20 Nov Benefits Of Using Artificial Intelligence In Your Business
In simple words, artificial intelligence is the science of designing machines and computers in a way to copy human intelligence. AI technology obtains and manages an immense amount of data. It then extracts information that improves operational efficiency and effectiveness.
AI is almost independent, as it does not require human intervention. It is capable of making rational decisions just like humans based on their observations and learnings.
Businesses are now adopting artificial intelligence to support their operational activities and get the maximum benefits.
AUTOMATION OF OPERATIONS
AI technologies are able to increase automation in process activities in business. For instance, AI can be used as intelligent heating to maintain ideal temperature or to control robots in factories.
Japan has set the best artificial intelligence examples. They deploy human-looking robots to serve as hotel receptionists automating booking services, check-ins, and dealing in multi-lingual customer queries.
In fact, in China, AI helps police to catch criminals. They have huge CCTV coverage and AI spots and tracks suspects with facial recognition.
Further, in the retail sector, AI is used to track inventory with cloud technology.
ENHANCE RECRUITMENT PROCEDURE
AI is now replacing recruitment companies by helping businesses in automating the selection of new employees. It has a capable system to quickly review the applications, and audit them as per the company’s criteria.
Thereby, it not only saves time and money but also shortlists the candidates in a fair and uniform manner. Further, many administrative tasks can also be handled by AI.
IMPROVES SHOPPING EXPERIENCE
AI helps in engaging customers with personalized marketing. This improves sales and generates customer loyalty. Companies now are emphasizing AI in refining the shopping experience of clients.
AI observes the purchasing behavior of customers and also identifies their browsing habits. It stores such millions of transactions in the cloud and analyzes it. This way it provides the best offers to individual customers that are highly related to them.
AI aids businesses that require constant communication with massive customers throughout every day. For instance, the transport industry, including airlines, train, and bus companies have millions of passengers each day. Thus, they use AI to interact in real-time with passengers and send personalized travel information, such as booking ID, any notice of delays, etc.
Moreover, courier companies also provide tracking ID, so that the client can keep a check on the status of his goods.
The cab services like OLA, UBER also use AI to manage their huge network of taxi services through apps. A specific ID is allotted to each passenger to get real-time updates about where the taxi is along its route and its expected time of arrival.
Since AI is all about the study of data, behavior patterns of humans, and analysis, it gives the best possible outcomes that can be expected in the future. This helps companies to maintain their targets and work in that direction.
For instance, it predicts whether the products currently on market are saleable or not and also in what volumes. This helps in maintaining appropriate stock and volume.
Apart from retail, AI is used in other sectors like banking to predict stock price and currency fluctuations. Moreover, even the healthcare sector can analyze social media posts to ascertain any epidemic.
DATA MINING AND BUSINESS INSIGHTS
AI apps are capable of quickly discovering relevant & important findings while processing huge data. This gives useful insights that sometimes businesses miss out on. This helps businesses to make smarter decisions like, “the best possible offers” or “which customers to target”, etc.
Further, with the implementation of AI, a business can also recognize the opportunity and leads with maximum potential.
AUTOMATING CUSTOMER INTERACTIONS
Most customer interactions such as telephone calls, online chat, emails, and social media conversations need human interference. Companies now automate these interactions with the help of AI. The data from previous communications are analyzed. After that, computers are programmed to respond accordingly to clients.
To illustrate, AI chatbots can communicate with infinite customers at the same time. In addition, it can also initiate conversation- whether on the app or website. It seems the call center services will soon come to an end.
DOOR TO OPPORTUNITIES
As per a study by McKinsey, cash flow will increase by 120% for the companies that use AI by 2030. Undoubtedly, AI helps in generating revenue, adding value to customer service, and reducing costs. There are ample applications available in the market to boost business.
Artificial intelligence has come a long way and it will keep improving user experience by incorporating the most basic human emotions. AI is in every field, whether you are planning a career in design, marketing, management, or human resources. AI anticipates what we need as per the programmed data.