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Impact of AI in Digital Transformation through 2023/ai-insights/impact-of-ai-in-digital-transformation-through-2023

Impact of AI in Digital Transformation through 2023

August 24, 2022

Impact of AI in Digital Transformation through 2023

The world is behind digitization—you can reach everything seamlessly via digital platforms. Businesses utilize this benefit of digital transformation to make business processes smart through innovative technologies. This article focuses on discussing digital transformation and the impact of AI in Digital transformation through 2023 in detail.

Digital Transformation as an intelligent business solution

The world is evolving and becoming tech-savvy, with businesses becoming completely data-driven. The customers search for something easily accessible and easy to use.  Every company needs to assure comfort, speed, and convenience with the best cost optimization to keep up with the promises they make to their customers.

Digital transformation can help businesses to bring information, products, or services to the fingertips of the users. However, you still need further intelligent solutions to make things smarter. This is where we seek the help of smart technologies like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), etc. Business development through Artificial Intelligence is highly in demand, with advanced technologies making the process streamlined.

The adoption of AI tools can enable businesses to trigger the processes and cause paradigm shifts without distraction from the primary objective—digital transformation. Digital transformation improves the way every business works— this could be through an ERP platform, email, cloud computing, remote working software, eCommerce, video streaming, telehealth, etc. More and more firms choose to hire the workforce who possess advanced AI education for the skills that the processes demand.

Digital Transformation trends 2022

As per Gartner, 91% of businesses engage in a form of digital initiative, while 87% of senior business leaders express that digitization is a core priority. At least 96% of the survey respondents have made their plans to utilize AI simulations like digital twins in 2022.  This versatile technology uses virtual replicas for assets, processes, and systems to run real-time simulations.

Based on a study from Statista, the CEOs used two main strategies to keep business alive in the Covid-19 era— 37% on digital transformation projects and the other 37% on the remote job experience.

At least 89% of the companies worldwide have gone ahead to adopt a digital-first business plan to streamline their business processes. In today's job market, digital skills are the most important, which needs persistent reskilling. The World Economic Forum suggests that at least 54% of all employees require reskilling in digital skill development by 2022.

Another exciting inference from the Gartner survey is that by the end of 2022, Intelligent systems will be responsible for driving about 70% of customer engagements.

Why do more businesses opt for AI certifications to induce the development of quality-centric AI skills? As per Salesforce, 59% of hiring managers express that the rising impact of AI contributes to the digital transformational skills the company demands.

Nevertheless, 55% of hiring companies are highly worried about digital skills and express that innovation is hurt by insufficient core skills, says PwC.

Role of AI in Digital Transformation

Organizations use AI tools on a larger scale to enable data analysis and anticipate the future for effective decision-making strategies. According to a PwC study, about 86% of people recognize AI as a mainstream technology. This is because AI techniques have evolved to be a driving force that incorporates technological innovations like Natural Language Processing (NLP), Machine Learning (ML), Predictive analytics, data labeling, and many more.

The use of AI tools can help every company to gain more revenue— for example, it helps businesses to identify weak areas and leverage accurate predictions about market trends, prospects, and competitors. When you make decisions with AI, this is far better than the decisions humans make and free from biases or emotions.

Businesses these days require so much data, research, and market reports to make an ideal business decision. Forrester says, by 2030, the data analysts expect that 29% of jobs will be eliminated through automation, still paving the way to 13% job creation.

Artificial Intelligence is deployed in various applications like building predictive models for ideal decision making, automated insight generation, and development of intelligent applications for internal and external uses, data quality automation, Robotic Process Automation (RPA), conversational AI for intelligent assistants, and chatbots.

Significance of AI in the adoption of digital transformation in 2023

As per Accenture, AI can boost profitability in various industries by 38% on average by 2035. In the same year, it is also expected to witness an additional revenue gain for AI of 14 trillion USD.

IDC states that AI technology will support the processes and products of about 90% of the advanced enterprise applications by 2025.

The period 2022-23 can bring more AI techniques like Machine Learning, programming languages, development skills, chatbots, customer behavior patterns, perfect customer preferences, and reduced human resource engagement.

AI is evolving to make every process automatic with great speed and reliability. It has grabbed every segment that includes finance, healthcare, education, transportation, auto-code generation, auto-testing, automated solution development, augmented analytics, and so on.

Nevertheless, the newer AI-based technologies introduced to the sector like ‘distributed cloud’ have given rise to the ease of access to massive data through digital transformation. This has persuaded 74% of companies to become highly advanced in data management by the end of 2023, from 37% currently.

Conclusion

When you start a business, the adoption of digital transformation is the best way to achieve business success through Artificial Intelligence. Hence, regardless of whether you are a business owner or a startup, understanding the digital trends and the technology lets you gain the most benefits. With AI Certifications, you can gain the AI skills necessary to develop a strong understanding of every aspect of AI-specific industrial applications.