In 2022, we will continue to see Artificial Intelligence (AI) become the most transformative technology humanity has ever created.
The CEO of Google, Sunder Pichai, said that the impact of AI will be greater than even the discovery of electricity. This seems like an ambitious claim but seeing how this technology has already helped the lives of millions, by helping to tackle climate change, develop treatment for cancer, and even assist in us exploring space, it shows just how much potential it holds.
The ability to give machines the power to make decisions is one of the biggest reasons why AI is leading the way into the future. New developments are pushing boundaries and showing us humans endless possibilities. So we will share with you some areas where we see Artificial Intelligence trends having an impact in our lives in 2022.
Conversational AI
Conversational AI, or AI-generated chatbots, can improve the reach, responsiveness and personalisation of the customer experience. By implementing Natural Language Processing (NLP), and Machine Learning (ML), chatbots can reach a deeper level of understanding of what a user says and in turn create a more natural, almost human-like conversation.
This is potentially one of the most exciting Artificial Intelligence trends as it will bring incredible value to businesses. Direct messaging is a particularly popular method of communication among Millennials and younger generations, so by enhancing the speed and simplicity of the process, it will optimize the customer experience for already engaged customer segments. An example of this would be Monzo who use chatbots to communicate with their customers. They have also created a tone for the company that is both friendly and professional at the same time as well as understanding lifestyle patterns to make every interaction easier for the customer. By using tools such as chatbots, it will make for shorter waiting times when compared with traditional customer service. This is because it will help to automate high-volume customer interactions as well as augment human support staff. McKinsey reported that businesses that use technology, like automation to improve their customer experience, are likely to save up to 40% on service costs. This will encourage staff motivation as they can focus on non-autonomous tasks and give customers a better experience by having more time to focus on their needs.
Also, the performance of customer service is improved with AI. More customer queries can be solved in a short period of time and there is a more consistent flow of information. It will also allow for 24/7 support. By automating certain elements of the customer experience, it will provide customers with more support, limiting interruption.
Natural Language Processing (NLP)
NLP is currently one of the most used Artificial Intelligence (AI) trend. NLP is being used by millions of people every day in products like the Amazon Alexa and Google Home.
The introduction of NLP has reduced the necessity to write or interact with a screen as humans are now able to speak with machines that are able to comprehend language and understand the context of a conversation. These conversations can be combined with multiple other data sources including text based documents to automate complex analytical tasks. Areas such as sentiment analysis, machine translation, auto-video caption creation are all growing in popularity and will continue to do so in 2022.
The tangible benefits of using NLP in business is that it will save humans hours of time by automating processes as well as using data analysis to its full potential. By removing tedious, repetitive tasks, which employees may find boring, staff will feel more empowered and perhaps see an increase in productivity.
What sets NLP apart from AI is the ability to delve deep into the nuances of language, looking at the metadata such as pauses, sentiment, etc.
Sentiment analysis can extract subjective meaning from text to determine attitude or sentiment. This is an incredibly powerful tool as it is able to review unstructured data and look out for inconsistencies and anomalies which will help financial advisors or call centre advisors to determine potential vulnerabilities in customers. This tool is in high demand and will continue to expand across industries as an AI trend in the coming year.
Cybersecurity
It’s becoming increasingly important for consumers and businesses to protect themselves from cyberattacks. The World Economic Forum has now identified cybercrime as more threatening to society than terrorism. This is because more and more people are being exposed to machines and devices which has raised the likelihood of an attack. In the past year, 4 in 10 businesses in the UK have reported being exposed to a cyber security breach. This shows the extent to which cyberattacks are on the rise and how businesses need to address this before they could be a threat. Gulf news also recently reported that The National Bank of Pakistan had been hit by a cyber attack at the end of October 2021. These are becoming more of an occurrence and Government and regulatory bodies need to work with banks and other financial institutions to help minimise cyber threat as well as ensure customers are well protected and informed.
The power of this AI trend is that it can help to analyse network traffic as well as learn any suspicious patterns which can alert users to any potential threats. By introducing a cybersecurity solution to your business, it will offer digital protection. It will support the privacy of your employees as well as your customers, which will improve operational efficiency. This will ultimately lead to more productivity from employees, saves a lot more time and will enable more leads.
With huge numbers of us having changed the way we work, introducing AI technologies to cybersecurity will assist in remote working. It will help to automate work, like scheduling calls, emailing/contacting clients as well as sharing files. It can also help with software integration, one of many is our Aveni Detect platform, it can hold large amounts of very confidential customer data as well as provide high security protocols to ensure safety of information. As well as this, such software can scale with stability, speed as well as integrate into a number of enterprise systems. Such features will revolutionise the way organisations will look after their customers. From the get-go, agents will be able to work simultaneously with AI to perform better and provide a better service all round.
AI will also provide a safe place for confidential data, analytics and strategies that are at risk of being attacked, making internal networks more secure. Cybersecurity technologies and strong IT support solutions will protect home WI-FI and prevent hackers from trying to track employees’ data. This is because it works like a centralised system where all the information can be stored in one place. This is going to become increasingly important over the next year as remote working is here to stay.
Digitisation is only going to increase in the future and businesses need to take this onboard and learn to adapt to these changes. The global economy is turning into a digital economy, and what once started out as an idea with potential is now turning into a power force that is AI, disrupting industries all over the world. We will continue to see these artificial intelligence trends growing and taking over our everyday lives, so get ready to tap into these trends and watch how your business becomes faster and much more efficient.
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