With more and more artificial intelligence (AI) solutions emerging each year, it’s safe to say that this technology is here to stay. Statista predicts that the global AI market will be worth more than $10.5 billion by 2020, and forward-thinking businesses continue to incorporate AI into their everyday operations in the form of automation and customer service chatbots.
If your business hasn’t yet jumped on the AI bandwagon, you might be wondering what you’re missing — and whether you really need to find out. While it’s true that many businesses have found worthwhile use cases for this technology, it may not necessarily be the right time for your company to explore AI.
According to Forbes Technology Council members, here are nine questions to determine if artificial intelligence is a smart investment for your business right now.
1. Can I Improve My Operations And Marketing With AI-Powered Customer Data Analysis?
There are a number of opportunities to increase your business, improve products and explore new markets with big data and the resulting AI-produced business models. With the amount of client data being gathered and the relatively low price of building machine learning systems, now is the time to start analyzing customer demographics and buying patterns to tailor operations and marketing to fit. – Chris Kirby, Voices.com
2. Are My Customers Demanding An AI-Powered Experience?
What’s seen as innovative today will be commonplace soon, so there is really no bad time to start experimenting with new technology. AI is now accessible and affordable. As long as there is a business need, and the technology is providing value. Consumer demands are trending in the direction of AI, so is it worth losing them to competition that offers a more personalized and seamless experience? – Sanjay Malhotra, Clearbridge Mobile
3. Am I Losing Customers To The Competition Because I Don’t Use AI?
If your competitors are more attractive to customers, and more efficient and profitable than you because of AI, adopt it. Ask people if they have an Alexa sitting in their home doing nothing for them. It happens. Make sure your return on investment in AI will be high because there are still enough examples of these bots annoying people for it to be a questionable investment. – Arnie Gordon, Arlyn Scales
Read the source article at Forbes.