Promising Success: 5 AI Trends for Business Owners and CEOs

AI has phenomenally conquered our lives, our platforms, and our businesses, and leaders, and business owners are enthusiastically cheering for this humongous technological revolution. Today, business owners and CEOs across industries are gleefully celebrating and embracing AI and its tools to boost efficiency, cut operational costs, improve revenue, and strengthen customer engagement experience.

According to a study by Fortune Business Insights, the artificial intelligence market is projected to make up to $ 267 billion on a global level.

Considering the evolution businesses are going through, it’s imperative for them to match the technological advancements and stay updated with modern trends. With this post, we are focusing on 5 popular AI trends business owners and CEOs should be vouching for.

AI in Face Recognition

The technologies which are employing AI software for face recognition are collating each individual’s unique biometric data including a person’s facial expressions and their faces. All this together can enable us to not just identify, but also authenticate a person.  This technology is quite prevalent in law enforcement companies that use biometric software to scan faces and got through closed circuit television, also known as CCTV, footage. Companies are adopting this AI software to prevent crime, reduce security costs, and ensure their employees are trustworthy.

AI in Voice Recognition

Think voice recognition; think Walmart and Google Assistant, which is undoubtedly one of the most used software by everyone to order groceries. Walmart’s customers are making the most of Google Assistant to order groceries online. Google assistant remembers the preferences and suggests a customized recommended list based on the customer’s previous purchases at Walmart.

The voice recognition market is flourishing as much as the video surveillance industry. According to a report, the voice recognition tech market managed to make about $ 10 billion in 2020 and by 2026, it is estimated to reach about $ 30 billion.

AI in Video Surveillance

Ai’s primary role in video surveillance is to look through suspicious activities or identify any abnormal behavior patterns. With this, organizations will be better equipped to create and maintain safe and secure public as well as private spaces and identify potential threats in a timely manner.

Did you know that The U.S. Bureau of Labor Statistics reported that in 2021, the total number of camera installations in the country touched 85 million as compared to 47 million in 2015, which is a massive growth of 80%?

AI in chatbots

Chatbots are the future of customer service relationships where companies can interact, connect and maintain a happy relationship with their customers. Several companies are using AI-powered chatbots or chatterbots to strengthen their customer experience by reducing manual tasks and automating admin tasks. In the healthcare sector, chatbots are streamlining the appointment process by booking appointments and sending regular reminders to patients about the medication they consume. Additionally, the software also helps in delivering targeted messages.

AI in Customer Relationship Management

To keep the data related to their customers in one place, many organizations are using customer relationship tools to automate and sync their interaction data in one place. CRMs basically enable businesses to self-update customer databases, automate processes and also add contacts to the appropriate list, and at the same time, improve their products and services.

AI is not a one-man army and is in no way replacing human intelligence. A company, its objectives, its workforce, and its leaders must be a part of a bigger, more holistic plan which has firmly ingrained the AI roadmap. This will help to decipher how technology can help the business grow further and achieve goals.

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