Over the past few years, AI is gaining fame like a rolling snowball. Every department is gaining benefits from this evolution in technology. Let’s first look into AI in business and see what it really is.
AI is a set of multiple technologies that work in a sequence to make machines able to learn, sense, comprehend, and serve to increase human activities. It will be surprising to know that AI was first introduced in the year 1956, at a convention at a private university in the U.S called Dartmouth. However, at that time it was estimated that AI will be able to carry out human functions within 20 years. Sadly, there weren’t enough funds to keep it running and AI ended up in phase called “AI winter”. Anyhow, things are different now, in 2011 an AI computer developed by IBM surpassed its human counterparts in a renowned game show, jeopardy.
Though AI machine has now promoted from gaming to job seekers. Today, AI is actively contributing to human efforts. With such a pace, AI is expected to become a disruptive technology in the coming decade. In this article, we’ll see how business owners can benefit from AI.
#1. AI helping Aviation
Many renowned international airlines fight hard to cope up with customer interaction and logistics, as these airlines interact will millions of customers each day in real-time and also on social media. This is exactly the place where AI can get its grip on. Several Chatbots can be used to inform and keep customers up to date with the flight schedules and can also provide them notifications. This will have a very positive impact on traffic momentum.
#2. Cloud Database
Huge data presentation is useless until is extorted and processed with patterns and trends. AI also comes in handy when it comes to mining gems covered in a pile of datasets. The most useful part of AI in not static it includes quick learning and adaptation.
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The growth of AI has led to incorporating automation of work in many businesses. Starting from robotic workspace to computerized bookings, the whole process remains the same except it is entirely handled by AI machines. AI is taking part in many business processes, after all, which business owner doesn’t like a worker who gives up coffee, lunch break, and some breaks?
#4. Consumer Communication
Many businesses have used the potential of AI for creating Chatbots for the sole purpose of business communication. There are many AI-powered Chatbots that use messaging APIs and touch-card tech to combine bot-driven interactions and online chat with workflow automation.
#5. Investments in AI
With an enormous, low-cost cloud-based data become available to everyone and algorithms that can sort a huge volume of data, businesses are now convinced about the AI potentials. A survey was conducted in 2016 that showed that more than 70% of companies are increasing their investments in AI-technologies. Other than the Internation data corporation, many other analyst firms predicted that content analytics and software marketing will be more than double by 2019, which is from $4.0 billion to %8.2 billion.
#6. Smarter Decisions
AI is able to sort enormous data, which was previously a much more time-consuming task. By collaborating customer relationship management(CRM) with AI, businesses can compile complete customer data and use that data to extract useful insights and make smart decisions. Today, business decisions such as which customers to more valuable and suitable offers are decided using AI-algorithms. Moreover, AI also helps businesses in identifying potential leads and opportunities.
#7. Sale prediction
AI algorithms are capable of catching signals, which are difficult to obtain sales executives who are looking out for associations in the existing customer data. For example, there is an AI system that predicts customers’ views based on their interaction, now that data can be utilized by businesses to carry out stronger relations and reduce machine work. Moreover, at the moment companies realize that their customers are not having a great experience, they can proactively change to such perceptions, instead of waiting for customers to give their unsatisfying reviews. Predicting these outcomes, businesses will have a better idea of what to focus on, which is a massive aid to businesses.
#8. Covering Mundane task
AI machines are capable to take care of many repetitive and reoccurring tasks, which can make up time for resources to finish other valued tasks. This is a huge headstart for SMBs, as they often have very limited resources. AI can perform tasks such as routing new queries and notes logging, these tasks can be automated so that skilled workers can focus on other needle tasks. The use of AI in small businesses can transform and reshape the entire business model.
#9. Structured Data
AI can sort unstructured data, previously there was only about 20% of structured data that was available to us which can be analyzed and interpreted. The other 80% of data is unstructured and can very valuable and beneficial for business insights. For example, if the company wants to lay underground wires for power supply, there would enormous queries that get in a way, like what was built there before and insights about the area, such problems can be solved by training manuals and previously inspected reports in inaccessible shelves. However, AI can be of great help in structuring such unstructured data into actionable intelligence.
#10. Recruitment Process
It might sound bad for the HR companies, but Ai is already helping in automating the recruitment process for businesses. It is able to quickly sort applications, and automatically discard the applications that aren’t up to the mark. This process not only saves HR companies a lot of time but also make sure that there is no bias or discrimination in the selection of applications. Without any need of staff timer tracker to track employees.
As shown above, AI is able to provide numerous benefits that include personalized marketing, automated recruitment, better customer service, and many more. What’s even more remarkable is that AI applications specially designed for cloud-based services are easily installable. Organizations that are already using cloud are benefiting from them on a massive scale.