completed by 2,100 consumers across Canada, the UK, the United States, China, and Brazil, approximately 45% of respondents claimed to view the impact of AI on society as an overall positive one, while just 7% viewed the societal impact in a negative light. According to another survey conducted more recently in 2020, 70% of respondents were of the opinion that the future of AI is looking bright, and that AI will likely enable humans to become more efficient and innovative over time.
However, it is also very clear that there is a lack of education surrounding the topic, with many people feeling rather uncertain of what the future of AI is likely to look like.
How AI will impact the future of business
It is evident that countless organisations from around the globe are happy to embrace the power of AI with open arms. The reality is that it is already transforming businesses of all types and sizes, and in all industries around the world, for the better. A few examples of how AI is already being utilised in business include:
- Marketing: AI is responsible for allowing for the improved targeting of ads. This is achieved through the organisation of potential customers based on demographics, online behaviour and browsing history, interests, and more.
- Sales: AI is often used to gather insights to improve sales within an organisation. It can anticipate consumer needs and desires, take care of sales forecasting, and sort potential consumers based on who is most likely to convert in the near future.
- Customer service: Chatbots are a fantastic example of AI at work and just how big of an impact it can have on the productivity of an organisation. Chatbots are programmed to actively assist customers with simpler problems, questions, and queries, therefore reducing the load for customer service agents and allowing for faster customer satisfaction.
- HR: AI helps to make many aspects of HR more efficient, especially when it comes to recruitment, screening of potential candidates, and data-based decision making.
There’s little doubt that AI is already transforming businesses for the better and experts predict that it will continue to play a part in improving interactions, efficiency, productivity, and communication amongst enterprises and business professionals going forward. And while it is expected to benefit all industries around the globe, there are a few that stand out specifically. These include the transport, healthcare, finance, and marketing industries.
For instance, the world can look forward to the rise of self-drive vehicles and smart cars, as well as more advanced wellness wearables, and enhanced image-based healthcare diagnostic tools, thus reducing the need for quite as many invasive procedures, such as biopsies.
From a marketing perspective, the digital realm will continue to reign supreme, and artificial intelligence will continue opening doors for greater levels of personalisation when engaging with existing and potential customers.
In the finance industry, consumers can expect to interact more regularly with ‘robo-advisors’ and utilising significantly more advanced tools for data-based decision-making when it comes to investing and selling stocks.
In short, AI is here, and it is here to stay – and now is the time for business owners to be investigating how their organisations can benefit both immediately and in the future. Take note that 9 out of 10 leading businesses in the world have an ongoing investment in AI, according to statistics released by NewVantage, and it will become evident that making such an investment is no longer optional, but a necessity to survive and thrive amidst ever-changing consumer needs and demands.