Original article was published on Artificial Intelligence on Medium
Artificial Intelligence: One-Time Investment for Long-Term Income
Leading companies all over the world invest in artificial intelligence development. What they are driven by is not pure interest: they expect that with the help of “smart” technologies they can raise income and gain a great competitive advantage in the future. Investments in artificial intelligence can really help in this matter if you take them seriously.
AI Is Implemented by Companies from Various Spheres
AI-powered programs are useful for businesses of all sizes and areas. “Smart” systems help optimize business processes to raise income, reduce employees’ workload and even steer clear of risks. However, not every company can afford having such systems thus far.
The greatest challenge here is lack of money. Artificial intelligence development is expensive, and moreover, it is not always possible to calculate the total project costs at the beginning. This is the main reason why the major players in the market are usually the ones to experiment with AI implementation in 2010–2020. They can afford massive investments with a long payback period.
Areas or countries do not matter. For instance, there are dozens of successful AI development cases in Russian companies, including Gazprom, Rostelecom, Sberbank, VTB, and Dodo Pizza.
You Don’t Have to Invest Millions
However, investments in AI-powered programs do not necessarily mean paying exorbitant prices. For instance, integration of a “smart” chat bot that will respond to customers’ inquiries and send help information is relatively inexpensive, while the long-term income will be significant.
Another way to upgrade business and raise income with the help of artificial intelligence is to devise “smart” offers to customers. The algorithm analyzes customers’ gender, age, location, previous purchases and search queries and offers a selection of goods from a company’s catalogue. This way you can boost cross sales and increase your average basket size.
It’s worth noting that one-time investments in “smart” technologies yield long-term results, i.e. soaring profits.
Artificial Intelligence Provides Real Benefits
The main result for any AI business integration is gaining of profit. However, “smart” programs bring in returns indirectly, by transforming business processes from the inside, i.e.:
Undertaking some of employees’ tasks;
Dealing with paperwork and requests;
Solving customers’ problems;
Providing consultations to customers and counterparties;
Making personalized offers;
Reducing the production costs;
Managing employees’ discipline;
Revealing inefficiency and proposing solutions.
What is more, even mentioning AI application in your company in media or social networks can encourage attention, cultivate a public image as an advanced and successful enterprise, which in the long run can help you lead the market.
Top 4 Tips for Artificial Intelligence Investments
In order not to waste money when implementing AI, you might want to:
Conduct a preliminary audit. It will show which business processes should be optimized, what problems employees have, and reveal other helpful information.
Set objectives. AI implementation is aimed to perform clear tasks; otherwise, it won’t bring you the desired profit.
Prepare your employees. You will need employees who are willing to learn how to use AI and to monitor its efficiency.
Be patient. “Smart” algorithms don’t produce results immediately. It takes time to adapt and personalize them for your company.
Artificial intelligence will be profitable in the future and will secure competitive advantages if you start implementing it now. Size, area or location of your business do not matter: “smart” solutions for the growth of income can be developed under any conditions. One-time investments will turn into long-term income and undefeatable competitive advantages.