5 AI Business Trends You Need to Know in 2021

As we inch closer to the new year, businesses are looking for ways to stay ahead of the competition and prosper in 2021. Artificial intelligence, or AI, is set to play a crucial role in accomplishing these goals in the coming year. AI has already transformed various industries, and with the significant shift to remote work, it is poised to cause even more disruption.

So what exactly are the AI business trends that you need to know about in 2021? Let’s delve into them.

1. Hyperautomation

Hyperautomation, as the name suggests, refers to the automation of as many tasks as possible, including both physical and digital workflows. This trend is set to soar in 2021 as businesses aim to cut costs, reduce errors, and optimize processes. Hyperautomation goes beyond task automation and is about creating an end-to-end automation process that applies AI and machine learning to improve overall efficiency.

For instance, imagine a supermarket that has fully automated their entire supply chain process from identifying shortages in stock to replenishing and packing the products. Not only does it save the store money and time, but it also provides a seamless experience for their customers. Hyperautomation can lead to a more efficient and autonomous business.

2. AI-powered cybersecurity

Automation is specifically useful for identifying security threats and responding to them quickly, and AI is taking this to the next level. With the increase in remote work and cloud adoption, cybersecurity threats such as data breaches are becoming increasingly prevalent. AI-powered cybersecurity can predict potential security risks and respond to them much faster than traditional manual security measures.

AI-powered cybersecurity solutions can give real-time alerts when threats are detected so that businesses can take immediate action. For instance, AI can monitor user behavior, detect unusual activity, and identify different types of attacks, such as DDoS attacks, SQL injections, and malware.

3. AI-powered customer service

As we move towards more digital engagement, companies are adopting AI-powered chatbots to handle customer inquiries and provide real-time services. AI chatbots can handle multiple customers at once and can respond promptly to queries, making the customer experience more efficient. It frees up customer service employees to focus on more complex customer concerns.

For instance, Bank of America used Erica, its virtual financial assistant, to assist their customers with account inquiries and transactions. This AI-powered chatbot responds to voice commands and provides convenient banking services to customers anytime and anywhere.

4. AI for predictive maintenance

Equipment breakdowns and failures can be incredibly costly for businesses, especially if the downtime leads to missed deliveries or canceled orders. This is where AI can come to the rescue. AI algorithms can monitor equipment performance and help predict potential equipment failures before they happen. With predictive maintenance, businesses can reduce equipment downtime, improve productivity, and extend the lifespan of their machinery.

For instance, Schneider Electric offers EcoStruxure, an IoT-enabled, open, and interoperable system architecture that uses AI algorithms to predict when equipment could fail and sends alerts to maintenance teams before the equipment breakdown occurs.

5. AI for personalized marketing

The days of generic and impersonal marketing are long gone. Today’s consumers expect companies to tailor their offers to their preferences and needs. AI-powered marketing tools can sift through massive amounts of customer data and provide insights into individual customer behavior, preferences, and buying habits.

For instance, Netflix uses AI algorithms to recommend content to their subscribers based on their viewing history. The algorithms sift through vast amounts of data and can predict with remarkable accuracy which movies and TV shows the subscriber would be interested in.

In conclusion

AI will continue to fuel business growth in 2021 and help companies to stay ahead of the competition. From hyperautomation to personalized marketing, AI-powered solutions can help businesses cut costs, increase productivity, and improve the customer experience.

As companies look forward to the coming year, they should embrace these five AI business trends to prepare for the future.

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