It is inevitable that businesses must create an environment where adaptation to current and new technologies is considered when strategizing for growth and development. Regardless of the current business model established, getting ahead requires almost all businesses to understand how to leverage Artificial Intelligence (AI) and Internet of Things (IoT) to deliver value and improve user outcomes.
AI and IoT have existed in the marketplace for many years, however, until recently the accessibility, affordability, and usability landscape has changed. Business users can leverage current technological advancements across marketing, sales, human resources and financial departments to improve interoperability between virtual and physical users. It is integral to understand why AI and IoT are pertinent to maximizing core systems and processes before it’s too late. Overlooking the critical advantages of implementing systems that align with current trends may present challenges when executing strategic visions against a current competitive landscape.
Engaging Artificial Intelligence (AI)
It’s no secret that corporate giants like Netflix and YouTube have been leveraging artificial intelligence to understand and drive consumer behavior. Utilizing current information collected on users in internal systems, Netflix adjusts the platform to accommodate discoveries by adjusting internal algorithms. The result is in the display of content choices or questioning if a user is still watching a program.
Understanding the basics of human behavior and how long they engage, allows for the experience and satisfaction to improve. Content recommendations play an integral role in the overall user retention strategy. Fortunately for small businesses, the same can be achieved using internal data to analyze behaviors and create algorithms that output content preferences based on a target market or user.
Interrelating data within a unique algorithm is also applicable to driving how and when users receive responses from chatbots. Chatbots are effectively integrated when data is assessed and used to develop conversational algorithms. This allows for AI to classify the nature of the conversation and decide if it should be escalated to a human interaction. This reduces the costs of human capital and creates quantifiable data in terms of response time, retention and conversion.
The interactions between users and chatbots is much more impactful than the response itself. It allows for organizations to quickly make calculated decisions, collect additional data and iterate the business rapidly. Other uses of AI include facial recognition, logistic system management, talent assessments and financial analysis. All systems and processes within an organization can efficiently utilize data in the same capacity as a chatbot or how Netflix uses their recommendation systems.
Internet of Things (IoT)
Leveraging the benefits of AI is maximized when understanding how it is achieved through the current connectivity of interactions with IoT. IoT is the way a network of physical devices and virtual components to exchange information with reduced human interaction through internet connectivity. Consumers are looking for the easiest, fastest and most secure routes for exchanging data and information as a way of life. Businesses need to understand how this affects them in terms of their access to the market and the simplicity that can be provided to consumers. Without understanding the current IoT trends, it’s hard to stay ahead of competitors.
IoT is why consumers and businesses have access to a wealth of organizational and personal information via the web through cloud computing. Once it became affordably accessible to all users, information access and storage proved advantageous for growth and increased communication channels. As cloud computing and other IoT sectors evolve, threat to hosted information has also increased. Considering the adaptation of new trends, implementing a cybersecurity risk assessment using AI assessments will allow organizations to develop a security infrastructure and workflow process for mitigating risk up front.
With the overwhelming presence of advanced technologies, it’s important to understand which trends to engage to improve current processes and systems. Creating an actionable plan for integration sooner than later will be strategically advantageous against current competitor landscapes across all industries. For a lot of small businesses, sometimes it can be overwhelming when in fact, it’s relatively easy. By engaging Tech Treats professional team, driving the future of your businesses technology couldn’t be any easier.