How AI can benefit your business?

By: Sophie Weaver

13, May, 2019

Categories:

Artificial Intelligence - Business Intelligence - Consumer - Deep Learning -

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Artificial Intelligence (AI) is akin to the rise of the PC industry’s revolution and has wide scale implications on businesses that can benefit from it, where machines would do the sensing, learning and display understanding of data. This rapidly developing technology offers many opportunities that businesses have already been quick to seize upon.

Businesses can take up AI to reduce operation costs, increase efficiency, grow revenue, customer service and manage manpower too.

Improving personalised experience: Providing customers with personalised marketing increases their engagements with the brands which in turn help generate brand loyalty and improves sales, as it identifies customers browsing habits and purchasing behaviour using millions of transactions.

Automating customer interactions: According to business insiders approximately 85% of all customer interactions to be handled without human by 2020, this includes phone calls, chats emails and social media. [1] AI is enabling companies to gather and process a huge amount of data accurately to respond to customer queries in real-time. For example, AI chatbots, unlike humans, can interact with unlimited customers and both respond and initiate communication.

Real-time assistance: AI is useful to businesses which struggle to keep up with constant logistic and customer interactions, for e.g. Airlines industry which literally interact with millions of people on a daily basis; this is where AI can be of great help. Intelligent systems like chatbots can be deployed to send real-time personal notifications about schedules and delays to customers. In the transportation industry, some bus service providers are already tracking bus location with AI and one can know where the bus is along its route and the estimated time of arrival, this information can be obtained from the company’s app.

Data mining: One of the biggest benefits of using AI is that they can pull out important and useful finding and insights during processing of big data which is otherwise time consuming and complicated process. This can be used to decide which customers to focus and which best possible offers! In addition the data mining also identifying potential leads and opportunities.

Automated operations: The rise of AI technology has led to automation of work as it can control other technologies too. Right form robots working in factories to monitoring ideal temperatures through intelligent heating systems to automated hotel bookings, check-in and dealing with customer queries.

Estimating outcome: AI is capable of predicting an outcome basis data. It can capture signals missed out by sales people and help in proactive planning. It detects patterns in customer data that can show whether the products on sale are likely to sell, how much of it will sell, and when the demand will wane off. These indicators can be then used in inventory planning to avoid extra spending on purchase of inventory or adjust it according to the demand.

Automating recruitment process: AI can help businesses in recruiting new employees by automating the entire process wherein resume scanning and sifting can be done as per requirement specification without bias and the ones who do not match the criteria can easily be sorted out. It can also automate certain administrative and repetitive tasks in recruitment to expedite the whole process.

There is no doubt in businesses benefiting from AI as mentioned herein including personalised marketing, customer services, operation automation, recruitment, and inventory management, it is hard to say how exactly AI will be used in the future and what all applications will come under the ambit of AI in the future. But one thing is for sure that AI and deep learning will definitely reduce day to day business tasks, streamline operations, optimise revenue and trim down costs.

The sooner the businesses adopt AI as an integral part of their business strategy, the better it is for them.

References:

[1] – https://www.eukhost.com/blog/webhosting/7-benefits-of-artificial-intelligence-for-business/

Other sources:

https://www.flatworldsolutions.com/IT-services/articles/ways-artificial-intelligence-can-help-business-grow.php

https://www.nibusinessinfo.co.uk/content/business-benefits-artificial-intelligence