Original article was published on Artificial Intelligence on Medium
Why AI should be your business’s next big step
More and more businesses are seeing the advantages of artificial intelligence, and we aren’t talking about robots you would see in the Terminator. Business owners have gotten past the age-old “robots will take over the world” mindset, and are now confident in the benefits of artificial intelligence. They are seeing the pros of using chatbots to improve customer experience, using data analytics to drive purchases, and more.
Businesses are evolving in order to stay relevant and competitive. Implementing AI is the best step to ensure efficiency and to see skyrocketing results. Manual labor has proven time and time again that it’s prone to inefficiency. With the rising cost of labor, many businesses are finding the solution to AI. Its advantages exceed the limitations that humans have, allowing businesses to perform better and earn a greater profit.
Let’s take a look at how AI can drastically improve your business:
Cost Savings through Automation
AI’s most significant benefit is that it can save you money by automation. Businesses tend to waste a lot of time for manual processes, and this is seen in all kinds of departments, from HR to Sales. An employee might spend most of his day sending follow-up e-mails when he could be doing something more urgent instead. Because you’re automating your processes, you don’t have to hire someone to do those tasks anymore. You free up your people’s time so that they can do critical tasks that go beyond AI’s capabilities.
Some businesses have already automated 80% of their tasks, which resulted in more than double employee productivity. Businesses have also implemented e-mail campaigns as part of their marketing strategy to boost customer interaction and generate revenue.
Automation also lets you see errors before they blow up and turn into huge problems you won’t be able to address. It’s normal for employees to lost focus especially if they’re working on menial tasks. It would be easy for them to make errors. AI won’t encounter those problems.
Smarter Decision Making
Artificial intelligence can help you make better decisions. Businesses have a large amount of data coming in every day. Your ability to use that data and interpret it is vital to your success. But of course, you’re limited to human abilities… but with AI, you can make sense of all of that data. You’ll be able to understand your customers and identify their consumer habits.
Improved Customer Support
AI provides many advantages when it comes to communicating with customers. First, it allows you to connect with more people because it can be scaled widely. Human customer service representatives can only talk to a handful of people a day. AI isn’t limited and can even respond to multiple customers at once. Next, AI gives your customers real-time assistance. For instance, movie theaters use AI chatbots to automatically respond to inquiries about the movie schedule. That’s way better than having to call up.
Chatbots are changing the customer support experience. They’re available 24/7, which means you can say goodbye to work shifts and more costs. Chatbots don’t tire, they’re cheap and don’t have emotions. If your old customer service representative was prone to throwing fits of rage whenever talking to an annoyed customer, AI chatbots won’t disappoint.
E-commerce businesses rely on their platforms to generate revenue. Artificial intelligence comes into play by personalizing the browsing experience based on consumer behavior.
You might have even noticed this while you were on your favorite e-commerce platform. One minute, you were looking for socks, and the next, you see your homepage flooded by all kinds of socks from all kinds of brands. From a customer’s browsing history, AI can offer recommendations that they’d most likely be interested in. The result? The customer buys more, and the business earns more.
AI collects data from their search history, order history, and even their cart history. From this data, AI shows the customer products that they’ll most likely buy. If they recently bought dumbbells, they might be shown other exercise equipment like yoga mats and weights the next time they open the app.
AI can also present offers or new arrivals that have been tailored to individual customers. This increases the likelihood of them availing the offers and making a purchase.
Greater Data Security
All kinds of businesses need security for their data. This is particularly vital in finance and banking. Artificial intelligence can be used to detect unusual purchase behavior leading to fraud. The AI software is given data that includes both fraudulent and “legitimate” purchases and is trained to determine which transactions are valid. Over time, the software gets used to spotting which data is fraudulent. It can also detect attempts at hacking to gain access to personal data. If you invest in AI to detect unauthorized transactions and access to data, you’ll prevent data leaks, which can cost you a hefty sum of money.
Most machinery, vehicles, and other equipment have sensors that can be monitored by artificial intelligence. Industries like aviation and cargo have used AI software to use past performance data to determine operational outcomes. This means being able to predict when a piece of machinery might need repair, upkeep, or even fail.
Having this information is useful so that businesses can schedule maintenance before their equipment reaches the “point of no return” aka when they’ll be considered as nothing but trash. Businesses can also purchase equipment ahead of time so as not to slow down production.
AI for Business
Artificial intelligence has many benefits in business. The greatest barrier that companies face from reaping its benefits is not understanding what it can do. Business owners need to understand that they’re falling behind if they don’t use AI. What you need to do is look at your current processes, identify what’s taking up your time, cost, and energy, and invest in artificial intelligence that can increase efficiency and productivity.
It’s very important for you to know your business before bringing AI into the picture. Knowing your business goals will let you devise an actionable plan that integrates artificial intelligence into your day-to-day processes. The success of your company depends on it.