If 2017 launched the brainchild of innovational technology and real-life application, then 2018 is tipped to be the year that we, as consumers, truly see the potential and power that artificial intelligence (AI) is set to have on our daily lives.
With the New Year now in full swing, the visibility of AI is predicted to go mainstream with consumers embracing chatbots to improve the overall customer experience and big data analytics to collect, collate and find relevant trends and insights from this information.
While AI is creating self-drive cars and revolutionising the way we use consumer appliances in the home, the overall emphasis will be on easing the burden on human intelligence, reduce costs, all while improving efficiency, productivity and communication.
Commercially-speaking, it will be the organisations that learn, understand and fully embrace the many applications of AI that are expected to separate themselves from the competition by delivering clear returns on investment (ROI) and making a meaningful and impactful contribution to how the world works.
Here’s how AI is set to advance the way we live in 2018:
Industry is booming with intelligent and imaginative improvements that use the sophistication of AI:
- Customised medicine designed to reflect people’s lifestyles, age or body types;
- Beauty choices to suit complexion, skin type, personality preferences; and
- Stationery designs for specific shoppers based on their age, favourite school subjects or tv show
When it comes to AI in 2018, one thing is for sure, it is going to impact what we buy, why we buy it and who we buy it from in a big way.
And this ultimately has a significant influence on business growth and the economy in general, as it shortens the overall pipeline, simplifies the route to commercialisation and enables brands to target their marketing activities more specifically.
In the long-term, the discovery, development and regulation phases will be more efficient, reducing the burden on various sectors including healthcare and FMCGs. The strength of AI’s performance capabilities is formidable and industries will see innovative personalised developments enter the market at a rapid rate.
2. Automation is your friend
As the presence of robotics and physical assistance in frontline workforces comes into play, scepticism as to the potential disruption this may have on employment and the need for humans in the modern workforce has been rife.
Yet, the focus is very much on reducing the strain on humans who simply have too much on their to-do list or find the emotional impact of providing care debilitating to themselves. The emphasis is very much on support rather than replacement.
Encouraging peak performance, AI can boost consumer relations by providing predictive analytics to those offering products, services and solutions. For Fast-moving Consumer Goods (FMCG) companies, healthcare and enterprises, focus will be placed on ensuring appropriate and simple access to valuable data assets, along with creating relevant and protective data governance practices and in-house policies.
Automated robotic processes can also assist with adverse event reporting, limit resources required and the administrative nature of carrying out market research for enterprises and clinical trials, for example.
Research and advisory firm, Gartner, reveals that by 2020, up to 80% of new business ecosystems and digital business offerings will need “real-time situational awareness” to enable companies and customers alike to build a flexible and contemporary landscape.
3. Real-time data processing
Knowledge-sharing and instant gratification through reward, information and advice is a noticeable trend that shows no signs of slowing down, as the Internet of Things (IoT) and data analytics develop.
Intelligent personal assistants and wearable devices provide accurate, up-to-date and multifaceted datasets about our changing lifestyles, providing an instantaneous imprint of our lives.
The latest wearable tech report from CCS Insights shows that in 2019, up to 245 million wearable devices will be purchased, signalling the rise in the conscious and knowledge-driven consumer. https://www.ccsinsight.com/press/company-news/2332-wearables-market-to-be-worth-25-billion-by-2019-reveals-ccs-insight
This trend is also fuelling strategic alliances between industries as they work together to promote improving quality of life through technology.
For example, insurance companies are teaming up with up wearable developers to incentivise and reward healthy actions, behaviours and lifestyles to encourage more people, companies and industries to enter the digital health arena.
4. Customer experience
Understanding the consumer purchasing or solution-obtaining journey has been the big challenge for marketers in recent years. Signalling credibility and gaining loyalty have been the key aims when generating positive brand awareness and business growth.
AI may now, in 2018, provide the answers and prevent chinks in the customer understanding and uptake chain. Th to avoid abandonment via Chatbots, for example, – a computerised programme that is designed to imitate a human by prompting communication – can help to reduce abandonment.
In 2018, this communication is evolving from typical, formulaic customer-inviting expressions such as: “How are you?”, “How can I help?”, to authentic responses that mimic genuine conversation.
Diagnostics form a crucial part of this transformation. Refined conversational skills or the addition of add-on features such as voice interfaces may amplify the popularity of chatbots and understanding the customer experience.
5. Responsive Integration
Mobilisation and interoperability are two of the leading buzzwords impacting AI this year, as developers focus on improving the synchronicity of systems and access to date to reflect how consumers use and interact with these.
As smartphones and tablets become commonplace in hospitality, healthcare and industry, digital analysis is on the up. However, this is unable to perform appropriately without correct integration.
Strong, trusting and long-term relationships – whether these are between customer and brand, investor and bank, or patient and physician – are generated on the basis of technology’s listening, understanding, processing and recording ‘skills’.
A lack of interoperability may result in the loss of, or unmeasured, data. Interoperability will play a particularly instrumental role in businesses that adopt a value-based payment and delivery model as these help consumers make an active choice over their competitor. As a result, these can encourage interaction, honest feedback and recommendations, along with achieving loyalty and ongoing retention.
AI’s all-round applicability
Algorithms, software and advanced technological systems are being rapidly researched, developed and rolled out to meet the growing demand of consumers and needs of enterprises.
And these industries are no longer staying niche but encompass healthcare, FMCG companies, banking, retail and entrepreneurial enterprises.
Ultimately, AI has the power to transform any organisation that can benefit from data, predictive analytics and a deeper understanding of their customers, patients or bankers.