Five Benefits of Artificial Intelligence Technology That May Change Your Perspective

Introduction:

Artificial intelligence has become the buzzword in the business community of the 21st century. While AI is not a new concept, it has opened up a whole world of new possibilities.

But, why is there so much buzz about Artificial intelligence?

Probably, because artificial intelligence has the potential to solve a myriad of issues and bring agility in any business.

But, even the old school automation works well?

The old school ways provide a limited scope of reducing human work. Combining traditional automation with artificial intelligence cannot just reduce human effort but also remove the need for intervention altogether. This automation is popularly called the automation continuum.

Let’s see some examples of AI automation, AI can control robots in factories or maintain ideal temperatures through intelligent heating. For instance, in Japan, human-looking robots now serve as receptionists, hotels automating check-ins, and dealing with customer inquiries in different languages.

Artificial intelligence can benefit businesses enormously by freeing them from unchallenging and mundane tasks, aid logistical and production problems, and hire new recruits.

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Now that we have dabbled a little bit to test the waters, it’s time to understand how AI can help businesses in the strategic shift. Because, implementation of chatbots or AI assistants to streamline your customer experience, it will not help resolve larger business concerns.

In this case, you’re not actually leveraging the full potential of Artificial intelligence. So many businesses are benefits from AI; don’t let small hurdles stop you from leveraging its potential too.

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So, let’s see various advantages of artificial intelligence and how they can give you an edge you’re your business.

Benefits of Artificial Intelligence Technology in Businesses:

1. Improve Customer Experience

Customers are important to every business and most of the time success of a business depends on their customer service. 

A study found that customer experience will overtake price and product as the key brand differentiator by the end of 2020.

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Today, customer service is important to all businesses but it can be hard to maintain a full-fledged customer support department.

Customer interactions usually take place through calls, online chat, emails, and social media conversations. Currently, all these modes require human involvement. Here, AI can save out on losing out on the most important part of your business.

How?

Companies can collect and analyzing data from previous communications and program computers to respond to customer’s inquiries.

What’s more, you can also use the combination of AI, and machine learning makes your AI platforms more interactive.

AI assistants and chatbots can enable companies to automate these communications process.

One example of this is AI Chatbots, unlike human beings they interact with unlimited customers simultaneously by both responding and initiating communication.

Apple’s AI assistant, Siri which started as just an AI chatbot has now turned into a common battleground for brands. They can also be used to automate customer service, sales, and marketing messages.

Utilizing these features for your customer service can reduce the burden on customer help desks.

2. Improve Brand Management

We all know how important it is to understand customers!

Even today, so many marketers continuously struggle to understand their opinion.

This is where AI can help.

Automation can make the task of brand management simple for marketers. For instance, they can automate the analysis of the content regularly which can help them identify critical issues.

Google Analytics, a web analytics service by Google, is a perfect example of such automation. The app allows users to set off focus keywords, track and report website traffic, define the context, and understand users in a matter of minutes.

They also use this information to provide customers with personalized marketing which also increases their engagement rate; helps enhance customer loyalty, and improve sales.

With the same type of data, they identify patterns in customers’ browsing habits and buying behaviors to craft highly accurate offers to individual customers.

3. Improve Human Resource Management:

We all know the importance of having good human resources in our business. But, most of the businesses struggle to attract and hire good recruits.

This is where AI comes in, if you are a business who struggles in the process of recruitment – be it identifying potential candidates, sorting thought the CVs, or managing old data, automation help.

Research points out, how AI can improve recruitment process and in which area. 

Traditional way where interviews fail:

Today, businesses can automate the whole process of recruitment. How?

Recruiting managers receive resumes through an automated applicant tracking system. These job application materials are uploaded to the database when users apply for a role.

Then, the recruiter can receive this information in the form of organized packets which can be managed through various options. By feeding this information, AI can sift through applications quickly and automatically reject the one who does not meet the company’s personal specifications.

This is an amazing advantage of AI in the business recruitment process as it saves time and money while ensuring that there is no discrimination or bias in the process.

Other than this, AI can even take care of the many administrative tasks of the recruitment process.

4. Cyber-Attack Prevention:

We have entered the digital age, but that is not always a positive thing. In this age, we also have people who want to exploit our data, and businesses are most at risk.

For instance, below is the chart showing the names and percentage of businesses in North America who were hit with a cyber-attack.

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AI can be helpful here too!

Let’s take an example; a business detected a direct theft. If they have an intelligent security system, they will be able to link a theft directly to the face of the person. Then the attached POS system from the camera will record all the transactions and link them directly to the face along with the details.

Let’s take one more case, if someone uses fake currency or commits credit card fraud, an intelligent system can also prevent this attack. It will first identify requests from the user or abnormal behavior. Then, the system will automatically deny any further requests and sends an alert to the authorized administrator.

5. Future Prediction

Risk management is another crucial aspect of a business. There is no saying how and what crises might hit a business. Take the example of the COVID-19 pandemic, it took businesses month to recovers and many of them still are in the process.

But, on a smaller scale businesses need to know the outcome of their decision, for instance, the reaction of their customer and many other factors.

Then artificial intelligence can help!

AI has the potential to can predict outcomes by data analysis, for example, analyzing patterns in customer data that show whether the products on sale are more likely to sell. It can also predict when the demand for a product might diminish or take off.

Now you must be asking- “Where can this be helpful?

Well, firstly such predictions can help companies in decision making as I said earlier. For example, it can help a company decide which types of stock they want to purchase and in what volumes.

There are several predicted that says that the days of seasonal sales will be over within 10 years as with AI there will be too little leftover stock to sell-off. This ability of artificial intelligence to predict the future is not just useful in retail.

It is also being used in many other areas, for example, in banking to predict currency and stock price fluctuations, in healthcare to predict infection outbreaks, and so much more.

Bottom line: Is your Business Leveraging Artificial Intelligence?

Now that we know the benefits of artificial intelligence technology in business, it’s on your hand to actually benefit from it or let it pass. As you can see there are countless benefits of artificial intelligence and we are just one click away.

Using artificial intelligence in your business will include customer service, improved brand management, improved human resource management, cyber-attack prevention, and lastly future prediction, but the list could certainly go on.

The artificial intelligence future should be a part of your future too. If your business hasn’t yet entered the field of AI but is interested, then you will find millions of websites which will help you without much charge.

FAQs:

1. What are some common benefits of artificial intelligence technology?

Some of the major benefits of artificial intelligence in business process are it have low error rate, can coded properly; have incredible precision, speed, and accuracy. AI isn’t affected by hostile environments and can complete dangerous tasks on time.

2. What are the technologies used in artificial intelligence?

• Natural Language Generation
• Natural Language Processing (NLP)
• Text Analytics 
• Speech Recognition
• Machine Learning 
• Deep Learning 
• Robotic Process Automation
• Bio-metrics
• Cyber Defense
• Content Creation
• Emotion Recognition
• Image Recognition
• AI Optimized Hardware

3. Why is artificial intelligence important?

Today, we are generating enormous amount of data everyday both by humans and machines. But this data is fast outpacing humans’ ability to absorb, interpret, and make complex decisions. Artificial intelligence uses this data and automate our day to day activates and help in complex decision making.

4. Where is AI used?

AI is used in the field of retail and marketing, security and surveillance, website analytics, manufacturing and production, entertainment, and so much more.

Guest article written by: Shreeya Chourasia is an experienced B2B marketing/tech content writer, who is diligently committed for growing your online presence. Her writing doesn’t merely direct the audience to take action, rather it explains how to take action for promising outcomes.