Highlights:
- AI has become adept at processing and analyzing troves of data, and its analyzing capacity is much more than a human brain.
- The benefits are many: It helps organizations become more efficient, streamlines their processes, and is cost-effective as well.
When we say Artificial Intelligence (AI) is fast becoming ingrained into our lives, many of us do not even realize the touchpoints where it might have made a difference.
We know we engage with AI in our day-to-day lives when we ask Alexa or Siri to perform simple tasks or when we respond to an advertisement that pops up automatically and many such instances.
But it’s not just about public imagination. AI has also caught the attention of small and big-sized businesses and is revolutionizing how we do business.
This is not surprising given the fact that AI helps make quick decisions more accurately. And while the business world gradually realizes its potential, it already has multiple business applications.
But exactly is AI affecting the business world? How can the technology help achieve business growth?
In this blog, we will discuss the top ten current uses of AI in businesses:
- Improving Meetings
Undeniably, meetings form the heart and soul of any business. The coronavirus pandemic made it amply clear that maintaining human connections is vital, even when people cannot meet in person. With video conferencing now becoming the norm, more organizations want to boost their solutions with advanced capabilities and enhance communication. It is here that AI comes into play. Though AI can’t eliminate meetings, it can reduce the tiresome processes that occur before, during, and after meetings.
For instance, AI can schedule appointments, listen in on the meetings, record key highlights and actions, and create and share actionable notes after the meeting.
And with advancements, it holds the potential to take video conferencing to the next level.
- AI In Sales and Marketing
CRM tools are now becoming more intelligent, offering more accurate sales insights that help companies make better sales decisions. Thanks to AI technology, it is now being incorporated into CRM solutions with growth in the volume of unstructured data, and the complexity of customer relationships/processes expands.
AI-based CRM systems can quickly analyze data related to the purchase history, past deals, offers, emails, and phone calls.
One of the most difficult tasks for firms is to comprehend their clients’ needs. AI can help companies understand their customers better and take accurate decisions as it can evaluate trends in customer data. For instance, businesses can save millions by implementing AI chatbots and helping customers who would have otherwise bounced off the site. It also helps gain a deeper understanding of the buyer’s journey while enhancing the customer lifetime values by improving the customer retention rates.
- Improving Customer Service
AI has the potential to improve human-to-human interactions with clients significantly. AI-augmented messaging and AI email tagging are two of the most important ways AI enhances customer service. With the help of chatbot assistants, AI-augmented messaging allows customer support workers to manage a large portion of consumer concerns.
AI-based chatbots help companies deliver enhanced customer experience as they can personalize every aspect of customer interaction.
- Improving Product Development Processes
Businesses use generative design software to augment the creative process. In generative design, the user has to input design goals and other requirements, and the software does the rest of the work. It can help generate multiple designs from a single idea and do all the heavy-weight jobs that consume much time. This includes exploring all possible designs that fulfil those specifications. Such AI software can save many hours of work and help avoid the expense of creating prototypes that don’t deliver.
- Content Generation Automation
With a sharp rise in the demand for content marketing, AI can help deliver quality content to users. It can help generate engaging and informative text that’s much in demand today. Content generation services can range from writing product descriptions to web copy to reports and industry articles. Many AI-driven content tools are already available, and new ones are being released daily.
- Cobots for Enhanced Manufacturing Process
Cobots or collaborative robots have brought to light a whole new side of manufacturing. Cobots, the latest generation of robotic systems, can interact seamlessly and safely with humans, enabling them to work alongside the human workforce. This helps smoothen business workflows which can now be designed to get the very best of both humans and robots.
- Automating Recruitment
AI and recruitment may sound like a no-match to many. But AI is proving useful in HR processes, including recruitment, operations, and employee engagement, among others. This becomes especially handy for large employers who must handle thousands of interview processes and applications each year.
- Eliminates Human Error
Predictive AI can align data with strategic actions by delivering consistent conclusions about project requirements and future events. Because AI can program itself to prepare filters and conditions, identify interdependencies and predict outcomes, it delivers reliable and in-depth analysis devoid of human bias or error.
- Risk Management
Real-time project data analysis by AI helps decision-makers identify potential risks and opportunities. These predictive analytics yield a greater perspective into a business’ future. For example, AI can make fraud detection better. The traditional method of detecting fraud was to use computers to analyze structured data against rule sets. However, if a cognitive system kicks out something that it determines as potential fraud and a human determines it’s not fraud, the computer learns from those human insights, and next time it uses the human logic to determine what is not a fraud.
- Simplify Task Management
AI-powered bots can handle various tasks in one go. AI holds the potential to replicate the task and get back to the solution in case the issue arises again. Further, with the help of patterns, it can analyze unstructured data much faster than humans. The effective use of Natural Language Processing (NLP) allows it to solve issues instantly before they can get out of hand. Automatic task management not only saves time but eliminates errors as well.
AI and Future
Forward-looking businesses that want to stay ahead of the competition use AI to register growth. As discussed, the benefits are many: It helps organizations become more efficient, streamlines their processes, and is cost-effective as well.
Undoubtedly, AI will transform every sector of business in the future. Businesses must integrate AI into their systems to stay ahead of the game. The possibilities are endless, especially for businesses as it can simplify day-to-day manual processes, help them become more targeted and efficient, and gain insights into customer trends that were impossible to sift through in the past.
For more information on Artificial Intelligence, visit our Whitepaper here:
