People are no longer surprised by the mention of AI. Buzzwords such as AI chatbots, NPLS, and machine learning seem almost too old enough to garner any response. And that’s because the practical application of AI is no longer a fantasy.
As in most cases, many businesses and corporates have already incorporated AI in their daily business operations. Don’t get me wrong; I’m not talking about complex machines or killer robots from the future, but powerful self-learning software that grows more and more capable with each passing second.
A recent study shows that 86% of CEOs have admitted that AI is very helpful for their business as they increase the efficiency of daily operations and overall development. Hence, we have come up with this article to take a closer look at how AI helps businesses.
Table of contents
11 Ways AI help businesses
Business process Automation
A typical business, no matter big or small, has to undertake hundreds of tasks daily. With AI, these businesses can reduce the time taken to perform many such tasks or even automate their daily process as per requirement.
In this way, the workers could be free for more pressing matters. The department mostly affected by such automation is undoubtedly customer support as it requires not only a huge workforce but also an equal amount of time. But with an AI-powered chatbot, enterprises can reduce the number of operators without sacrificing the quality of service.
The importance of AI in business process automation is very high. We cannot ignore the fact that sooner or later, most businesses will be automating repetitive tasks using an artificial intelligence system.
Data Analysis and decision-making
AI is the right tool when businesses have to analyze a huge amount of data and make a decision accordingly.
For example, the manager has to prepare a report on the best shoe type sold in the year after combing through the sales report of various companies that sold millions of shoes. It is a simple task but time-consuming, which could be left to an AI, Not only will it be done in minutes, but also would be far more accurate. AI can analyze data to predict trends, future results, and a counter plan. The personnel in charge can then take all this analyzed data to make the final decision.
Hence, the decision-making process not only got shorter but also far more accurate. And who knows, in the future, even the final decision might lie with AI, which would be better at drawing patterns and data segmentation.
Increase in productivity
The far most obvious use of AI in any business is to increase productivity. Any task that humans do when undertaken by an AI would see an increase in productivity. Or one can simply integrate AI within the manufacturing sector of a business to replace labor with much more advanced machines to get better cost per operation. Hence, AI, when done right, can boost the overall productivity of a business.
Here is a great video showing how you can improve your productivity 10x using AI tools –
Talent recruitment and HR
Talented personnel and a capable workforce are the backbones of any business. Hence, recruitment and HR sections are crucial components that must be taken care of.
Normally, when a company recruits, it starts by posting a job ad, then reviews received resumes, and finally, conducts an interview to select the most beneficial people. Although, when using AI, one can forgo the initial processes. AI can read a job description and recommend the most suitable candidates from within a database on prescribed qualifications. Then, by using chatbots, one can handle initial screening and filter out the most suitable candidates for the final interview.
For the most part, any successful business must be customer-centric. Consumers and customers hold more power now than ever as there are enough quality options available to them. Hence, businesses have to be more customer-forward. Even customers prefer businesses that care for them. Hence, what a business can do is tailor-made a strategy based on customer preference by analyzing market trends and patterns.
For example, a streaming platform can incorporate an AI within the review system to suggest movies and shows based on interest and offer discounts based on previous purchases. Altogether, an AI can develop a more personalized and sophisticated approach toward customer satisfaction as opposed to humans. It is surprising but true.
Faster business processing
When automating any business process, one also ensures faster processing. There is no debate that business in the digital age is much more fast-paced. But an AI can make it even faster. One has to remember that faster will make it better as the first to offer a service will surely capture a larger market segment.
Also, it is necessary to be fast in business as the customers do not have enough patience and are riddled with far more choices. AI is changing the world and businesses in more ways than you can imagine, this is one of the very few examples.
Development and growth
With a business in existence, it is not hard to upscale it. However, this requires not only precise planning but also accurate data analysis, as one has to heed market structure, ongoing trends, and future predictions. That’s why AI is better for business development because it can scourge through data to find the optimal path for any business to take. While it may not produce the exact planning for expansion, it can showcase detailed reports on trends and future predictions based on present data.
Enhanced Monitoring Capabilities
As AI is capable of processing massive amounts of data instantaneously, it can literally translate into the ability to monitor in real-time. AI is better at spotting any discrepancies as soon as they happen because they are powerful at processing. Hence, it is helpful for administration as the AI can instantly raise an alarm, figure out the issue at hand, and even suggest a better course of action, all in real time without incurring any projected loss.
Fewer cases of Human error
While we are not promoting replacing humans with AI tech, it is also true that even if AI is in place, the amount of error certainly goes down. Any organization has its fair share of loss due to human error. Although not malicious in nature, such mistakes can cost the company. But the chances of an AI making a mistake are next to impossible. Thus, with AI in place, the organization can experience a reduction in mistakes and errors.
Furthermore, with automation, recurring tasks that ought to be boring and hence error-prone could be handled efficiently and without mistakes, and that too much faster. Thus, when asked if can AI ensure better results without mistakes, we can freely say yes.
Product recommendation and revenue boost
AI is popularly and widely used in product recommendation, as it is far more proficient at scrounging through tons of user data to figure out patterns and user preferences. Almost every organization within the e-commerce sector utilizes AI to recommend products based on the user’s shopping history and browsing habits. And most of the time, when a product is recommended, it is bought.
Thus, product recommendation is directly tied to revenue. A successful recommendation can help boost revenue. Then, by logic, AI also impacts the revenue of a business, if used correctly.
Finally, we do business in the digital era where the acute threat to our cybersecurity is very real. Any online attack can result in an irreconcilable loss for the business. But what better to strengthen cybersecurity other than AI? We also know that human error is a crucial part of any cyber threat. But incorporating AI into authentication can help reduce human mistakes, improving cybersecurity.
When talking about AI, many have the misconception that the tech is only for giant corporations. No, a business, despite its size, can use AI successfully for its betterment. If your firm has a future-oriented approach and aims to grow, then AI is the most suitable for your administration. Now, we are not discrediting or disregarding the value of human labor, or talent. But AI isn’t here to replace humans. Rather, it is here to change how humans work by streamlining business operations and strengthening business processing.
Yes. AI helps businesses in a lot of ways. It helps to increase productivity, better organize tasks, does things much faster with less human intervention, etc.
AI alone cannot run a business, at least at the moment. But in the future, it may be possible that an AI system can manage an entire business with minimal to no human interaction. However, AI might still make mistakes because humans programmed it.
AI is not dangerous for businesses. Just that the existence of AI will increase the competition at an exponential level. We discussed the dangers of AI in our previous article.