Corporate Innovation the AI Way

Enterprises need artificial intelligence to keep up with their customers

As artificial intelligence becomes a way of life in today’s modern world, many corporations have increased their reliance on AI and have integrated it into every aspect of their operations. As a result, innovations in AI have become a necessity for companies looking to retain market share and continue to prosper in the long run.

According to Harvard Business Review, the most common use of AI in corporations is in information technology, with 44% of companies relying on AI to detect and prevent security breaches, and 34% using AI to automate production management.

With more and more companies using AI for marketing, finance, accounting and customer service needs, the use of AI in a variety of other verticals is sure to increase as well.

Since the possible applications of artificial intelligence are so widespread, companies are using AI innovations both to improve internal operations as well as provide a better product or service for their customers, and that is exactly what we are here to talk about today!

Join us as we explore the various impact AI has on cybersecurity, productivity and customer experience.

How Artificial Intelligence Impacts the Corporate View of Cybersecurity

The larger a corporation gets, the more likely they are to be targeted by hackers looking to tamper with their systems and steal valuable data. As a result, IT and security solutions are of the utmost importance to corporations.

Enterprises are seeking innovative AI solutions that tackle cybersecurity problems more than ever, and AI startups are stepping up to meet the challenge.

A recent cross-industry study shows that 7% of companies have already pledged more than $250 million each to AI innovation in cybersecurity, and in 2017, 2% plan on spending more than $1 billion on AI for cybersecurity. This increase in funding indicates the increased reliance on and importance of AI in cybersecurity, and the continuing growth the industry is expected to undergo.

Such investments in AI for cybersecurity, and the innovation that comes along with them, are ultimately improving the way companies can secure information about their operations, their products and their clients.

AI broadens the capabilities of cybersecurity solutions, making them even more of a necessity for corporations.

AI’s Impact on Automation and Productivity

Beyond looking for ways to protect themselves, corporations are increasingly looking toward innovation in AI to improve productivity and automate processes.

A recent Oxford University study revealed that up to 47% of jobs could be automated by 2033, replacing manual labor and directly impacting the workforce. Already today it is believed that 7% of manufacturing and assembly jobs are being replaced by AI, and that number will only continue to grow.

Part of the reason AI dependency is growing is the improved productivity automated processes can bring to enterprises. Automation and AI has the power to increase global productivity and growth from 0.8% to 1.4% per year, making it a clear priority for many corporations.

As companies continue to seek ways to reduce costs and improve efficiency, more tasks are becoming automated thanks to continuing innovation in AI. Beyond impacting workplace processes, this will have a direct impact on the workplace environment as team and company compositions begin to change.

Customer-Facing AI Innovation

Since chatbots swept the world, companies have been increasingly relying on AI to improve customer support and customer service.

In the process, consumers have become increasingly receptive toward AI devices in all aspects of their lives. It is estimated that 18.8 million homes have an Amazon Echo device and another 15.7 million homes have a Google Home Device. Furthermore, almost every new smartphone on the market incorporates AI in one way or another.

As a result of the increased acceptance, AI innovation has become a necessity for enterprises looking to continue growth and increase sales. Google parent company Alphabet is topping charts with 20 AI acquisitions. As far as AI investments go, Intel surpassed Alphabet — and every other company — with eighty-one corporate investments in AI.

In the midst of the ongoing AI boom, many enterprises are searching for the right way to incorporate artificial intelligence into their products and processes. In the not-so-distant future AI will be an expected part of corporations’ products, solutions, services and operations.

In A Nutshell: How AI is Impacting Corporate Innovation

Cybersecurity, productivity and customer experience are just the tip of the AI iceberg.

AI will continue to permeate the corporate innovation space and provide new avenues for forward progress. The potential advantages of artificial intelligence span across industries and verticals — and every corporation should be reaping the benefits.

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