Artificial intelligence has seeped into all areas of our life and the realm of business is no exception. AI has the potential to wipe out inefficiency, optimize operations and substantially increase profit.
Research has found that 80% of business executives believe that AI significantly improves productivity.
If you are wondering how it does that then you have come to the right place as this article will explore 5 of the amazing things that AI can do to improve your business.
1. Customer Service
Customer service can be highly time-consuming and the more that your business grows the higher the demand will be for good quality customer service.
AI can use smart insights to effectively help your customer. Additionally, AI can ensure that customers have any information they might need in regards to their query.
Chatbots have become increasingly popular over recent years and they are used to provide customers with relevant information, troubleshooting tips, and answers to any questions they have.
World-renowned companies such as Facebook, Slack, Skype, and many more are using AI solutions to improve their customer service. AI is continuing to evolve and chatbots are becoming much smarter and genuine in their behavior.
Some companies use AI to analyze their vast amount of voice calls and use this data as a way to improve customer service interactions.
2. Business Management
Effective business management is the key to a successful business, and thanks to AI this is becoming easier than ever.
It can schedule meetings, conferences, program business trips, and even help with day-to-day decision-making.
AI can be programmed to do even the smallest of admin tasks, such as following up on unanswered emails. Never again will you or staff forget to chase up on important things because AI will have already done it for you.
It will come as no surprise that there has been a sharp increase in businesses using artificial intelligence solutions which makes sense considering how much more accessible it has become.
Your business could benefit from these solutions as it provides a clear-cut schedule and management whereby no task, no matter how small or big, can fall through the cracks.
3. Information Technology and Security
All the leading businesses are using AI to improve IT and security systems. Tata Consultancy services conducted a survey in 2017 which found that roughly 44% of 835 businesses were using Ai to help detect and prevent cybersecurity intrusions.
They also found that 41% were using it to help with technical obstacles and 34% used AI to reduce production management tasks. Your business’s security system needs to be air-tight.
Cybersecurity attacks can be fatal to businesses, and it is not just the big businesses that get targeted as research has shown that cyber attacks on small businesses and charities are on the rise.
It is much better to pay for software that is going to help and protect you in the long run than it is to pay a ransomware fee by a cybercriminal who can make your company go bust.
4. Finance
AI can help businesses predict how much revenue they will generate as well as what they need to do to meet quarterly and yearly financial goals.
It does this by analyzing archived data to spot trends that may forecast future revenue. The capabilities of AI are profound, with Accenture predicting that 80% of finance tasks will be completed by automation in the coming years.
5. Marketing
Digital advertising would be nothing without the help of artificial intelligence. AI uses smart technology to find the best audiences and demographics for the advertisement going up.
It looks at several factors and categories, including where a person even checked in on free wifi to determine whether or not that advert will be relevant to that specific internet user.
In some ways, it is quite scary just how much information AI has access to, however, from a business point of view AI has revolutionized how we can market our companies.
It has changed the game and marketing using AI is extremely effective. It uses an algorithm that learns the prime time for advertisements to go online based on engagement levels with your previous content.
AI also automatically manages advertising budgets which is beneficial for several reasons.
Namely, you will never accidentally go over budget again, so you can rest assured and not have to worry about setting any reminders.
AI is still a relatively new phenomenon in the business world, however, its impact has already made a profound mark, and will continue to do so.