Artificial Intelligence (AI) is one of the most disruptive innovations and has witnessed a spike in adoption across different industries in the last year. AI is revolutionising everything, from company strategy to business operations, to job functions, all together in one place.
Some AI Stats at a Glance!
- Almost 64.8% firms have invested over $50 million in Big Data and AI initiatives in 2020, up from 39.7% in 2018. – Forbes
- As of 2020, 37.8% of industry-leading firms created a data-driven organisation by leveraging big data and AI. – Statista
- Computational resources used in AI will grow 5x from 2018 to through 2023. This will make AI the top category of workloads driving infrastructure decisions. – Gartner
Artificial intelligence is going to be more dominant in redefining businesses and customer experiences going forward in 2021. As we ready ourselves to move into a new year in a few months, PureSoftware brings the top 5 Artificial Intelligence (AI) trends in 2021 that you must know.
Top 5 AI Trends to Watch in 2021
IPA (Intelligent Process Automation) is on the way!
According to Forrester, almost 25% of Fortune 500 companies are looking forward to spending on implementing intelligent process automation (IPA) processes. Related to RPA, IPA adds up to automate specific tasks with AI. With machine learning algorithms sorting more and more data, AI can recognise heaps of data for intelligent processing today. We are on the verge of witnessing more AI-infused RPA wonders in the year ahead.
AI-Enabled Chips will Boost the Performance
AI-Enabled chips are another key trend that is likely to add business value in 2021. These AI-enabled chips will steadfast applications that need AI, like computer vision, facial recognition, object detection, NLP (natural language processing) quicker. Several leading companies are creating AI-enabled chips to boost the performance of AI applications.
The Evolution of Data Highways
Data is growing by leaps and bounds, and enterprises must consider adopting advanced analytics and adapting dynamic business models more than ever to remain competitive. In 2021, many companies are likely to establish specialist data science teams and re-plan their overall strategies to stay relevant and compete in a technology-driven world.
AI could help Fight Cybercrime and Data Breach
Data will not just grow but also become more accessible than ever and, so will be hacking, phishing attacks! Moving forward in 2021, companies are likely to invest in AI and advanced prediction algorithms to play a decisive role in cybersecurity. This revolutionary technology will contribute to cybercrime prevention and enhance enterprise cybersecurity measures. More and more companies will be able to leverage AI-powered cybersecurity to identify digital activity or transactions that follow nefarious patterns to raise preventive alarms before any data breach.
A Hybrid Workforce
Post Covid-19 pandemic is curtailed, organisations will start implementing cognitive AI and RPA to perform high-volume, repetitive tasks. With an increasing number of AI coming to the fore, the modern workplace will shift to a hybrid workforce environment. The human workforce has already started working in collaboration with automated bots, and this trend would mean more and refined collaborative interactions with AI in 2021 and beyond.
Automated Monitoring of Business Processes
Together hyper automation and cognitive automation projects would penetrate more into businesses. They will help businesses integrate AI-enabled tools to redefine how business processes would function in real-time. AI-enabled process and content intelligence technologies will soon provide digital workers with the imperative skills they need to function effectively in different kinds of environments.
What Should Companies do about it?
Even the companies that don’t yet imagine the impact of AI on their organisation, in the not-too-distant future, will realize the need to adopt AI. AI strategy has become a must have for every company. Growing AI advancements are providing entrepreneurs with exciting ways to improve their companies.
Companies seeking AI adoption or want to upgrade their infrastructure to drive operational efficiency can connect with a leading AI solutions provider like PureSoftware. PureSoftware is one of the most competitive AI service providers that has been helping companies achieve high-accuracy, high-quality AI capabilities to build cost-effective and highly scalable digital products and solutions. Let’s discuss!