The global artificial intelligence (AI) market is currently valued at over $136 billion. In the next eight years, it’s also expected to increase in value by over 13 times!
AI is absolutely here to stay, and it’s only going to get more sophisticated as time goes on.
Are you curious about the future of AI in business? Below, we share seven predictions for how AI will influence the business world in the new year.
The State of AI in Business
Before we explore the future of artificial intelligence, let’s review the ways in which it’s currently being used. Here’s a brief rundown of the state of AI in the business world:
Demand Forecasting
Sales forecasting is complicated, but it can also be automated with the help of artificial intelligence. AI allows professionals to create automated and accurate sales projections based on past client interactions and sales.
Lead Scoring
Artificial intelligence also assists with lead prioritization. It helps sales professionals evaluate customers and prioritize them based on their chances of converting.
Improved Website Experience
Artificial intelligence isn’t yet sophisticated enough to construct new, high-performing websites. However, it can improve the user experience of existing sites in several ways, including the following:
- Personalization: Algorithms can produce personalized offers and content based on user analysis (reviewing location, demographics, device, interactions, etc.)
- Push notifications: Personalized push notifications to ensure users get the most relevant messages at the right time
- Image recognition: Computers and systems can deduce meaning from digital images and videos, then respond and make recommendations accordingly.
- Search engine optimization: Machine learning algorithms can help marketers gain better insight into the intent behind search term usage; AI can also create search engine-friendly marketing materials
Improved Customer Support
Many businesses use AI-powered chatbots as customer service agents. Organizations rely on them to answer frequently asked questions, handle everyday tasks, resolve issues, and communicate with potential consumers.
Some professionals also use voice bots to manage incoming calls. AI voice bots can listen to callers, interpret their moods, and identify the severity of a situation. Then, they can assist with call categorization and ensure callers get connected to the right person.
Improved Accounting
Many accounting and finance professionals also rely on artificial intelligence to handle various aspects of their jobs. For example, AI can assist with performing repetitive tasks, such as data recording, transaction categorization, and account reconciliation.
With the help of AI, accounting and finance professionals can complete these tasks faster and with fewer errors. They then have more time to focus on other responsibilities.
Top 7 AI Predictions for 2023
Artificial intelligence has already permeated many different areas of the business world. However, it will become even more prevalent in the new year.
Let’s get into what the future holds for AI. Here are seven predictions for how AI will influence the business world in 2023 and beyond:
1. Enhanced Customer Service to Meet Rising Demands
Plenty of businesses are already relying on artificial intelligence to streamline their customer service efforts. However, in 2023, experts predict that customers will start demanding more from customer service chatbots and expecting superior automation.
A few years ago, the idea of communicating with an AI bot to resolve a customer service issue was downright laughable. Today, though, it’s become so commonplace that most people don’t think twice about it — until something goes wrong, that is.
In an article published by Inc., Pranay Agrawal, the co-founder and CEO of the AI services and analytics provider Fractal, mentioned companies like Apple and Amazon, both of which have rolled out user-friendly and highly intelligent products that offer a personalized experience.
Agrawal also noted that thanks to these corporations, customers are going to start expecting more personalization from the other businesses they patronize.
2. AI and ESG Efforts
Businesses of all types and sizes are under more pressure now than ever to reduce their carbon footprint and consider their environmental impact.
In response to this pressure, many companies have introduced environmental and social governance (ESG) programs to help them improve their sustainability and make significant changes.
Artificial intelligence has the potential to be a great benefit to ESG programs.
For example, companies can use automation to collect relevant data regarding their environmental impact and their current investment in environmental initiatives. Machine learning can also help them make meaningful predictions for the future.
It’s important to note that companies thinking about incorporating AI into their ESG efforts must also contend with the potential ethical concerns around AI.
Some people have questioned whether humans need to know that they’re communicating with an AI bot instead of a human. For ethically minded companies, addressing these issues will be especially critical.
3. Closer Relationships Between AI and Humans
For the last several years, professionals across various industries have frequently cited the fear that their jobs would be taken by artificial intelligence.
In 2023, the fear of AI will likely start to lessen in many circles. In fact, closer relationships between AI and humans will become more common.
Rather than resisting and fearing AI, humans will start to embrace and work with this technology.
In an article published by Venture Beat, Ayanna Charles, the solutions consultant at Verikai, a predictive software company, explained that organizations should not treat AI technologies as single solutions to complex problems.
When any AI solution is implemented, technologists must establish and maintain a “solid governance structure” that combines the software with human oversight and carefully planned policies and procedures.
With the introduction of AI technology into more varied businesses, humans will have to work more closely with these tools and understand how they work. They must also learn how to intervene in AI systems and override decisions when necessary.
4. Even More Emphasis on Automation
There is already a growing demand for automation from employees across industries and in various departments. Customers, too, appreciate the convenience that AI and automation can provide.
In 2023, numerous businesses will start increasing their reliance on artificial intelligence and incorporating more automation into their workflows.
A recent McKinsey analysis revealed that AI-enabled personal assists could automate between 50 and 75 percent of manual tasks. This automation allows for increased efficiency, reduced costs, and more freedom for professionals to focus on complex situations and core responsibilities.
Rather than taking away jobs, the increase in AI usage and automation will help professionals perform their jobs more effectively and provide a higher quality of support and care to customers, clients, and patients. These outcomes, in turn, can lead to better performance for employers as a whole, as well as increased revenue and improved reputations.
5. Increased AI Use in Healthcare and Travel
Experts anticipate the healthcare and travel industries being affected more by new developments in AI compared to other fields.
The use of AI in healthcare can automate time-consuming tasks for nurses and physicians, freeing them up to spend more time interacting with patients. It can also help to make up for the ongoing healthcare worker shortage being experienced around the world.
During the height of the COVID-19 pandemic, health chatbots were used to diagnose patients based on their symptoms. In the future, there may be increased reliance on these tools for additional patient filtering and connecting them with the right professionals.
As for the travel industry — another sector that has been ravaged by COVID-19 — automated assistants and chatbots can allow for smoother travel experiences. These tools can assist with booking hotels, checking in, learning about the place one is staying, and more.
6. Rise in Synthetic Data
Synthetic data is data that has been artificially generated using a computer simulation. In 2023, more companies will rely on this data to improve and streamline operations.
Synthetic data can assist with product development, product improvement, innovation, and more.
The automotive industry is one example of an industry that can benefit from synthetic data. It’s unrealistic to crash a car in real life repeatedly. With synthetic data and artificial intelligence, though, it’s now possible.
7. Widespread Adoption of AI by Banks
Another industry that will rely more heavily on artificial intelligence in 2023 is the financial industry. Banks, in particular, will start adopting and utilizing AI more frequently in the new year.
Banks can rely on AI to assist with market analysis and gain an advantage over competitors. With a potential recession on the horizon and many people worried about economic uncertainty, AI will prove to be a helpful tool that helps financial professionals make wise and informed decisions.
Banks will also rely more heavily on artificial intelligence for other, more rudimentary tasks.
For example, banks can utilize chatbots to answer frequently asked banking questions or assist with processes like loan applications. They can also invest in AI-powered tools to detect signs of fraudulent activity and alert customers as quickly as possible.