Artificial Intelligence Trends Every Business Owner Must Watch Out For in 2021

Artificial intelligence and machine learning are developing at unprecedented speed and causing widespread disruption in every industry imaginable. The recent estimates project that a whopping 80 per cent of the technologies developed in the world in 2021 and beyond will be based on smart algorithms and machine learning. 

The number, as well as the variety of applications that make use of artificial intelligence is increasing by the minute and researchers and scientists, are constantly finding novel ways to use the technology in everyday life. From self-driving cars to automated shopping experience in retail, businesses are increasingly turning to intelligent solutions to improve existing processes and to bring about a more holistic customer experience. 

AI is undoubtedly a key trend when it comes to the technologies that are likely to have maximum impact on how we live, work, and carry out our routines in the near future. This article provides an overview of what we can expect from this advanced technology in the year 2021 as the world recovers from the Covid-19 pandemic.

1. Making way for IPA (Intelligent Process Automation)

IPA is the umbrella term for major technologies that manage, automate and integrate digital processes in our everyday lives. It mainly consists of Digital Process Automation (DPA), Robotic Process Automation (RPA) and Artificial Intelligence (AI). Digital process automation (DPI) enables the management of data flow, thus helping recognize the areas that need improvement. 

By analyzing the data that is collected, AI delivers actionable information to facilitate decision making using increasingly intelligent choices. Data-driven decision making is absolutely essential for conducting businesses in digital ecosystems today, and employing IPA makes the processing time as well as cost-efficient. Additionally, IPA can help ascertain where the human labour force is most valued, and which tasks can be easily automated and carried out by robots.

2. Big Data Analytics and Insights Aiding Better Decision Making

Today, every important decision made in any organization is backed up by data collected from various sources. With the help of AI, new ways are being developed to get hold of information that can be collected, aggregated, and worked with effectively. In order for businesses to keep pace with their competitors, enterprises need to seek and adopt advanced analytics and adapt dynamic business models. Big data analytics is helping businesses develop an ability to apply machine learning and problem-solving techniques by using real-time global datasets.

3. Intelligent Virtual Assistants that Mimic Human Conversations

Conversational AI that aids chatbots are used to improve consumer experience and provide better support to shoppers. Chatbot technology is transcending to a new level where it relies on Natural Language Processing (NLP) to intelligently mimic human conversations. 

When intelligent chatbots are employed in customer service, they have been proven to bring down the cost by up to 90 per cent – thus saving businesses millions of dollars. Conversational AI has effectively provided highly personalized communication and has been programmed to be multilingual and extremely empathetic during conversations to lend a human touch. 

4. DApp Development 

As data becomes ever more powerful, big data aggregators are relinquishing control of personal data by marrying blockchain technology with AI for smart DApp development. For instance, companies hire Steem developers for Steem DApp development that allows them to pay consumers for richer and more accurate data collected personally with consent. This data is then fed into the AI models to produce more accurate results and solutions for any business problem. 

Steemit developers are making it easier for any developer to create self-organizing and self-learning AI agents that help decentralize redundant processes in companies. A large number of AI blockchain development platforms are working hard to provide the building blocks required to create a smarter decentralized world.

5. Increasing Cybersecurity and Preventing Data Breaches

As data becomes more readily accessible, other major problems relating to it (like hacking and phishing attacks) become more prevalent as well. AI-enabled advanced prediction algorithms are deemed to play an extremely decisive role in cybersecurity and the measures being taken to improve it. An AI-powered world will have greater cybersecurity, spot nefarious digital activity and transactions easily, and take requisite measures to prevent the breach of sensitive data. This function will be performed automatically without wasting precious time in seeking permissions to take actions from authority. 

6. Emergence of a Hybrid Workforce

Covid-19 has led to the speeding up the adoption of automation in every sphere of business. When the Covid-19 cases subside and the pandemic is curtailed, more and more organizations are likely to jump on the RPA bandwagon. They will swiftly implement cognitive Artificial Intelligence and RPA to take care of high-volume, redundant and repetitive tasks. 

The modern workplace will make way for a more hybrid workforce and create an environment in which man and machine can work in tandem to produce better results. The human workforce is likely to collaborate with automated bots to improve processes and streamline work. Some of it can already be seen in the form of digital assistants like Alexa, Siri, and many more. 

In 2021 and beyond, the trend is pointing towards a collaborative relationship between man and machine with the help of AI.

7. Confluence of AI with Internet of Things

The world of business is changing with the adoption of IoT (Internet of Things) as it is helping capture a large amount of data from multiple sources. The data thus collected is processed and analyzed with the help of AI to produce actionable insights. Together, these two can redefine the way industries and economies function. 

AI-enabled IoT leads to the creation of smart machines that simulate smart human behaviour and aid decision making without the need for human intervention. Combining the two technology streams is proving to be highly beneficial for businesses as well as users. While IoT allows devices to interact with each other using the internet, AI allows these devices to learn from the data collected and the experience to ensure smarter operation. 

Businesses are on the road to recovery post the Covid-19 pandemic in 2020. The innovations like Artificial Intelligence are helping businesses in this journey. However, businesses need to now focus on developing a strong competitive edge powered by technology and innovations. Applications running on AI are growing in numbers as well as in scope and researchers are continually finding new ways to use the technology to design products and services that derive high-value from it. 

Artificial intelligence has changed the course of innovation and has impacted every single industry today. It has driven new technologies like robotics, big data, and IoT, and has inspired innovation in every field imaginable.

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