AI, Blockchain to Shape Future of Business: Oracle

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According to a recent survey by Oracle, 42 per cent of senior decision makers globally are looking to AI technology to enhance efficiency within their companies.

Artificial intelligence (AI) technology will be the key to enhance efficiency within the organisation, but this would be achieved only if companies decode how to apply the technology accurately and effectively within the boundaries of business, according to the predictions by computer technology major Oracle.

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In 2019, there will be a lot more organisations that look for practical methods to incorporate AI into their business. However, a major path will be by way of having AI embedded into their applications, the company said.

One of the main business drivers for adoption of AI is the immense power of this technology to enhance human productivity and efficiency of business. According to a recent survey by Oracle, 42 per cent of senior decision makers globally are looking to AI technology to enhance efficiency within their companies. With continuing developments to its cognitive AI capabilities, these business gains are going to get higher.

Productivity benefits

The productivity benefits delivered by AI and augmented experiences could be as much as 50 per cent by 2025 as compared to current operations, as per Oracle estimates.

Prasad Rai, Vice President – Applications, Oracle India, said, “We’re already seeing applications change before our very eyes. Conventional back office applications are becoming legacy. They’re being reinvented with innovative front ends (user interfaces) and aggressive commercial automation. Looking ahead, transformation is only going to become more widespread.”

According to Oracle predictions, 85 per cent of all interactions in 2019 will be automated, through AI-enabled interactive assistants and bots. In addition, it said that automation and customer experience will go together.

Currently, 89 per cent people use voice assistants for customer service and around 69 per cent enterprise customer service functions use chatbots for simple, frictionless, anytime, anywhere engagement.

Shailender Kumar, Regional Managing Director, Oracle India, said, “We believe automation will start to permeate throughout business, with 70 per cent of IT functions completely automated, enabling companies to refocus teams from the billions of work hours spent performing routine and even mundane IT tasks each year and instead on innovation and business development.”

Blockchain to become commonplace

In 2019, blockchain will start becoming more commonplace in business. In addition, the technology will also become the king of trust and transparency. This is realised from the fact that this technology can be used in even more broader contexts than just validating monetary transactions, Oracle stated.

Blockchain will, like AI, permeate into the day-to-day business as it also becomes integrated into business applications.

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