AI and robotics are now prevalent in this modern day and age. The use of new technologies should help accelerate startups. Let’s find out the ways where you can make use of AI and robotics for your business.
Artificial Intelligence is slowly becoming integrated into our daily lives. From setting up alarms, dimming smart lights in your home, and even getting a reservation at your favorite restaurant, your everyday machine, your phone, is learning about habits. Your phone is a powerful tool to help you go about your daily life. But, that’s not the only use case for AI and robotics. Technology should be able to do a lot more, right?
When it comes to startups, you have to be smart about where you’ll spend your money. Let’s be real here, while you are busy building your business you also have to consider the inflow and outflow of your hard-earned money. Every startup has its unique challenges along the way.
This study made by Statista about the AI market revenues worldwide in 2020 and forecasts for 2021 and 2024, shows rapid growth in the coming years. The global artificial intelligence market will reach half a trillion U.S. dollars by 2024.
It is no wonder that AI and robotics will possibly displace many jobs in the future. We use big amounts of data to train AI in developing algorithms to mimic the competencies of a human mind. Then we have machine learning. We equip AI with capabilities that include computer vision and conversational interfaces.
We now live in a time where industries such as retail, finance, and healthcare are sophisticatedly using machine learning to predict habits and analyze data. So how does this make an impact on your startup business?
AI and Robotics in Business
It comes as no surprise that different fields are using AI and robotics. Though they may be two separate things, these two fields overlap. This just expands the use case of AI and robotics versatility for a lot of businesses.
The current business scenarios are different. With AI being integrated into robotics, robots are programmable to perform tasks and learn new things by capturing data in their environment.
You might be familiar with Vector. Remember that little curious robot friend everybody wants? Yes, that’s him. Now, this is just one example of AI in robotics where it reacts to the input in its environment. Another example would be Misty by Misty Robotics.
Misty helps develop opportunities for robots in your business, where you will be able to create the program for specific tasks. While Vector’s main purpose is to become your companion, Misty can be programmed to do useful things in businesses, the home, research, and education.
The possibilities of AI in robotics, like Misty and Vector, are that machine learning is now something that aids to create experiences and opportunities for everyone. From speech detection, face recognition, and language translation, the possibilities and use of machine learning are endless.
Research made by the IDC found that the contribution of digital workers will get a 50% increase by 2022. This includes software robots and AI. Modern organizations today seek to augment automated processes. The increased use of machine learning, robotics, and artificial intelligence in the workplace helps employees make informed decisions and automate mundane daily work activities.
Current State of Robotics
Robots have caused a disruption in many industries with the integration of artificial intelligence. Gone are the days when robots’ sole use is to do repetitive tasks in manufacturing businesses. Now, robotics plays a role in the healthcare industry and even in elderly care. In Japan and South Korea, they are actively finding ways to make use of human-like robots in innovative ways.
From Asimo to the current humanoid robots today, we have gone a long way since. Artificial intelligence in robotics is growing more sophisticated over time. Paired with machine learning, there is a high chance for robots to be able to see patterns and compare data to make valuable predictions on trends that will make an impact on your business.
Let’s take Misty as an example. With her innate human-like talents like movement, face recognition, hearing, and communication, Misty opens up a whole new range of opportunities for developers and businesses. This allows you to build functions that are unique and helpful in the personal, service, care, educational, entertainment, retail, and household robot markets.
How can AI and robotics help you reach your business goals?
Now that robots include AI technology, it will be easier to process big data and automate systems. Zoom.ai can function as a virtual assistant where you can transcribe calls, schedule appointments, or even book an Uber ride. We talked about machine learning, and yes, this is only a small part of artificial intelligence. This is where it gets interesting.
Believe it or not, artificial intelligence can actually help you give better customer service. How? With all the valuable data— from marketing, client acquisition to client retention— there is so much you can work with to improve systems and processes. You can better understand the customer journey and pain points, even subtleties in communication. Artificial intelligence helps you analyze big data for you to make better organizational decisions.
It is not a far-fetched idea that artificial intelligence will take over repetitive tasks. We’re even doing it on our phones. But it doesn’t mean that humans will ultimately be replaced by robots in the near future. The future of robots is supplementary to a productive workforce and there will be changes in the way we work. With machine learning, the data we put out every day will prove useful to launch new opportunities for growth.
How to Determine Business Use Cases for Machine Learning
Businesses today will have to take into account the amount of data they will need to work with. When you launch your startup, it would be good to determine how to use machine learning to your advantage. Many industries today view machine learning as their go-to tech to beat out their competition.
By implementing machine learning, businesses hope to gain three key benefits:
- new insights through data (50%)
- a competitive advantage (46%)
- and faster data analysis (45%).
This new technology is not so easy to come by but will be able to help you boost efficiency to 30% and cut costs to 23%.
Social media platforms like Facebook, Twitter, and LinkedIn use machine learning to bring you product recommendations, ads, or personalized content called retargeting. It comes as no surprise that even though you are not familiar with machine learning, you encounter it on a daily basis.
For startups, it is practical to learn more about new technologies like machine learning to help automate systems to market and sell your products. Machine learning gives you the gift of foresight where you will be able to anticipate your customer needs, increase productivity, and reduce errors.
Automate Processes with AI and Robotics for your Business
In today’s technology-driven business landscape, many businesses use AI and robotics. Robotics is now a productivity powerhouse with the integration of artificial intelligence and machine learning. Robots like Vector and Misty pose endless possibilities and their use might possibly increase in the years to come.
Job opportunities will increase despite the fact that some experts see robotics as a threat to the current workforce. AI in robotics will possibly supplement the future of work. Employees will be able to shift their attention to what matters for your business over time spent on mundane tasks. As soon as you integrate the use of AI and robotics into your organization, you will see an increase in productivity and efficiency.
Machine learning will transform the way we work and make organizational decisions. Where big data is available, machine learning will be able to analyze and make predictions centered on success and growth. There will be so much room for process and service improvement with very little chance for errors. Practical use of robotics, artificial intelligence, and machine learning will help launch businesses of the future.
If you plan to launch a new startup that requires the use of new technology and a lot of software development then you need to consider exploring a partnership with an offshore development company with a strong recruitment process.
Here at FullScale, we do all the heavy lifting for you. From recruiting the best talent, workforce management, and content development, until you launch your product, we can do it all! Shift your focus on growing your business and let us do the job we do best. We are always ready to work with you.
Let us know how we can help you achieve the right results and support making your big business goals a reality!