Top AI and automation business trends in 2020

2020 has been quite eventful for more than one reason. While the terrible outbreak of the Coronavirus garnered news headlines for sure, for technology enthusiasts, the proliferation of AI and automation was another reason 2020 proved to be unforgettable. This year, the advancements in AI and automation technology led to its adoption across industries. The COVID-19 situation also sped up the process of digital transformation in organizations, leading to an even higher uptake of AI-powered solutions.

As per Deloitte, 82% of the firms who invested in artificial intelligence-based systems, gained an average of 17% returns on their investment. In the last 4 years, the number of organizations adopting AI has grown by an astounding 270%. The year observed a marked shift in the adoption of AI and automation technologies by businesses.

Let us look at the top trends that defined the growth of AI and automation this year –

The use of digital assistants is on the rise. The need to better manage time and delegate repetitive but important tasks has become a real need for employees working from home.  Gartner expects 25% of the global workforce to use a digital assistant by next year. In 2019, this figure was 2%. In the current scenario, even faster adoption is more likely. A digital assistant is an intuitive interface that uses NLP and AI to assist employees. By simple voice command, it can manage routine tasks and improve employee productivity.

Personal voice assistants like Alexa or Google Assistant, Cortana, Siri initially considered as a ‘good-to-have’ have spurred a need for work assistants that can seamlessly interact with business applications and enhance employee experience.

In 2020, the pandemic pushed people indoors and made employers think of investing in a hybrid workforce. Gone are the days when automation was considered to be the end of human workers. Instead, it has spawned new opportunities for them. As per McKinsey research, while automatable tasks may get phased out, new jobs will be created. This model will have humans working alongside digital workers to improve overall process efficiency.

Bloomin’ Brands is already deploying a hybrid workforce in managing its 1500 casual dining restaurants in the USA. It uses an AI-based facilities management tool to collect real-time data about the equipment and other facilities in its restaurants. Continuous data-collection tracking helps them plan for emergency repairs, manage efficient energy use, and create trust with their restaurant partners.

It is no surprise that CX has assumed high significance among customer-centric organisations. With social-distancing and pandemic restrictions, the only means to interact with businesses and products is either online or through call. A two-minute delay can negatively affect a customer’s perception of the brand. Organisations are realising the importance of saving time and catering to each customer query with equal urgency. AI is helping businesses offer enhanced customer experience (CX) by use of contact center AI solutions. The solution provides personalized and intuitive support to an organization’s customers from the word go.

For instance, AI based contact center solutions like that of supervity.ai’s called CX Ninja boosts agent productivity by providing insightful information and short-cuts to the agent during calls. This helps reduce call handle time, improve first call resolution, and enhance customer satisfaction. It also helps in lowering the call wrap time with its seamless workflow. Its virtual agent provides 24X7 customer support across voice, chat, and email platforms in multiple languages. During peak hours, the virtual agent can handle the bulk of routine customer issues, freeing up the human agents to resolve more complex issues efficiently. All of this boils down to a seamless, positive CX across different customer support touchpoints.

Robotic Process Automation (RPA) helps an organization automate its repetitive tasks with accuracy and speed by use of bots. Valued at USD 1.4 billion in 2019, it is expected to grow at a CAGR of 40.6% by 2027. The COVID-19 induced remote working environment will further alter business operations pushing more companies to adopt RPA. For instance, JPMorgan Chase automated some of the processes at its law firms to review and interpret legal agreements.

AI chatbots can mimic human conversations by using Natural Language Processing (NLP). Organizations rely on bots to connect with the customers 24X7 through phones or laptops. The year saw many iconic brands like Sephora, Domino’s, and Starbucks use chatbots to help customers find their preferred products and place orders using voice or text. For instance, language-learning platform Duolingo used a chatbot to allow its learners to practice speaking without the pressure of talking to a person. The Duolingo bot continues to learn and update itself with new phrases and converses in a human-like manner.

In 2020, AI-powered content personalization helped organizations engage their customers by delivering individualized digital experiences. Streaming service Netflix’s recommender system uses algorithms to capture the trends it considers as important predictors of user interest. It can deep dive and calculate the probability of a user watching something by parameters such as the point of abandonment, the time elapsed since viewing, the device used, scrolling pattern, etc.

Conversational marketing through live chat or a chatbot is the way to go for many brands these days. Messaging by voice or text is a lot easier and helps brands engage more with customers, yield higher conversions, and provide a seamless customer experience. Sephora books appointments on Facebook and uses customers’ geolocation to provide the address to the closest store. Similarly, 1-800-flowers.com sells flowers through their bot on Facebook.

Real-time or on-the-fly marketing allows a brand to draw a connection with customers. While the term has been around for a while, however, its meaning has evolved with evolving technology. Today, spinning smart marketing puns on the latest stories might not delight a customer. AI provides a more granular approach by use of customer data collection, predictive analytics, and journey mapping to offer automated engagement in the form of dynamic offers or enhanced customer experience. Many Chinese stores such as Wedome Bakery, widely use facial recognition payment systems to offer customers the convenience of paying without even reaching for their wallets.

2020 proved to be a golden year for AI and automation. The market was replete with emerging technologies and the pandemic created an environment for their further adoption. If these trends are anything to go by, artificial intelligence and its multi-faceted use-cases will continue to spread across businesses.