What Is Enterprise AI?
The term "Enterprise AI" has gained more and more traction in recent years. But what exactly is Enterprise AI?
Enterprise AI is the use of artificial intelligence (AI) technologies to enhance business operations and decision-making procedures. It is a comprehensive strategy that makes use of AI to analyze data, automate procedures, and develop smart systems that can develop learning and adaptability over time.
Enterprise AI aims to improve decision-making, boost productivity, and cut costs for businesses. Organizations can free up their employees to concentrate on more strategic initiatives by using AI to automate routine tasks. AI can also assist businesses in finding patterns and insights that may be difficult to find using conventional techniques.
Enterprise AI examples that are frequently used include:
Intelligent automation: Using AI to automate routine tasks, such as data entry, customer service, and inventory management.
Predictive analytics: Using AI to analyze data and predict future outcomes, such as customer behaviour or market trends.
Natural language processing: Using AI to understand and interpret human languages, such as chatbots or voice assistants.
Machine learning: Using AI to create intelligent systems that can learn and adapt over time.
Google, Microsoft, IBM, and Amazon are just a few of the businesses presently developing enterprise AI solutions. These businesses are making significant investments in AI research and development and working with other companies to implement AI solutions in a variety of sectors.
For instance, Microsoft created its Azure Machine Learning platform, which enables businesses to create and use intelligent systems that can evolve and learn over time. The platform makes it simpler for businesses to start using AI by providing a variety of machine-learning models and tools.
Along with a variety of AI tools and services, Google's Cloud AI platform also provides machine learning, image and video analysis, and natural language processing. The platform is made to assist businesses with task automation, data insight extraction, and customer experience enhancement.
Another well-known enterprise AI product is the IBM Watson AI platform. Predictive analytics, natural language processing, and image analysis are just a few of the AI services available on the platform. IBM has also collaborated with companies in a range of sectors, including healthcare, banking, and retail, to introduce Watson-powered solutions.
According to a recent report by Grand View Research, the global Enterprise AI market size was estimated to be worth $4.68 billion in 2020 and is projected to increase at a CAGR of 42.8% from 2021 to 2028. This growth is being fueled by both the expanding use of AI technologies across numerous industries and the rising demand for solutions for intelligent automation and predictive analytics.
According to a different McKinsey & Company report, companies that adopt AI technologies could experience a 20–25% increase in productivity, resulting in an additional $13 trillion in economic output by 2030. These numbers demonstrate how Enterprise AI may affect businesses and the global economy.
In general, enterprise AI has the power to change how businesses run. Organizations can increase their productivity, agility, and competitiveness in the current fast-paced digital landscape by utilizing AI technologies.