The year 2020 is a particularly interesting year which will be etched in the memory of many business stakeholders. The landscape of the business world has changed quite drastically and quite quickly too. The suppliers have changed in their approach to the markets, the consumers have changed in their approach to consumption and the competitors have also changed. This quick and drastic change has put enormous pressure on enterprises to adapt to these accelerating changes or be left out to extinction. It is in these challenging circumstances that we find Artificial Intelligence being very handy for many businesses. AI is generally quite adaptable under any business circumstances, but it is powerful during times of change.
There are various algorithms that specialize understanding change. Problems like detection of changes, tracking changes and predicting are few topics that are studied widely in the AI literature.
AI systems have been supporting human endeavour by modelling these changes and helping us to reason about the changes. The insights derived from the AI systems are helping us to understand the fundamental nature of the business process and how it will react in the face of crisis.
Now having these insights, it is now logical that we embark on a journey to make some more changes ourselves to either correct our course or to recover from the change that got us to this point. AI is quite suitable for this transformation with tools like automation, recommendation and personalization in its arsenal.
Recommendations systems have been used extensively in e-commerce websites to suggest consumers with alternatives or related content. The fundamental nature of the recommendation system is to suggest new solutions by understanding past behaviour from either a single person or from the collective behaviour of multiple people. The recommendation engine could be a useful tool in deriving alternative or related paths for business recovery from the collective wisdom of all human endeavours
Process automation is a method of chaining multiple intelligent agents to create a robust intelligent agent. The various building blocks could include agents like visual inspections bot, content arbitration bot, notification bot etc. By chaining these individual bots together it is possible to create a powerful automation system that can aid in various human activities. By effectively leveraging the intelligent agents for offloading repetitive tasks, human effort can be devoted to activities that can be performed only by humans.
Personalisation is a method of tailoring a bespoke software entity that can address the specific needs of a particular individual. The personalisation can be used either for the business staff or for customers of the business. When personalisation is applied for business staff, the AI tools are created to the specific needs of the personnel thereby enabling them to perform to their best ability. If applied to the customers, it will create a personalized user experience which helps in better retention of business.
With the collection of two groups of complementary technologies viz insight technologies and action technologies, it is possible to recover and re-imaging the business possibilities. Although 2020 has been a challenging year, the possibilities that Artificial Intelligence lends is very promising and the future belongs to anyone who can visualise the opportunity in this challenge.
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