Five Ways Artificial Intelligence Will Impact Business in 2023

By Rajsekhar Aikat, Chief Technology & Product Officer, iMerit
In 2022, we saw the advancement of numerous technological trends that have tremendous
potential to transform the way we live and work. Among the most impactful innovations we
have seen in the last year is an acceleration of AI applications deployed by enterprises to
enhance and automate processes and workspaces. As companies look to do more with less,
they will turn to automation to drive new efficiencies. This is especially true with geopolitical and economic ambiguities at the forefront of many business leaders’ minds.

Rajsekhar Aikat

As we look forward to 2023 bringing further maturity to the space, here are five areas to watch out for in the coming months.

Conversational AI
We have come a long way in a short span of time with voice assistants like Siri, Alexa or Google Assistant to other sophisticated chatbots in customer care. According to Global Chatbot adoption statistics, over 800 million people in more than 190 countries will be using chatbots to accomplish various tasks by 2023. Customer service AI-powered chatbots and virtual assistants are beyond capable of handling routine customer inquiries even with large volumes of queries and requests.

This has not only made it easier to expedite customer or user issues, but it has also empowered customer care representatives to handle more crucial and complex tasks.
Several sectors, including e-commerce, retail, healthcare, financial services, real estate,
education, and travel have been at the forefront of utilizing conversational AI technologies to engage better with customers. Chatbots and virtual assistants have now become an integral part of marketing strategies for brands seeking to acquire and retain customers.

Sales and marketing
AI feeds on data and for marketers, data is gold. Marketers and sales teams can employ AI-
powered tools to make informed decisions. AI is capable of churning large volumes of data to surface key insights which can help brands and their marketers to – target relevant customers, predict market trends as well as optimize pricing and promotions.
Beyond resolving some key challenges in terms of insights, AI can also help businesses to
transform and automate functions like lead generation with the ability to geo-locate and create personalised campaigns.

For example, an AI algorithm can help track daily traffic on an e-commerce website to – share insights on daily unique visitors and repeat customers, locate customers and burst personalized campaigns based on customers search history, and more. This empowers marketers to focus on more strategic tasks of building a better platform to enhance business opportunities.

Supply chain management
With digital transformation, further incited by the Covid-19 pandemic, the speed of decision-making has drastically increased among consumers. Today, consumers have access to all the possible information at their fingertips, enabling them to make quicker decisions. Look at the buzzing e-commerce space. Such shifts in consumer behavior require smart systems to fulfill their needs and supply quicker than ever before. AI can play a major role in helping businesses to meet this demand. AI-powered supply chain ecosystem can aid in optimizing inventory levels and managing inventories without or with minimal human interference. These AI systems are also capable of studying inventory patterns and predicting demand to plan production schedules precisely.

Financial analysis
Digital-first approach is gradually becoming the DNA of modern businesses, even in a
comparatively conservative sector such as financial services. This means increasing numbers of financial transactions, increased volumes of crucial data, and thus more susceptibility to cyber frauds and other fraudulent activities. AI can play a crucial role in helping businesses to track digital activities and help identify fraudulent transactions by detecting unusual changes in patterns.

With the capability of AI, it is also much easier than before for financial institutions to monitor market trends and assist financial officers in budgeting and forecasting to improve profits and curb losses.

For businesses seeking financial partnerships and investments, AI can help analyze the financial health of many companies by studying financial data against the market trends empowering executives to make informed decisions and avoid losses.

For example, for a company investing in a start-up, AI can come in handy to analyze the
financials of the start-up and draw a clearer picture of its financial health enabling the investors to make the right decision.

Quality Control

Quality checks and control is a crucial aspect for businesses across sectors. In e-commerce, it is important for the seller to quality control products out for delivery and products in the
warehouses before they become part of the outbound inventory. Similarly, in supply chain and logistics, it is critical to have quality checks to push substandard manufactured products out of the line, before packaging and labeling.

AI-powered systems are able to become the eyes and ears of such businesses and help in
inspecting products, detecting defects, and sorting products for further operations.
Furthermore, AI and Machine Learning (ML), can also help businesses to analyze physical
documents for verifying compliance with necessary regulations, saving human efforts and time for routine tasks.

For example, in the case of an insurance company, AI and ML-powered tools can aid in checking and verifying forms filled by customers and detect inaccuracies or inconsistencies which may result in delays and reduce the turnaround time of important decisions by the company.

While AI has the power to transform businesses, decision-makers need to make educated
choices by differentiating between hype and reality. While there are several technological
developments taking place around the world, across industries, not every trend is needed. It
will be key for business leaders to build the most efficient framework and employ technology that benefits them. Businesses that are able to implement AI-based automation masterfully, especially in the above-discussed areas, will see increased efficiency, cost savings, and improved decision-making.

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