What Are The Advantages Of Artificial Intelligence for Business?
Today, with enough funding and several technological breakthroughs, it is possible to visualize a future aided by AI. There are diverse advantages of artificial Intelligence for Business.
Lockdown accelerated this whole journey, and today we stand just one step away from our digital future. But, before we get into that, let’s understand what AI is.
AI or artificial intelligence is a multidisciplinary branch of computer science that is involved with making smart machines. These machines make our complex tasks more comfortable, including the ones that require human intelligence.
The gigantic amounts of artificial intelligence improvement have caused a pragmatic shift in almost all walks of life. Most importantly, it is the business sector that can reap the most benefits out of this emerging technology. AI streamlines the flow of various processes and thus helps in the evolution of work. It also aids in the development of the country’s economy by uplifting its multiple sectors.
Benefits of Artificial Intelligence for Business
Let’s see the various ways in which businesses benefit from AI.
1. Act as Recruiting Aid
Artificial Intelligence is helping businesses hire new employees efficiently by automating the whole process. With intelligent technology, it quickly filters the applications according to pre-set criteria and automatically rejects those that do not fit the requirements.
The benefits of this automatic process are several folds. It not only saves the cost of hiring a recruitment agency but the time of the entire process. Moreover, since the process is entirely automated, there is no chance of human bias and hence, once can be assured of no manipulation or discrimination. In addition to this, AI also helps track the employees’ progress, performance, aid in remuneration, and so much more.
2. Automate Interactions with Customers
Currently, there is a lot of human involvement seen in customer interactions via mail, chat, telephone, etc. AI, however, helps in automating these processes, making them an easy task for businesses across the world.
You must be wondering how these machines send personalized emails or give information specific to customers. Well, let’s understand the technical part of it. These machines are fed previous data, which is extracted from prior communications. Using this data, they identify the type of queries that the users may have and then respond accordingly. Thus, these machines can be programmed to streamline their responses, depending on the users they interact with.
One example that instantly pops in the mind when it comes to customer interaction is chatbots. Nowadays, these technological geniuses can be found almost on all digital platforms like websites, apps, social media, etc. The best part of chatbots is they can communicate to multiple users simultaneously and cater to specific customer needs. There are also monetary benefits involved in the company.
3. Personalized Shopping Experiences
One of the several impacts of AI on business can be seen in the shopping sector. Have you ever searched for a product on Google and later saw an ad regarding the same product on social media? Have you ever wondered how this is possible? The answer is the two-syllable technological marvel called AI.
Artificial intelligence enables companies to track your online activity and then streamline ads for a personalized shopping experience. The information is about the sites you visit, the products you search for, your areas of interest, and past purchase behavior. You will be surprised that even e-commerce giants like Amazon and Flipkart use it to give you a customized experience on their websites and apps. AI uses millions of bytes of data stored in the cloud to provide you with just the right offers for your purchases.
4. Optimize Logistics and Real-time Assistance
Large businesses often have complex supply chains. These supply chains include hundreds of dealers, transport vehicles, wholesalers, etc. It can be quite a task to keep track of the whole structure with the help of human labor. This scenario is when AI comes into the picture. It helps businesses by providing optimal routes for delivery, keeps track of transport vehicles, and much more.
During emergencies, AI can alert pilots or truck drivers about any mishaps, provide alternate routes, and contact rescue teams to quickly get medical aid. A prior prompt response may help avoid accidents and save thousands of lives. On a lighter note, AI also helps in customized travel and hotel information by analyzing past travel history and stays.
5. Increase Manufacturing Output & Efficiency
These machines can be programmed to do specific mundane and labor-intensive tasks in various manufacturing industries like the steel industry. They not only increase production but also prevent accidents that may take countless lives at once. Thus, artificial intelligence in business comes as a life savior for many who are involved in such industries.
6. Operational Automation
Along with this, AI is also capable of operating other technological equipment that brings about automation in the business. Businesses around the globe are using AI for various needs. Some enterprises use AI for maintaining ideal temperatures for even cooling/heating. Companies in Japan are excellent examples of how businesses leverage from AI, where there are human-looking robots at the receptions to automate check-ins and attend to customer queries in up to four languages.
When it comes to operations, AI has been a boon for the criminal justice system as well. Police around the globe are leveraging AI to help catch criminals quickly. You must be wondering how it is even possible. Let us break it down for you. The AI’s role is to look for patterns in criminal records, go through historical data of the suspects to generate insights and point towards the wrongdoer.
7. Predicting Outcomes
AI works on the process of data analysis and, thus, can help predict outcomes. No, we aren’t talking about who would win the next world cup! (although it might be possible for AI to guess even that in future). AI can look into the vast amounts of customer data and predict whether a flash sale would help to sell a particular product or not.
Moreover, it can also predict when a particular product’s demand would be tailed by analyzing customer buying behavior and past sales. This way, AI has become a strong support pillar for retail businesses all over the globe.
The outcome predictions are not just limited to retail. AI is also used in other sectors, like banking. It is used to predict fluctuations in currency rates and healthcare, where it can predict the chances of contracting an infection by studying the patients’ genetic history and lifestyle. This way, a lot of sectors can benefit from artificial intelligence.
8. Data Mining
Along with analyzing the colossal amount of data, AI can sift through data to provide just what you need. It finds the data relevant to your search. The main benefit of this feature is harnessed by professionals in the marketing and advertising sector.
Data mining can help in providing previously undiscovered insights that can help these businesses by giving an upper hand in the marketplace. In fact, many advertising agencies and media management firms are using the data mining feature of artificial intelligence to get data from their consumers. They identify where they can introduce new products to aid their consumers by developing insights from this data. Moreover, brand visibility, brand perception, and image can also be gauged using data mining. The retail sector uses data mining to understand consumer behavior and their shopping experience to understand fast fashion trends.
As you can see, there are several business benefits of artificial intelligence. It helps provide a wide range of benefits, including personalized marketing /advertising, inventory management, recruiting aid, and operational automation. The best part of AI is its easy deployment and quick assembly. AI is simple to use and provides millions of bytes of data at your fingertips.
The data can be used to generate insights that might prove to be useful for businesses in various sectors like retail, healthcare, recruitment, hospitality, analytics, etc. Moreover, it can also act as a business-boosting aid for small and medium-sized businesses. Its economic nature makes it one of the most preferred and futuristic tools.
We have seen How can Businesses take leverage from AI? and Whatever be your business, there is an AI program for everyone. All it takes is an open mind and willingness to embrace this new normal to expand future business opportunities. AI has proved to be a cape-wearing coded hero that comes to our rescue no matter its business. AI is the future. Companies that have deployed Ai are reaping its benefits. Have you given it a shot yet?