What does the future of AI look like?

What does the future hold for collaborative technologies?

In recent months, Artificial Intelligence [AI] technologies like ChatGPT have dominated headlines around the world. This advanced chatbot has impressed experts with its writing ability, as well as the ease with which it can carry out simple tasks. It’s no surprise then that ChatGPT has become the fastest-growing app in the world, having recorded a staggering 100 million users just two months after its launch. However, given how sophisticated the tool is, and the seemingly unbridled potential it holds, many are concerned that we are dabbling in technologies that we do not fully understand, and which could have a hugely detrimental impact on life as we know it.

Amid all the hysterical doom mongering taking place, you’d be forgiven for thinking that the world is coming to an end. On the contrary, the future of AI looks overwhelmingly bright, especially for businesses, many of which often mistakenly believe that the technology is designed to replace humans in their roles. In fact, AI has always been designed to work alongside people, rather than against them, making their organisations more efficient and prosperous as a result.

Here are some of the ways that the technology is likely to do exactly that in the future.

Better and faster decision making

One of the key ingredients to any successful business is the ability to make sound, well-informed decisions, sometimes at short notice and in a constantly evolving environment. As such, companies must rely on vast amounts of data to ensure they make the choices that are in their own best interests. The problem, however, is that human analysts often cannot interpret this information quickly enough, meaning organisations miss out on important opportunities for growth, or make poor decisions based on fragmented data.

With the business landscape perpetually changing and becoming increasingly fast paced, the role that AI plays in strategic decision making will only grow with time. This is because the technology holds the potential to analyse large amounts of data in an instant, identifying complex patterns and insights that might not be immediately apparent to human analysts – particularly if they are working under intense pressure.

Again, it’s important to note that the technology does not aim to replace people – after all, humans will always play the most integral role of all in decision making. Businesses can modify their procedures to enable employees to collaborate with AI algorithms and use them to make better decisions in all manner of ways on a daily basis. What’s more, because AI is capable of forecasting future behaviour, organisations can be better prepared to response to crises as they arise, making them more agile, and resilient to change.

Improved customer experiences

It’s highly likely that most of us will, at some point, have engaged with AI when communicating with a business that we rely upon for the products and services that we use. Whether speaking to an automated assistant over the phone, or messaging a chatbot via a company’s website, there are many instances now where we come into regular contact with AI as consumers. Indeed, according to Salesforce, 23% of customer service companies are currently using AI and, with IBM reporting that using chatbots in this way can reduce costs by as much as 30%, it is easier to understand why. It is not only businesses themselves who benefit from the use of AI in customer service – UserLike research shows that 68% of consumers enjoy the speed at which chatbots answer, providing them with the information they need far quicker than they might if waiting to speak with a human agent.

Given the benefits AI is producing for businesses and customers alike now, there is a strong possibility that even more organisations will incorporate the technology into their customer services in the future. Because AI has the potential to personalise consumer journeys, tailoring services to users’ specific preferences, its role in improving customer satisfaction will be discovered by more and more businesses over time. This will help to build customer loyalty, while simultaneously freeing up human agents to focus on other areas of the organisation where their input can have greater value.

Exploring new business models

AI has the ability not only to enhance existing business models and practices, but also to create entirely new ones that would not have been possible before. This is corroborated by research showing that 75% of business executives believe AI will boost productivity and aid the development of new business models. For example, the technology could support the creation of entirely new, subscription-based or pay-per-use models, which are every bit as advantageous to consumers as they are to businesses. With immersive AI models are already bursting onto the scene, who knows what new AI markets will have emerged over the next decade?

By thinking ahead and learning new ways how the technology can be used in the future, organisations can begin to improve their competitiveness, and open up into new markets that they might never have imagined possible before.

The future’s bright

Despite all the noise currently being made about the ills of AI, and the threat that it poses to people’s livelihoods, there is a strong possibility that it will actually help create far more jobs than it ever replaces. Humans have, and always will be, the most integral part of any successful business. Therefore, AI will never make people completely redundant in their jobs, but instead empower them to work in new and more efficient ways. As such, businesses should embrace the bright, AI-driven future that they have ahead of them, and discover today what the technology might deliver tomorrow.?

Matt Weston

Managing Director, Vantage 365

Matt Weston is the Managing Director of Vantage 365, a Midlands-based technology company that specialises in providing vital IT support to businesses of all sizes when it is needed the most. He is recognised as a Microsoft Most Valuable Professional [MVP], and is certified as a Microsoft Certified Trainer, a Microsoft 365 Certified Enterprise Administrator Expert, and as a Microsoft Certified Power Platform developer.

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Now published in Business Cloud: What does the future hold for collaborative technologies? - BusinessCloud