Importance of AI in businesses

Importance of AI in businesses
Artificial intelligence (AI) is a wide-ranging tool that enables people to rethink how we integrate information, analyze data, and use the resulting insights to improve decision making—and already it is transforming every walk of life. In a recent interaction with the Editor of Silicon India, Anil Chawla, India MD, Verint India, shared their insights on the impact driven by AI onIndian and global economy, and what developments can we expect to see in the future.
How does AI play a vital role in the Indian and Global economy?
Businesses being the major drivers of global economy, it is imperative for organizations to make proper presence across markets, and to make their presence stronger, they need to connect well with the local audience. Connecting with the native audience is an interesting challenge wherein the local language is not English. Speaking from customer engagement’s point of view, Artificial intelligence (AI) is playing an increasingly important role by enhancing the effectiveness of many customers service and contact center solutions, including intelligent virtual assistants (IVAs), virtual agents (VAs), interaction analytics, workforce management (WFM), etc.
Share your thoughts on AI driving the Industrial revolution?
Speaking from industry 4.0 perspective, the implementation of AI strategically across operations will be key to businesses’ success. Industry 4.0 will bring in significant transformation in the way goods are produced and organizations connect with their customers.With industrial 4.0 redefining how organizations work with solutions and services, it is high time industry leaders need to make fresh and planned investments in AI and ML to scale up operations. 
AI: what is its importance in business &how does it help the industries in their accelerated growth?
From automation to analytics, AI is critical for every business that is looking scaling up its presence. To connect with the local audience, it is imperative for organizations to integrate AI to their solutions to analyse conversations, sentiments and address customers’ issues with the right solutions. 
AI integrated speech analytics provides a way to “democratize data” across organizations’ technology landscape even when one cannot physically integrate the channels of communication. As a result, a business can learn from each of those interactions to create strong engagement strategies and drive business improvement.  
Verint Speech Analytics can provide sophisticated conversational analytics to automatically identify, group, and organize the words and phrases spoken during calls into themes, helping to reveal rising trends and areas of opportunity or concern.
Natively embedded in Verint Cloud Platform, Verint Da Vinci powers Verint Speech Analytics running in the platform with advanced AI and automation. It provides organizations with intelligence about business, customers, and employees so they can:
• Convert unstructured data to intelligence and action. 
• Use machine learning to improve business process. 
• Understand customer or employee sentiment. 
• Determine customer intent of a verbal or written conversation. 
• Detect anomalies in data and act. 
• Identify trends and opportunities in customer interactions with predictive modeling. 
• Remove the guesswork from business decisions.
Going beyond merely isolating words used repeatedly during a specific time period, Verint’s conversational analytics can identify and group words that are different, but contextually related to a particular topic, such as relating overage, minutes of usage, and late charges to “fees.” Largest public sector bank and top 2 out of 3 private banks in India are leveraging Verint Speech Analytics for driving better customer experience across their omnichannel engagement.
What are the emerging industries relying on AI based analytics?  What is the future of industries that are incorporating it?
Apart from the BPO industry which are leaders of advanced applications adoption, sectors like BFSI, ecommerce and retail sectors are expected to invest strategically in AI based analytics solutions to elevate the customer experience. 
We also see significant uptake from emerging industries like Travel & Hospitality, Edtech, Fintech and online food ordering and delivering platforms. 
AI and analytics is associated with our daily life: How is it changing our life and its impact on society?
AI based analytics is enabling and facilitating the seamless collaboration between enterprise system and individuals. It considerably improve the efficiencies of our workplaces and can augment the work humans can do. When AI takes up the repetitive tasks, its enables and better equips the organizations for tasks that require more creativity and empathy.
Here are the 4 key pillars which analtics helps organizations to build-
Localization – Organizations are leveraging analytics to learn how to interact with their customers in their local languages or as per their demographic profiles.
Personalization- leveraging AI and analytics, organizations are able to know their customers (KYC) better, understand their preferences for example which channel to use for engaging with them (emial/chat/calls/WhatsApp etc, their choice of preferred time or language they speak in. Organizations are even able to express empathy and reaching out to the customer proactively.
Visualization – This is another critical pillar for any organization. With analytics, an organization can map the entire customer journey and elevate its brand loyalty and customer retention.
Loyalty- When a customer feels confident that the organization knows him and the customer need not repeat himself, the organization is earning brand loyalty and building customers for life