Artificial intelligence in business
Artificial intelligence (AI) has been gaining momentum in many aspects of human life. What started as a concept in the mid-1900s has transformed the way we look and interact with the world. There are some industries that have now become heavily dependent on AI such as transportation and manufacturing.
The role of AI in business is shifting from minor support to innovation. Businesses are now able to utilize AI for a variety of business processes, thereby improving efficiency greatly. And the best part is that this technology is now available commercially for small and large businesses alike. AI development services are available even for small businesses to set up business functions.
What exactly is AI?
Artificial Intelligence deals with the study of attempting to simulate human intelligence. It is able to understand its environment and make logical decisions to successfully achieve its goals. One example of AI used in a business is machine learning. AI machines read through large amounts of data, analyze trends, and apply this knowledge to make decisions.
The role of artificial intelligence in business development
With these improvements to AI technology, it is an exciting time for businesses to try new strategies. From marketing to sales, there are many ways in which AI can be utilized for benefit. Here are some ways how.
- Analyzing analytics
Business analytics is a crucial aspect of improving a business’ operations. By collecting and reading through the data, businesses are able to make informed and targeted decisions. It can help them reach a wider user base and make more profits in the long run. However, at the scale that information is gathered, it’s almost an impossible task for humans to accomplish. It would take up too much time and manpower to attempt this manually, not considering the rate of human error.
AI, on the other hand, can easily compute large amounts of data and extract useful information. It has the capability to analyze trends or even make predictions based on these trends. These systems can be run 24/7 without a break, meaning efficiency is at its peak.
- Creating a personalized customer experience
Without customers, there wouldn’t be a business. As such, it is the business’s responsibility to create a customer experience that draws them into purchasing products. The better you make a customer feel about their purchase/experience, the more likely they are to come back. This means focusing on the whole customer journey.
Chatbots are one-way artificial intelligence in business that has been used for many years. The difference now is the improvement of the algorithm. It can sometimes be difficult to distinguish between a human and an AI while on the chat. This allows your customers to feel “heard” while collecting more data about them. Again, these chatbots are online at all times, unlike with human agents.
- Improving lead generation
Boosting sales is another way artificial intelligence and business work together. Once the AI has analyzed enough data, it can potentially predict where to get relevant customer information. Based on trends, it can put together a list of customers who fit certain criteria. For example, users who visited the website during the summer months and looked at (but didn’t purchase) specific products.
It can then be used to automatically contact these users through email/SMS blasts. This essentially creates cold or warm leads which the business can then pursue further. While it is possible for humans to do this as well, the process is much faster and more efficient via AI.
- Improving the delivery process
AI has become a crucial aspect for the entire delivery/transportation segment of businesses. They are able to cut down on costs and time by incorporating these technologies. For example:
- Using AI to track and manage products in the warehouse
- AI can predict the fastest delivery routes
- AI can identify fraud or malpractice in the warehouse by analyzing the system
All this also improves the customer experience. Deliveries will take place on time and the risks of human errors and greatly minimized. This will further encourage these customers to keep coming back to the business.
Will AI take over all aspects of business?
It is difficult to say at this point if this will ever be the case. But, the fact is that AI is not perfect. It should only be used to improve your current operations and work together with your workforce. It cannot take over completely as it does not have the capability for developing connections with people. Artificial intelligence for business is a powerful tool, but it still has its limitations.