How can Artificial Intelligence (AI) be beneficial for business?

Mar 8, 2019, 11:08 am

Arjun S.

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Artificial Intelligence is one of the leading technologies out there which is leaving a deep impact around everything today. It is transforming things in every field through effective innovation. AI is said to affect different kinds of businesses and improve functions through automation.

However, there are people who are not happy with these technology advancements and see it to be a competitor for human intelligence. Again, there is no debate on saying that artificial intelligence is capable to work efficiently compared to humans in many areas. Many believe that AI will take over job opportunities, but instead of looking to the whole scenario through such a perspective, we should look forward to the brighter side of the technology.

Some of the benefits that it offers businesses around us are:

The personalized shopping experience is improved

Personalized Shopping ExperienceWhen you get on to offer personalized marketing offerings to the customers you will be able to generate customer loyalty, increase engagement and improve your sales. This is the reason much amount of effort is put into this area. When you make use of AI for your business’s marketing tactics, you will be able to come up with valuable patterns based on the browsing history of the customers as well as their buying behavior. AI is capable to go through and analyze the huge amount of customer data which is stored on the cloud and then come up with highly personalized offers for the customers.

Customer interactions are automated

It is important to have the involvement of humans in the majority of the customer interaction ways like online chat, emails, telephone calls, and social media conversations. Today, the scene is changing and now AI is empowering businesses to automate these communication channels. Based on the data accumulated over the previous conversations with the customers, it is not possible to feed in information to the computers so that it responds precisely to the customers as expected and deal with the majority of the queries. Again, when you make use of machine learning with AI, the conversations and interactions will improve and get better each time.

Customer InteractionsOne of the important benefits of AI implementation like the AI Chatbots is that you can handle several customers at the same time without compromising the efficiency in such a manner in which you cannot achieve it through humans. They will work towards initiating the chat as well as respond back instantly. In the coming time, the number of Chatbots in use will increase drastically at the business level and the communications will be handled by machines.

Offers real-time assistance

Some of the businesses need to handle large volumes of data constantly throughout the day. Such kind of businesses can make use of AI technology. Say for example; let’s talk about the transport industry which deals with the bus, train and airline services. Such kind of industry has to communicate with thousands of customers in a single day and have to maintain real-time communications and this is where AI can help. They can offer information about any service delay or offer travel information to the customers using AI technology. In case of bus service, the route and estimated time of arrival can be offered in real-time by tracking the bus along the route. Such kind of information can be made available on the business app of the company.

Data mining

Data Mining

When you are using cloud-based AI solution for your business, you will be able to gather relevant findings that can be beneficial during the processing of big data. Such kind of step will offer a number of insights to the business which was not discovered earlier and this will offer an added advantage in the market.

Operational automation

Operational Automation

The technologies which can automate business activities can be operated by AI. For example, you can use AI to maintain an ideal temperature using intelligent heater or control robots for mechanical activities in factories. In some hotels across the world, robots that look like humans work as receptionists and help the customers with booking services, check-ins and dealing with their inquiries. In the retail business, AI helps to track the inventory by linking with cloud technology and RFID. The CCTV cameras across the streets are applied with facial recognition AI technology to spot and capture criminals.

Predicting outcomes

Another benefit of choosing AI for your business is that based on data analysis you can predict outcomes. For example, it is possible to look for customer data and build patterns to know whether the products currently available on sale is expected to see more purchases and if yes in what volumes. Such patterns are useful to know when the demand will be over. Again for companies they can be sure about having the right stock that too in the right volume. It is said that in a decade time the act of seasonal sales will come to an end as AI will try to maintain the right stock leading to no stock for seasonal sales.

Predicting OutcomesApart from the retail sector, the ability to predict things has proven worthwhile. It has also been influencing on other areas like banking where it can predict stock fluctuations and currency changes or in healthcare it can predict about the outbreak of any disease.

Bringing improvement in the recruitment process

When it comes to recruitment companies, AI has started to play its role by automating the recruitment process. The technology automatically goes through the applications and selects or rejects candidates based on the specific needs of the company. This automation saves a lot of time when it comes to sifting through the candidates but it also ensures that no favor is done or partiality is expressed towards any individual. A good number of administrative tasks can be taken care through the automation.

Recruitment ProcessIt is a fact that artificial intelligence is going to stay here and with time number of businesses will be seen applying them to their business. This is because of the three main reasons like:

Artificial intelligence is omnipresent: You can make use of this technology anywhere to boost the capabilities of any sector in the world. Apart from enterprises, it is helping other areas like helping farmers with crop selection to grow high-quality crops in large volumes.

Artificial intelligence keeps on evolving: With AI, it is possible to increase speed and efficiency. Whichever field you choose to implement artificial intelligence it will make the operations efficient. Artificial intelligence makes the functions more valuable apart from speeding them up.

Artificial intelligence adds value to every field: AI is not limited to any particular industry or area and it keeps on evolving continuously. It keeps on expanding and upgrading in such a manner that more and more number of people can make use of it through artificial intelligence development services.

Conclusion

So it is clearly evident that artificial intelligence offers a number of benefits to businesses right from customer service, personalized marketing, inventory management, operational automation, and recruitment. Now when taken everything into consideration it can be said that AI can be useful in more ways. You can come up with AI apps which are easy to be deployed and can be specifically designed for cloud-based systems. If the business is already having systems which are cloud-based, they can start gaining from such apps in no time.

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