Businesses across a variety of industries are transforming their understanding of both internal and external processes due to Artificial Intelligence (AI). The use of artificial intelligence is already transforming businesses across the globe, regardless of their size or scope, including developing nations that are looking for opportunities to grow.
Regardless of their industry, professionals should gain a thorough understanding of how AI works. To influence AI strategies within your organization and be at the forefront of the future, you must understand how AI is changing business and how you can capitalize on these changes.
What is artificial intelligence?
In artificial intelligence, data is gathered around a particular topic (e.g. street signs for self-driving cars) and analysed to determine decisions without human intervention. Data analytics, especially in business, is aimed at speeding up processes, avoiding unconscious bias, and providing better insights without human intervention.
Many developers use the Turing Test to determine if a model is artificially intelligent or automated. According to Turing, this test must be passed by a machine at least 50% of the time to pass as a human. Using natural language processing (NLP), AI customer service chatbots can stand in for live agents and are often indistinguishable from them.
Why is AI Important?
The benefits of AI include automating repetitive tasks and allowing us to spend more time on creative work. Moreover, AI can provide us with unbiased data and recommendations to help us make better decisions. As a result, personalized service and guidance have improved customer satisfaction.
Your time can be spent on more creative endeavours when repetitive tasks are automated. As a result of having access to unbiased data and recommendations, you are also able to make better decisions. Furthermore, personalized service and recommendations can improve customer satisfaction.
How AI Can Help Enterprises?
Among the most diverse industries affected by artificial intelligence are warehousing, logistics, finance, education, and healthcare. Artificial intelligence is transforming modern business in a significant way. The number of myths surrounding AI, however, makes it difficult for all businesses to recognize its exact value. Here, we will discuss how artificial intelligence can enhance your business, and why it might be worth considering.
1. Personalized E-commerce experience
There are multiple ways in which artificial intelligence is changing e-commerce today. In addition to identifying patterns in past credit checks and purchase behaviour, AI can also identify recurring patterns in past purchase behaviour. AI will then be able to target offers to specific customers by analysing millions of these transactions every day.
In some cases, even pre-qualified potential buyers simply fall through the cracks because salespeople do not follow up on marketing leads. Retargeting potential customers with AI prevents this. Additionally, consumers are now influenced by a variety of media, as sales processes have moved beyond time-consuming methods. AI allows companies to customize solutions and tailor sales messages just in time for their customers with CRM integration.
2. Analysing big data
Businesses can benefit from the exploitation of big data by developing better strategies, discovering new markets, reaching customers, promoting products, optimizing workflows, and lowering costs. With the collection, processing, and analysis of big data, businesses can increase profitability regardless of their sector.
Cookies, social media, and customer surveys provide businesses with an abundance of data on how consumers behave. The big data approach, however, seeks patterns across multiple data sets rather than just analysing these channels.
A company like Amazon takes this even further and uses large data sets to create predictive analytics. When algorithms are correct, the results become more precise and relatable to real life when the volume of data is larger. Using this method, a business can predict what its customers will want before they inform the company of their needs or desires. If Amazon automatically recommends products similar to your own based on your profile, for example.
In addition to providing very personalized service to customers, big data allows businesses to provide better customer service to them.
3. Market insights and business insights
Businesses can generate valuable insights about their customers, markets, and operations through this data. If applied properly, artificial intelligence can enhance businesses’ decision-making, optimize their processes, and improve customer satisfaction.
Traditionally, businesses learned about customer preferences and buying habits through surveys and feedback from customers. There is, however, a limited amount of accurate and comprehensive information available. Analysing large data sets to identify patterns and trends using AI can provide businesses with a much deeper understanding of their customers.
In addition to improving marketing efforts, this information can assist in targeting specific demographics and personalizing customer service experiences. Further, it can detect potential issues before they become problems by monitoring customer behaviour in real-time.
Streamlining processes and improving efficiency can be achieved by utilizing AI on an operational level. Companies can anticipate demand based on past customer orders and improve inventory management by analysing data. In addition, it can automate repetitive tasks like the entry of data and the analysis of data.
AI ultimately assists businesses in improving their decision-making processes. With the availability of powerful analytics tools and comprehensive data sets, businesses are gaining a competitive edge.
4. Expansion of business models and capabilities
Bain & Company’s Global Advanced Analytics practice leader, Chris Brahm, said executives can use AI to expand business models.
He explained that by deploying data and analytics into the enterprise, businesses can take part in a variety of different activities.
Using the vast data stores of autonomous vehicle companies, such as telematics companies, insurance companies could identify new revenue streams related to insurance, while vehicle manufacturers could utilize AI to manage their fleets.
5. Smarter Decisions through Business Insights
The use of AI systems can quickly extract useful insights from large datasets, a process that would normally take a lot of time and effort. Businesses can make timely, intelligent decisions through the integration of CRM and AI. Artificial intelligence is now used to make decisions about what customers to focus on and what offers to make. Additionally, AI can also help identify the most promising opportunities and leads for businesses.
6. Enhance cybersecurity
Unfortunately, cyber threats have grown so large that they are no longer a human-scale issue. The use of artificial intelligence tools can reduce the risk of attacks and improve the security posture of an organization.
Human error is one of the leading causes of cybersecurity breaches across organizations, even though using computer programs to protect computers can seem unnatural. Employees are less likely to be harmed by potentially malicious links, spam, or phishing emails if AI filters them out. Defending against new attack types is also possible with these technologies as they learn from past data.
7. Personalization of content
Customer journeys can also be improved by delivering personalized content. The process of content personalization is automated and optimized using it.
A customer’s behaviour and preferences can be tracked using AI, for example. A personalized content experience, such as suggested products or articles, can then be delivered based on the data collected.
Additionally, targeted content can be generated using it. Customized videos or infographics can be created based on the needs and interests of the customer.
8. Better management of talent
From streamlining the hiring process to eliminating bias in corporate communications, companies are using AI to improve talent management. Chatbots are also being used by companies to mentor employees and provide personalized service to job candidates with the development of natural language processing tools. Aside from gauging employee sentiment, AI tools are also being used to determine equitable pay, identify high-performing employees, and retain them.
9. Analysing unstructured data
Only 20% of all information available to us is structured data, which can be analysed and interpreted. Unstructured data makes up 80% of the available data and can be exploited to gain valuable business insights if it can be accessed. Whenever a gas pipeline is to be laid, energy companies will have many questions about the area, what was built previously, challenges encountered previously, etc. Old inspection reports and training manuals placed on inaccessible shelves will contain the answers to these questions. Unstructured data can be turned into actionable intelligence with the help of artificial intelligence.
To profit from artificial intelligence, businesses must invest a significant amount of resources and finance. Understanding whether you need AI and what tangible benefits it will bring will help you avoid losing money and reap the benefits of implementation. The use of AI technologies can sometimes be exactly what you need to improve your processes – or you may just need to readjust your existing ones.
To achieve your business goals, you need to analyse your business thoroughly. By making a list of requests, you can find an appropriate development team, as well as an effective software provider.