AI also known as Artificial Intelligence is concerned with building smart systems and machines that can learn and perform activities on their own like humans. It also includes learning, planning, speech recognition and problem-solving activities also. Nowadays Artificial Technology has a wide range of uses in business. AI tools can be used for increasing the efficiency of the business by handling administrative tasks as well as customer engagement and broadening the customer base. AI acts as a supporting tool for business by streamlining the decision making process. AI basically processes and analyzes valuable data more quickly than a human brain could do. It also analyzes the possible consequences of each action to help maintain the efficiency of the business.
How AI can be used to increase Business Efficiency.
The biggest gain from Artificial Intelligence in the business context is to enable organizations to analyze and use the data. The insights from the data can be really effective in increasing efficiency, boosting the revenue as well as helping achieve the goals of the organization.
1. Improving Efficiency – Artificial Intelligence has the ability to analyze large databases very quickly which leads to eliminating inefficiencies and reducing errors. For example, AI-software enabled cameras can be used to detect the defect in the products during the quality assurance process. Machines and tools powered by Artificial Intelligence can automate work routines and perform repetitive tasks which can increase the efficiency of the organization.
2. Improving the Customer Experience – AI solutions can help enhance the customer’s experience by analyzing the behavior data of customers. AI systems analyze the data about the customer’s preferences, likes, locations, social activity etc. for providing the relevant products and services to the customers.
For example AI chatbots are used to answer the queries of customers that come outside of business hours. These AI chatbots can give pre-programmed answers to simple questions based on the nature of the person’s problem. Quick answers to the questions can increase the customer experience and increase the chances of customers choosing your company over others. Netflix and Spotify also use AI recommendations for providing content to customers based on their personalized preferences. With the help of AI, companies can make products and services based on the customer’s preferences.
3. Improving Data Security – Leakage of sensitive data and cyber security are one of the biggest threats that can affect the company’s productivity. Nowadays hacking and security breaches are happening on regular basis. That’s where AI tools can be a great way for preventing cyber threats and security breaches by detecting possible threats and software abnormalities. AI with its machine learning tools can analyze a huge amount of data to focus on real cyber threats other than false alarms. With AI handling cyber security issues, companies can focus on enhancing productivity.
4. Streamline the Hiring Process – AI tools can also be used to speed up the process of hiring. The hiring process can take a lot of time as it involved candidates’ resume screening as well as interview sessions also. The hiring process also depends on the type of the job and the work that the job requires. AI can help human resource professionals to cut down the time needed for hiring an individual. When recruiters looking for specific skills required for a job, AI can be used to look for desired keywords from the resumes. It enables the human resource professional to focus on other important tasks and saves his time.
AI technology provides recruiters with the ability to shortlist candidates more accurately and screen resumes with fairness to reduce time-consuming tasks. It also helps in identifying the efficient candidates from the large pool of applicants.
5. Workflow Automation – Applying workflow automation with the help of AI can help in reducing manual tasks such as scheduling appointments, meetings etc. for employees. An AI-powered virtual assistant can help improve the overall management by scheduling meetings and searching conference rooms on its own and preventing double booking meetings also. Thus AI enabled workflow automation will help the employees focus more on the important tasks that can improve the overall productivity of the business.
It also helps in setting the accountability for the project by seeing the real-time updates of the project’s progress rather than checking the reports regarding the project’s progress.
Why AI technology should be utilized in Business
1. Access to Valuable Insights –Valuable insights from the data can be really significant for the better decision making and sustainable growth of the business. AI-based business tools can help process the data for uncovering hidden insights. The insights can be really helpful for influencing business outcomes.
2. Adapting to the Changes – Applying AI technology to business can help organizations to adapt to the changing market conditions by anticipating the changes early on. Cloud Computing and enterprise architectures are some of the ways by which companies are adapting to the changes for ensuring long-term survival also.
Areas that can benefit from Artificial Intelligence –
1. Marketing – AI tools and apps can be really beneficial for businesses around the world for increasing customer engagement and executing marketing strategies properly. With the help of AI and marketing tools, companies can now analyze their customer’s behavior and interest which helps in making relevant offers to the customers as well as segmenting the audience based on their demographics and interest. Furthermore, insights from the customer’s behavior data can also be really beneficial for customizing the marketing promotions.
2. Finance – Implementing advanced AI solutions in finance can be really beneficial for making data more accurate as well as streamlining the financial tasks such as invoice management, and validating clients. Smart tools of AI can be used to extract data from different sources and generate reports. Checking the account balance, account status and other mundane tasks can also be automated with the implementation of AI tools in Finance. AI systems can transform the finance and accounting sector with the help of AI tools.
Conclusion – The implementation of AI technology into business processes can transform and reshape the way business operates. AI in business helps the human workforce by automating workflow management, forecasting trends, data analysis, automating repetitive tasks etc. to help the humans to have focus on more important tasks such as decision making Implementing AI technologies in business is not an easy task. Companies need to integrate AI technologies with the workflows and build data ecosystems for successfully adopting AI into business. In order to adapt, AI technologies to business companies need to work with third-party AI technology providers as well as companies also need to train their employees for adopting AI.