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April 23, 2021 by Blog

Benefits of Artificial Intelligence for Businesses!

Time and again, you must have often heard about the amazing features of artificial intelligence. And understandably so, since it is now regarded as one of the most promising new technologies shaping every sphere of our lives. But in case you are not clear what artificial intelligence is, we’ll shed light on it.

Artificial intelligence is the ability exhibited by digital computers to perform human-like, intelligent tasks. In simple words, it is the quality of machines to mimic the capabilities of human beings—experiential learning, understanding languages, recognizing objects, solving problems, etc.

But What is the Role of Artificial Intelligence in Business?

Artificial intelligence is developing with lightning speed and now offers enormous development opportunities. No wonder countless companies have already started to adopt AI in leaps and bounds. The principal aim is to increase efficiency, reduce operational costs, and exponentially improve the customer experience. These goals can be achieved by reaping the tremendous benefits of AI in industry.

Let’s discuss the role of artificial intelligence in business in detail.

Benefits of Artificial Intelligence for Businesses

Providing personalized experiences to customers is a challenge for small businesses since it requires a lot of effort and money. This is highly critical because recent surveys confirm that over 60% of the customers expect a personalized experience. In order to achieve this goal, companies go to lengths to map out their customer’s journeys to drive sales and increase engagement.

Artificial intelligence can do an impressive job in anticipating the needs of every customer. It can automate this process by using customer data—social media activities and previous purchases. AI can identify decision-making patterns and build a persona tailored for each customer.

The role of artificial intelligence in business can also be gauged by the speed of how live chat bots have taken over human contact support. Have you ever visited a website and see a chat popping up, asking if you need any help? Chances are that it is an AI-powered chatbot that mimics human responses. This innovation can provide 24/7 customer support without human assistance, resulting in reduced costs.

Also, it renders customer satisfaction since their queries are immediately addressed. It is projected that chat will surpass other mediums of customer service platforms in a couple of years. No surprises there!

role of artificial intelligence in business

Reducing human error can be termed as the most substantial benefit for businesses. Objective forecasting (series of methods to estimate future outcomes on the basis of historical data.) can be automated without manual intervention. Your company can then make better decisions to achieve their goals; can predict future finances and cash flow.

Another critical area where AI is reducing human efforts and money is in the hiring process. The candidate review process is expedited by automatically analyzing the applications of candidates and giving them automated screening calls.

Guess what, it also removes human biases by its intelligent preliminary screening. So good news for potential candidates!

To quote an example of the role of artificial intelligence in business, when Pepsi needed to fill 250 positions in a couple of months, it employed Robot Vera to conduct initial interviews. A total of 1,500 candidates were interviewed in mere 9 hours whereas, humans would have taken at least 9 to 10 weeks to interview them.

Artificial intelligence can also be utilized to control other technologies to augment automation in businesses. For instance:

  1. AI is used to manage other machines in the factories to maintain temperatures.
  2. Another example of the prominent role of artificial intelligence in business is cloud technology and RFID usage to manage inventory.
AI predictions due to Role of Artificial Intelligence in Business

Conclusion

You now have a pretty good idea about the benefits of AI in industry. But believe me, the applications and advantages of AI are never-ending but limited to your imagination.

Whether it is recruiting, marketing, automation, operations, or whatever, the role of artificial intelligence in business is beyond comprehension. Time isn’t far when machines will take over the entire operations without human input!

Can you imagine that?! If you have it would be a wise decision to engage AI engineers to adopt artificial intelligence for your business.

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